# EDGAR Filing Document

**Accession Number:** 0002025968
**File Stem:** 0000030146-26-000293
**Filing Date:** 2026-6
**Character Count:** 135522
**Document Hash:** 3bc4a3e5c93ce5f4d63d90b704dbc630
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000030146-26-000293.hdr.sgml**: 20260629

**ACCESSION NUMBER**: 0000030146-26-000293

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260629

**DATE AS OF CHANGE**: 20260629

**EFFECTIVENESS DATE**: 20260629

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BNY Mellon ETF Trust II
- **CENTRAL INDEX KEY:** 0002025968

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23977
- **FILM NUMBER:** 261135410

**BUSINESS ADDRESS:**
- **STREET 1:** 240 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10286
- **BUSINESS PHONE:** 212-922-6400

**MAIL ADDRESS:**
- **STREET 1:** 240 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10286

## Series and Classes Contracts Data

### BNY Mellon Concentrated Growth ETF (Series ID: S000087737)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000253638 | BNY Mellon Concentrated Growth ETF | BKCG            |

### BNY Mellon Dynamic Value ETF (Series ID: S000087738)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000253639 | BNY Mellon Dynamic Value ETF | BKDV            |

?xml version='1.0' encoding='ASCII'? c0e2fcb8-7682-4d4d-ada5-e8652cc9b3b7

1.4 3.1 12.4 11.2 3.5 8.2 2.6 2.5 2.8 3.1 3.8 36.5 3.1 9.9 2.4 14.1 14.4 0.1 3.3 6.9 3.9 8.9 2.1 5.7 14.0 6.0 3.7 0.2 5.4 1.2 2.6 4.7 3.7 5.6 18.9 8.1 8.5 3.4 3.0 2.7 23.1 2.1 0002025968 false N-1A N-CSRS NYSEArca NYSEArca 0002025968 bmetii:C000253638Member 2025-10-31 2026-04-30 0002025968 bmetii:C000253639Member 2025-10-31 2026-04-30 0002025968 2025-10-31 2026-04-30 0002025968 bmetii:C000253638Member 2026-04-30 0002025968 bmetii:C000253638Member bmetii:AlphabetIncClCMember 2026-04-30 0002025968 bmetii:C000253638Member bmetii:AmazonComIncMember 2026-04-30 0002025968 bmetii:C000253638Member bmetii:AppleIncMember 2026-04-30 0002025968 bmetii:C000253638Member bmetii:ASMLHoldingNVMember 2026-04-30 0002025968 bmetii:C000253638Member oef:CommunicationsSectorMember 2026-04-30 0002025968 bmetii:C000253638Member oef:ConsumerDiscretionarySectorMember 2026-04-30 0002025968 bmetii:C000253638Member oef:ConsumerStaplesSectorMember 2026-04-30 0002025968 bmetii:C000253638Member bmetii:EliLillyAndCoMember 2026-04-30 0002025968 bmetii:C000253638Member us-gaap:FinancialServicesSectorMember 2026-04-30 0002025968 bmetii:C000253638Member us-gaap:HealthcareSectorMember 2026-04-30 0002025968 bmetii:C000253638Member oef:IndustrialSectorMember 2026-04-30 0002025968 bmetii:C000253638Member oef:InformationTechnologySectorMember 2026-04-30 0002025968 bmetii:C000253638Member bmetii:InvestmentCompaniesMember 2026-04-30 0002025968 bmetii:C000253638Member bmetii:MastercardIncClAMember 2026-04-30 0002025968 bmetii:C000253638Member bmetii:MetaPlatformsIncClAMember 2026-04-30 0002025968 bmetii:C000253638Member bmetii:MicrosoftCorpMember 2026-04-30 0002025968 bmetii:C000253638Member bmetii:NetOtherAssetsAndLiabilitiesMember 2026-04-30 0002025968 bmetii:C000253638Member bmetii:NVIDIACorpMember 2026-04-30 0002025968 bmetii:C000253638Member bmetii:TaiwanSemiconductorManufacturingCoLtdADRMember 2026-04-30 0002025968 bmetii:C000253639Member 2026-04-30 0002025968 bmetii:C000253639Member bmetii:AlphabetIncClAMember 2026-04-30 0002025968 bmetii:C000253639Member bmetii:AmazonComIncMember 2026-04-30 0002025968 bmetii:C000253639Member bmetii:AppliedMaterialsIncMember 2026-04-30 0002025968 bmetii:C000253639Member bmetii:BerkshireHathawayIncClBMember 2026-04-30 0002025968 bmetii:C000253639Member bmetii:CiscoSystemsIncMember 2026-04-30 0002025968 bmetii:C000253639Member oef:CommunicationsSectorMember 2026-04-30 0002025968 bmetii:C000253639Member oef:ConsumerDiscretionarySectorMember 2026-04-30 0002025968 bmetii:C000253639Member oef:ConsumerStaplesSectorMember 2026-04-30 0002025968 bmetii:C000253639Member us-gaap:EnergySectorMember 2026-04-30 0002025968 bmetii:C000253639Member us-gaap:FinancialServicesSectorMember 2026-04-30 0002025968 bmetii:C000253639Member us-gaap:HealthcareSectorMember 2026-04-30 0002025968 bmetii:C000253639Member oef:IndustrialSectorMember 2026-04-30 0002025968 bmetii:C000253639Member oef:InformationTechnologySectorMember 2026-04-30 0002025968 bmetii:C000253639Member bmetii:InvestmentCompaniesMember 2026-04-30 0002025968 bmetii:C000253639Member bmetii:JohnsonAndJohnsonMember 2026-04-30 0002025968 bmetii:C000253639Member bmetii:JPMorganChaseAndCoMember 2026-04-30 0002025968 bmetii:C000253639Member oef:MaterialsSectorMember 2026-04-30 0002025968 bmetii:C000253639Member bmetii:NetOtherAssetsAndLiabilitiesMember 2026-04-30 0002025968 bmetii:C000253639Member us-gaap:RealEstateSectorMember 2026-04-30 0002025968 bmetii:C000253639Member bmetii:SLBLtdMember 2026-04-30 0002025968 bmetii:C000253639Member bmetii:TexasInstrumentsIncMember 2026-04-30 0002025968 bmetii:C000253639Member bmetii:UnitedHealthGroupIncMember 2026-04-30 0002025968 bmetii:C000253639Member oef:UtilitiesSectorMember 2026-04-30 iso4217:USDiso4217:USDxbrli:sharesxbrli:purexbrli:sharesutr:Dbmetii:Holding

#### 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

#### 811-23977

#### BNY Mellon ETF Trust II
(Exact name of registrant as specified in charter)

------

240 Greenwich Street

New York, New York 10286

(Address of Principal Executive Officer) (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:
&nbsp;&nbsp;&nbsp;&nbsp;(212) 922-6400

#### Date of fiscal year end:

#### 10/31

#### Date of reporting period:

#### 4/30/26
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 Concentrated Growth ETF

BNY Mellon Dynamic Value ETF

ITEM 1 - Reports to Stockholders

BNY Mellon Dynamic Value ETF

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### April 30, 2026

#### Ticker – BKDV (NYSE Arca, Inc.)
This semi-annual shareholder report contains important information about BNY Mellon Dynamic Value ETF (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at bny.com/investments/etfliterature. You can also request this information by calling 1-833-383-2696 or calling your financial adviser.

#### What were the Fund's costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| BNY Mellon Dynamic Value ETF | $32 | 0.60%\* |

---

\* <sup>Annualized.</sup>

**KEY FUND STATISTICS (AS OF 4/30/26)**

---

| | | |
|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **<br>Portfolio Turnover** |
| $1375 | 83 | 58.99% |

---

**Portfolio Holdings (as of 4/30/26)**

**Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_11873983.jpg)

\* Excludes money market funds or other short-term securities held for the investment of cash and cash collateral for securities loaned, if any.

**Sector Allocation (Based on Net Assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_11873990.jpg)

**For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit bny.com/investments/etfliterature .**

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2026 **BNY Mellon Securities Corporation**, Distributor,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-4866SA0426

![TSR- BNY Investment Logo](images_31331.jpg)

BNY Mellon Concentrated Growth ETF

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### April 30, 2026

#### Ticker – BKCG (NYSE Arca, Inc.)
This semi-annual shareholder report contains important information about BNY Mellon Concentrated Growth ETF (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at bny.com/investments/etfliterature. You can also request this information by calling 1-833-383-2696 or calling your financial adviser.

#### What were the Fund's costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| BNY Mellon Concentrated Growth ETF | $25 | 0.50%\* |

---

\* <sup>Annualized.</sup>

 **KEY FUND STATISTICS (AS OF 4/30/26)**

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $119 | 29 | 5.97% |

---

 **Portfolio Holdings (as of 4/30/26)**

 **Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_11873932.jpg)

\* Excludes money market funds or other short-term securities held for the investment of cash and cash collateral for securities loaned, if any.

 **Sector Allocation (Based on Net Assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_11873939.jpg)

 **For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit bny.com/investments/etfliterature .**

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2026 **BNY Mellon Securities Corporation**, Distributor,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-4869SA0426

![TSR- BNY Investment Logo](images_31331.jpg)

------

**Item 1. Reports to Stockholders (cont.).**

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

Not applicable.

**Item 3. Audit Committee Financial Expert.**

Not applicable.

**Item 4. Principal Accountant Fees and Services.** 

Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Schedule of Investments in securities of unaffiliated issuers as of the close of the Reporting Period
 is included in the financial statements filed under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

The following is a copy of the Registrant's most recent financial statements and financial highlights.

**BNY Mellon ETF Trust II**

**SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION**

April 30, 2026

------

**BNY Mellon Concentrated Growth ETF:** BKCG

Principal U.S. Listing Exchange: NYSE Arca, Inc.

![](img4b6c97c01.gif)

------

**Save time. Save paper. View your next shareholder report online as soon as it's available. Log into** www.bny.com/investments **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

------

Contents

The Fund

Please note the Semi-Annual Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the Securities and Exchange Commission (the "SEC").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management](#xx_fdc6b554-2385-431a-8cd9-d14902cde83e_SOI-Commoncontent-5108_1)**<br> **[Investment Companies](#xx_fdc6b554-2385-431a-8cd9-d14902cde83e_SOI-Commoncontent-5108_1)**<br>| 3 |
| [Schedule of Investments](#xx_fdc6b554-2385-431a-8cd9-d14902cde83e_SOI-Commoncontent-5108_1) | 3 |
| [Statement of Assets and Liabilities](#xx_fdc6b554-2385-431a-8cd9-d14902cde83e_FS-Commoncontent-5108_1) | 5 |
| [Statement of Operations](#xx_fdc6b554-2385-431a-8cd9-d14902cde83e_FS-Commoncontent-5108_2) | 6 |
| [Statement of Changes in Net Assets](#xx_fdc6b554-2385-431a-8cd9-d14902cde83e_FS-Commoncontent-5108_3) | 7 |
| [Financial Highlights](#xx_fdc6b554-2385-431a-8cd9-d14902cde83e_FIHI-Commoncontent-5108_1) | 9 |
| [Notes to Financial Statements](#xx_fdc6b554-2385-431a-8cd9-d14902cde83e_NTF-Commoncontent-5108_1) | 10 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_fdc6b554-2385-431a-8cd9-d14902cde83e_CDA-Commoncontent-5108_1)**<br> **[Investment Companies](#xx_fdc6b554-2385-431a-8cd9-d14902cde83e_CDA-Commoncontent-5108_1)**<br>| 16 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_fdc6b554-2385-431a-8cd9-d14902cde83e_PRXD-Commoncontent-5108_1)** | 17 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_fdc6b554-2385-431a-8cd9-d14902cde83e_RMNP-Commoncontent-5108_1)**<br> **[Management Investment Companies](#xx_fdc6b554-2385-431a-8cd9-d14902cde83e_RMNP-Commoncontent-5108_1)**<br>| 18 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_fdc6b554-2385-431a-8cd9-d14902cde83e_AAA-Commoncontent-5108_1)** | 19 |

---

------

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

BNY Mellon Concentrated Growth ETF

SCHEDULE OF INVESTMENTS

April 30, 2026 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Equity Securities - Common Stocks — 96.7%** | **Equity Securities - Common Stocks — 96.7%** | **Equity Securities - Common Stocks — 96.7%** |
| **Capital Goods — 8.9%** | **Capital Goods — 8.9%** | **Capital Goods — 8.9%** |
| BAE Systems PLC, ADR | 33883 | 3783376 |
| Deere & Co. | 4797 | 2829606 |
| Eaton Corp. PLC | 9074 | 3929133 |
|  |  | **10542115** |
| **Consumer Discretionary Distribution & Retail — 10.3%** | **Consumer Discretionary Distribution & Retail — 10.3%** | **Consumer Discretionary Distribution & Retail — 10.3%** |
| Amazon.com, Inc.<sup>(a)</sup>  | 36291 | 9619293 |
| The Home Depot, Inc. | 7760 | 2551488 |
|  |  | **12170781** |
| **Consumer Durables & Apparel — .9%** | **Consumer Durables & Apparel — .9%** | **Consumer Durables & Apparel — .9%** |
| LVMH Moet Hennessy Louis Vuitton SE, ADR<sup>(b)</sup>  | 10355 | **1098769** |
| **Financial Services — 16.7%** | **Financial Services — 16.7%** | **Financial Services — 16.7%** |
| BlackRock, Inc. | 3464 | 3691238 |
| Blackstone, Inc. | 29275 | 3676355 |
| Intercontinental Exchange, Inc. | 16856 | 2664765 |
| Mastercard, Inc., Cl. A | 8666 | 4358305 |
| S&P Global, Inc. | 4022 | 1734407 |
| Visa, Inc., Cl. A<sup>(b)</sup>  | 11148 | 3677056 |
|  |  | **19802126** |
| **Food, Beverage & Tobacco — 2.8%** | **Food, Beverage & Tobacco — 2.8%** | **Food, Beverage & Tobacco — 2.8%** |
| Philip Morris International, Inc. | 20357 | **3360330** |
| **Insurance — 2.2%** | **Insurance — 2.2%** | **Insurance — 2.2%** |
| The Progressive Corp. | 12845 | **2585442** |
| **Media & Entertainment — 12.4%** | **Media & Entertainment — 12.4%** | **Media & Entertainment — 12.4%** |
| Alphabet, Inc., Cl. C | 26321 | 10053043 |
| Meta Platforms, Inc., Cl. A | 7612 | 4657859 |
|  |  | **14710902** |
| **Pharmaceuticals, Biotechnology & Life Sciences — 6.0%** | **Pharmaceuticals, Biotechnology & Life Sciences — 6.0%** | **Pharmaceuticals, Biotechnology & Life Sciences — 6.0%** |
| AstraZeneca PLC | 13953 | 2614373 |
| Eli Lilly & Co. | 4808 | 4493557 |
|  |  | **7107930** |
| **Semiconductors & Semiconductor Equipment — 22.9%** | **Semiconductors & Semiconductor Equipment — 22.9%** | **Semiconductors & Semiconductor Equipment — 22.9%** |
| ASML Holding NV | 2772 | 3988880 |
| Broadcom, Inc. | 8910 | 3719301 |
| NVIDIA Corp. | 58773 | 11729328 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 9989 | 3956243 |
| Texas Instruments, Inc. | 13382 | 3761413 |
|  |  | **27155165** |
| **Software & Services — 8.9%** | **Software & Services — 8.9%** | **Software & Services — 8.9%** |
| Intuit, Inc. | 6439 | 2501551 |
| Microsoft Corp. | 16706 | 6812373 |
| ServiceNow, Inc.<sup>(a)</sup>  | 14326 | 1265129 |
|  |  | **10579053** |
| **Technology Hardware & Equipment — 4.7%** | **Technology Hardware & Equipment — 4.7%** | **Technology Hardware & Equipment — 4.7%** |
| Apple, Inc. | 20455 | **5550464** |
| **Total Equity Securities - Common Stocks** <br>(cost $59,451,385)<br>|  | **114663077** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| Description | 1-Day <br>Yield (%)<br>| Shares | Value ($) |
| **Investment Companies — 3.3%** | **Investment Companies — 3.3%** | **Investment Companies — 3.3%** | **Investment Companies — 3.3%** |
| **Registered Investment Companies — 3.3%** | **Registered Investment Companies — 3.3%** | **Registered Investment Companies — 3.3%** | **Registered Investment Companies — 3.3%** |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares<sup>(c)</sup> <br>(cost $3,853,934)<br>| 3.61 | 3853934 | **3853934** |
| **Investment of Cash Collateral for Securities Loaned — .2%** |  |  |  |
| **Registered Investment Companies — .2%** |  |  |  |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares<sup>(c)</sup> <br>(cost $287,550)<br>| 3.61 | 287550 | **287550** |
| **Total Investments** (cost $63,592,869) | **Total Investments** (cost $63,592,869) | **100.2%** | **118804561** |
| **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** | **(.2%)** | **(183236)** |
| **Net Assets**  | **Net Assets**  | **100.0%** | **118621325** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADR—American Depositary Receipt<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security, or portion thereof, on loan. At April 30, 2026, the value of the fund's securities on loan was $3,926,611 and the value of the collateral was $4,059,231, consisting of cash collateral of $287,550 and U.S. Government & Agency securities valued at $3,771,681. In addition, the value of collateral may include pending sales that are also on loan. 

<sup>(c)</sup> Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company's prospectus. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** |
| Description | Value ($) <br>10/31/2025<br>| Purchases ($)<sup>†</sup>  | Sales ($) | Value ($) <br>4/30/2026<br>| Dividends/ <br>Distributions ($)<br>|
| **Registered Investment Companies - 3.3%** | **Registered Investment Companies - 3.3%** | **Registered Investment Companies - 3.3%** | **Registered Investment Companies - 3.3%** | **Registered Investment Companies - 3.3%** | **Registered Investment Companies - 3.3%** |
| Dreyfus Institutional Preferred Government Money Market <br> Fund, Institutional Shares - 3.3%<br>| 4442801 | 741968 | (1330835) | 3853934 | 81288 |
| **Investment of Cash Collateral for Securities Loaned - .2%** | **Investment of Cash Collateral for Securities Loaned - .2%** | **Investment of Cash Collateral for Securities Loaned - .2%** | **Investment of Cash Collateral for Securities Loaned - .2%** | **Investment of Cash Collateral for Securities Loaned - .2%** | **Investment of Cash Collateral for Securities Loaned - .2%** |
| Dreyfus Institutional Preferred Government Money Market <br> Fund, Institutional Shares - .2%<br>| - | 4749070 | (4461520) | 287550 | 44707<sup>††</sup>  |
| **Total - 3.5%** | **4442801** | **5491038** | **(5792355)** | **4141484** | **125995** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>†</sup>  | Includes reinvested dividends/distributions. |
| <sup>††</sup>  | Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and <br> other payments to and from borrowers of securities.<br>|

---

See notes to financial statements.

**4**

------

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Schedule of Investments <br>(including securities on loan, valued at $3,926,611)—Note 2(c):<br>|  |  |
| Unaffiliated issuers | 59451385 | &nbsp;&nbsp;&nbsp;&nbsp; 114663077 |
| Affiliated issuers | 4141484 | &nbsp;&nbsp;&nbsp;&nbsp; 4141484 |
| Dividends and securities lending income receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 96470 |
| Tax reclaim receivable—Note 2(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 55150 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **118956181** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon ETF Investment Adviser, LLC—Note 3(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 47306 |
| Liability for securities on loan—Note 2(c)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 287550 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **334856** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **118621325** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 54943180 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; 63678145 |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **118621325** |
| **Shares Outstanding** |  |  |
| Shares outstanding no par value (unlimited shares authorized) |  | &nbsp;&nbsp;&nbsp;&nbsp; 3185885 |
| **Net Asset Value Per Share ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**37.23** |
| **Market Price Per Share ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**37.23** |

---

See notes to financial statements.

**5**

------

STATEMENT OF OPERATIONS

Six Months Ended April 30, 2026 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Income:** |  |
| Cash dividends (net of $13,103 foreign taxes withheld at source): |  |
| Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 656285 |
| Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 81288 |
| Affiliated income net of rebates from securities lending—Note 2(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 44707 |
| **Total Income** | &nbsp;&nbsp;&nbsp;&nbsp; **782280** |
| **Expenses:** |  |
| Management fee—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 293996 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **293996** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **488284** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 4156921 |
| Net realized gain (loss) on in-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp; 4250573 |
| **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **8407494** |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (5250396)<br>|
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **3157098** |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **3645382** |

---

See notes to financial statements.

**6**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended <br>October 31, 2025<sup>(a),(b),(c)</sup>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended <br>October 31, 2025<sup>(a),(b),(c)</sup>  |
| **Operations ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 488284 | &nbsp;&nbsp;&nbsp;&nbsp; 577682 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 8407494 | &nbsp;&nbsp;&nbsp;&nbsp; 43925422 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (5250396) | &nbsp;&nbsp;&nbsp;&nbsp; (26127125) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **3645382** | &nbsp;&nbsp;&nbsp;&nbsp; **18375979** |
| **Distributions ($):** |  |  |
| Distributions to shareholders: |  |  |
| ETF shares | &nbsp;&nbsp;&nbsp;&nbsp; (489732) | &nbsp;&nbsp;&nbsp;&nbsp; (507021) |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (26913854) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (786825) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (7152860) |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;&nbsp; **(489732)** | &nbsp;&nbsp;&nbsp;&nbsp; **(35360560)** |
| **Beneficial Interest Transactions ($):** |  |  |
| Net proceeds from shares sold: |  |  |
| ETF shares | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 33691846 |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 3198933 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 250 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 90944324 |
| Net assets received in connection with reorganization<sup>(c)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 111903401 |
| Distributions reinvested: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 23036046 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 784813 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 6982587 |
| Cost of shares redeemed: |  |  |
| ETF shares | &nbsp;&nbsp;&nbsp;&nbsp; (7220340) | &nbsp;&nbsp;&nbsp;&nbsp; (43641405) |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (105892570) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (3002057) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (119105712) |
| **Increase (Decrease) in Net Assets from Beneficial Interest Transactions** | &nbsp;&nbsp;&nbsp;&nbsp; **(7220340)** | &nbsp;&nbsp;&nbsp;&nbsp; **(1099544)** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **(4064690)** | &nbsp;&nbsp;&nbsp;&nbsp; **(18084125)** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 122686015 | &nbsp;&nbsp;&nbsp;&nbsp; 140770140 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **118621325** | &nbsp;&nbsp;&nbsp;&nbsp; **122686015** |

---

**7**

------

STATEMENT OF CHANGES IN NET ASSETS (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended<br> April 30, 2026<br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended<br> October 31, 2025<sup>(a),(b),(c)</sup> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended<br> April 30, 2026<br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended<br> October 31, 2025<sup>(a),(b),(c)</sup> |
| **Capital Share Transactions (Shares):** |  |  |
| **ETF shares** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 1160001 |
| Shares issued in connection with reorganization<sup>(c)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 3645886 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (200000) | &nbsp;&nbsp;&nbsp;&nbsp; (1420002) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(200000)** | &nbsp;&nbsp;&nbsp;&nbsp; **3385885** |
| **Class A**<sup>(d),(e)</sup>  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 91405 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 672382 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (3361607) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **-** | &nbsp;&nbsp;&nbsp;&nbsp; **(2597820)** |
| **Class C**<sup>(d),(e)</sup>  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 7 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 26323 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (108304) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **-** | &nbsp;&nbsp;&nbsp;&nbsp; **(81974)** |
| **Class I**<sup>(e)</sup>  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 2915257 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 202801 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (3839516) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **-** | &nbsp;&nbsp;&nbsp;&nbsp; **(721458)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The fund commenced offering ETF shares after the close of business March 28, 2025. The amounts disclosed include those of BNY Mellon Tax Managed Growth Fund (the "Predecessor Fund"). 

<sup>(b)</sup> On March 14, 2025, the Predecessor Fund redesignated Class A and Class C shares into Class I shares.

<sup>(c)</sup> As of the close of business on March 28, 2025, pursuant to an Agreement and Plan of Reorganization (the "Agreement") previously approved by the Predecessor Fund's Board of Trustees (the "Predecessor Board"), all of the assets, subject to the liabilities, of the Predecessor Fund, a series of BNY Mellon Investment Funds IV, Inc., were transferred to the fund in a tax free exchange for ETF shares. Shareholders of Class I shares of the Predecessor Fund received ETF shares of the fund. 

<sup>(d)</sup> During the period ended October 31, 2025, 540 Class C shares representing $18,591 were automatically converted to 474 Class A shares.

<sup>(e)</sup> During the period ended October 31, 2025, 76,332 Class C shares representing $2,012,870 were converted to 64,702 Class I shares and 2,832,348 Class A shares representing $87,547,888 were converted to 2,814,140 Class I shares. 

See notes to financial statements.

**8**

------

FINANCIAL HIGHLIGHTS

Please note that financial highlights information in the following table represents the financial highlights of the Predecessor Fund (Class I shares) for periods prior to the commencement of operations of the Fund's ETF shares on March 28, 2025. On that date, all of the assets of the Predecessor Fund were transferred to the fund in exchange for ETF shares in a tax-free reorganization. Accordingly, financial highlights for periods after March 28, 2025 represent the results of the fund's ETF shares.

All information (except portfolio turnover rate) reflects financial results for a single fund share. 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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | 2025<sup>(a)</sup>  | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;36.23 | &nbsp;&nbsp;&nbsp;&nbsp;41.70 | &nbsp;&nbsp;&nbsp;&nbsp;36.13 | &nbsp;&nbsp;&nbsp;&nbsp;35.23 | &nbsp;&nbsp;&nbsp;&nbsp;44.65 | &nbsp;&nbsp;&nbsp;&nbsp;33.90 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; .15 | &nbsp;&nbsp;&nbsp;&nbsp; .23 | &nbsp;&nbsp;&nbsp;&nbsp; .19 | &nbsp;&nbsp;&nbsp;&nbsp; .24 | &nbsp;&nbsp;&nbsp;&nbsp; .18 | &nbsp;&nbsp;&nbsp;&nbsp; .14 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;8.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp; (7.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.04 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;8.31 | &nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;&nbsp; (7.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.18 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.15)<br>|
| Dividends from net realized gain on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (10.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.28)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.43)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;37.23 | &nbsp;&nbsp;&nbsp;&nbsp;36.23 | &nbsp;&nbsp;&nbsp;&nbsp;41.70 | &nbsp;&nbsp;&nbsp;&nbsp;36.13 | &nbsp;&nbsp;&nbsp;&nbsp;35.23 | &nbsp;&nbsp;&nbsp;&nbsp;44.65 |
| Market value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;37.23 | &nbsp;&nbsp;&nbsp;&nbsp;36.26 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; 3.21 <br> <sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;15.21 | &nbsp;&nbsp;&nbsp;&nbsp;24.12 | &nbsp;&nbsp;&nbsp;&nbsp;10.95 | &nbsp;&nbsp;&nbsp;&nbsp; (17.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;40.76 |
| **Market Price Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; 3.13 <br> <sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;15.30 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .50 <br> <sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .79 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .97 | &nbsp;&nbsp;&nbsp;&nbsp; .97 | &nbsp;&nbsp;&nbsp;&nbsp; .96 | &nbsp;&nbsp;&nbsp;&nbsp; .96 |
| Ratio of net expenses to average net assets<sup>(f)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; .50 <br> <sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .66 <br> <sup>(e),(g),(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .88 <br> <sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .95 | &nbsp;&nbsp;&nbsp;&nbsp; .95 | &nbsp;&nbsp;&nbsp;&nbsp; .95 |
| Ratio of net investment income to average <br> net assets<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .83 <br> <sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .46 <br> <sup>(e),(g),(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .47 <br> <sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .67 | &nbsp;&nbsp;&nbsp;&nbsp; .46 | &nbsp;&nbsp;&nbsp;&nbsp; .36 |
| Portfolio Turnover Rate<sup>(i)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 5.97 <br> <sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;14.05 | &nbsp;&nbsp;&nbsp;&nbsp;14.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;7.55 | &nbsp;&nbsp;&nbsp;&nbsp;4.27 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 118621 | &nbsp;&nbsp;&nbsp;&nbsp; 122686 | &nbsp;&nbsp;&nbsp;&nbsp; 30087 | &nbsp;&nbsp;&nbsp;&nbsp; 27543 | &nbsp;&nbsp;&nbsp;&nbsp; 21512 | &nbsp;&nbsp;&nbsp;&nbsp; 25691 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The fund commenced offering ETF shares after the close of business March 28, 2025. The amounts disclosed include those of the Predecessor Fund.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Not annualized.

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Amount does not include the expenses of the underlying funds.

<sup>(f)</sup> Amount inclusive of Directors' fees reimbursed by BNY Mellon Investment Adviser, Inc. For periods beginning on or after March 28, 2025, following the Fund's reorganization into an ETF, the fee is paid by BNY Mellon ETF Investment Adviser, LLC. 

<sup>(g)</sup> Amount inclusive of reduction in expenses due to undertaking.

<sup>(h)</sup> Amount inclusive of reduction in Distribution Plan fees.

<sup>(i)</sup> Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

See notes to financial statements.

**9**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited)

**NOTE 1—**

**Organization:**

BNY Mellon Concentrated Growth ETF (the "fund") is a separate non-diversified series of BNY Mellon ETF Trust II (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 eight series, including the fund. The investment objective of the fund is to seek long-term capital appreciation. BNY Mellon ETF Investment Adviser, LLC (the "Adviser"), a wholly-owned subsidiary of The Bank of New York Mellon Corporation ("BNY"), serves as the fund's investment adviser. Fayez Sarofim & Co., LLC (the "Sub-Adviser"), serves as the fund's sub-adviser. The Bank of New York Mellon, a subsidiary of BNY and an affiliate of the Adviser, serves as administrator, custodian and transfer agent with the Trust. BNY Mellon Securities Corporation (the "Distributor"), a wholly-owned subsidiary of the Adviser, is the distributor of the fund's shares.

The shares of the fund are referred to herein as "Shares" or "Fund Shares." Fund Shares are listed and traded on NYSE Arca, Inc. The market price of each Share may differ to some degree from the fund's net asset value ("NAV"). Unlike conventional mutual funds, the fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a "Creation Unit". Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities and/or cash. Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the fund. Individual Fund Shares may only be purchased and sold on the NYSE Arca, Inc., other national securities exchanges, electronic crossing networks and other alternative trading systems through your broker-dealer at market prices. Because Fund Shares trade at market prices rather than at NAV, Fund Shares may trade at a price greater than NAV (premium) or less than NAV (discount). When buying or selling Shares in the secondary market, you may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares of the fund (bid) and the lowest price a seller is willing to accept for Shares of the fund (ask).

**NOTE 2—**

**Significant Accounting Policies:**

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative U.S. generally accepted accounting principles ("GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund's 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 enters into contracts that contain a variety of indemnifications. The fund's maximum exposure under these arrangements is unknown. The funds do not anticipate recognizing any loss related to these arrangements.

**(a) Portfolio valuation:** The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

Various inputs are used in determining the value of the fund's investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:

**Level 1**—unadjusted quoted prices in active markets for identical investments.

**Level 2**—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

**Level 3**—significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund's investments are as follows:

**10**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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.

The fund's equity investments, including shares of REITs and ETFs, if any, (but not including investments in other open-end registered investment companies), generally are valued at the last sales price on the day of valuation of the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Association of Securities Dealers Automated Quotation System ("NASDAQ") markets generally 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. Investments in other open-end investment companies are valued at their reported NAVs each day. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.

Restricted securities, as well as securities or other assets for which recent market quotations are not readily available or are determined not to reflect fair value accurately, 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 the valuation designee using such information as it deems appropriate under the circumstances. The factors that may be considered when fair valuing a security include 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. Using fair value to price investments may result in a value that is different from a security's most recent closing price and from the prices used by other funds to calculate their NAVs. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

The following is a summary of the inputs used as of April 30, 2026 in valuing the fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2- Other** <br>**Significant** <br>**Observable Inputs**<br>| **Level 3-** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Assets ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup>  |  |  |  |  |
| Equity Securities - Common Stocks | &nbsp;&nbsp; 114663077 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **114663077** |
| Investment Companies | &nbsp;&nbsp; 4141484 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **4141484** |
|  | &nbsp;&nbsp; **118804561** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **118804561** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>†</sup> See Schedule of Investments for additional detailed categorizations, if any.

**(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 April 30, 2026, if any, are disclosed in the fund's Statement of Assets and Liabilities.

**(c) Securities transactions and investment income:** Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.

Pursuant to a securities lending agreement with BNY, 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 its affiliates, 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, and is not reflected in the Statement of Assets and Liabilities. The securities on loan, if any, are also disclosed in the fund's Schedule 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 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

**11**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 ended April 30, 2026, BNY earned $6,098 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 April 30, 2026, the fund had securities 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:

---

| | |
|:---|:---|
| **Assets ($)** |  |
| Gross amount of securities loaned, at <br> value, as disclosed in the Statement <br>of Assets and Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3926611 |
| Collateral (received)/posted not offset <br>in the Statement of <br>Assets and Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3926611 )<sup>†</sup><br>|
| Net amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>†</sup>  | The value of the related collateral received by the fund exceeded the value of the securities loaned by the fund pursuant to the securities lending agreement. In addition, <br> the value of collateral may include pending sales that are also on loan. See Schedule of Investments for detailed information regarding collateral received for open <br> securities lending.<br>|

---

**(d) Affiliated issuers:** Investments in other investment companies advised by the Adviser or its affiliates are considered "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. Local, regional or global events such as war, military conflicts, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, recessions, elevated levels of government debt, changes in trade regulation or economic sanctions, internal unrest and discord, or other events could have a significant impact on the fund and its investments.

**Foreign Investment Risk**: Because the fund invests in foreign securities, the fund's performance will be influenced by political, social and economic factors affecting investments in foreign issuers. Special risks associated with investments in foreign issuers include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political and economic instability and differing auditing and legal standards. The imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or problems in share registration, settlement or custody, may result in losses for the fund. Investments denominated in foreign currencies are subject to the risk that such currencies will decline in value relative to the U.S. dollar and affect the value of these investments held by the fund. To the extent securities held by the fund trade in a market that is closed when the exchange on which the fund's shares trade is open, there may be deviations between the current price of a security and the last quoted price for the security in the closed foreign market. These deviations could result in the fund experiencing premiums or discounts greater than those of ETFs that invest in domestic securities. To the extent the fund's investments are focused in a limited number of foreign countries, the fund's performance could be more volatile than that of more geographically diversified funds.

**Non-Diversification Risk:** 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.

**12**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

**Growth Stock Risk:**The fund invests in stocks of companies the sub-adviser believes are growth companies (growth stocks). The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform value stocks and stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.

**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.

**(f) Dividends and distributions to shareholders:** Dividends and distributions are recorded on the ex-dividend date. Dividends from net investment income are normally declared and paid quarterly. 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, 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 April 30, 2026, 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 April 30, 2026, the fund did not incur any interest or penalties.

Each tax year in the three-year period ended October 31, 2025 remains subject to examination by the Internal Revenue Service and state taxing authorities.

The tax character of distributions paid to shareholders during the fiscal year ended October 31, 2025 were as follows: ordinary income $702,070 and long-term capital gains $34,658,490. The tax character of current year distributions will be determined at the end of the current fiscal year.

**(h) Operating segment reporting:** In accordance with FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"), the fund has operated and been managed as a single reportable segment, generating returns through dividends, interest, and/or gains from investments aligned with its single stated investment objective as outlined in the fund's prospectus. The fund's accounting policies are consistent with those described in these Notes to Financial Statements. The chief operating decision maker ("CODM") is represented by BNY Investments and is comprised of Senior Management and Directors of BNY Investments. The CODM considers the net increase in net assets resulting from operations when deciding whether to purchase additional investments or make distributions to shareholders. Detailed financial information for the fund is presented in these financial statements, including total assets and liabilities in the Statement of Assets and Liabilities, investments held in the Schedule of Investments, results of operations and significant segment expenses in the Statement of Operations, and additional performance information—such as total return, portfolio turnover, and ratios—in the Financial Highlights.

**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 .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.

**13**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 April 30, 2026, there was no voluntary 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 with the Adviser or are wholly-owned subsidiaries (as defined under the Act) of the Adviser's ultimate parent company, BNY, without obtaining shareholder approval. The Order also allows the fund to disclose the sub-advisory fee paid by the Adviser to any unaffiliated sub-adviser in the aggregate with other unaffiliated sub-advisers 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 of BNY 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 (not the fund) pays the Sub-Adviser a monthly fee at an annual rate of .2175% of the value of the fund's average daily net assets.

**(b)** The fund has an arrangement with The Bank of New York Mellon (the "Custodian"), a subsidiary of BNY 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 $47,306.

**(c)** Each current Board member of the fund serves as a board member of each fund within the Trust and BNY Mellon ETF 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 and BNY Mellon ETF 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, if any, during the period ended April 30, 2026, amounted to $7,120,938 and $6,852,441, respectively.

At April 30, 2026, accumulated net unrealized appreciation on investments was $55,211,692, consisting of $56,733,904 gross unrealized appreciation and $1,522,212 gross unrealized depreciation.

At April 30, 2026, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Schedule of Investments).

**NOTE 5—**

**Shareholder Transactions:**

The fund issues and redeems its shares on a continuous basis, at NAV, to certain institutional investors known as "Authorized Participants" (typically market makers or other broker-dealers) only in a large specified number of shares called a Creation Unit. Except when aggregated in Creation Units, shares of the fund are not redeemable. The value of the fund is determined once each business day. The Creation Unit size for the fund may change. Authorized Participants will be notified of such change. Creation Unit transactions may be made in-kind, for cash, or for a combination of securities and cash. The principal consideration for creations and redemptions for the fund is in-kind, although this may be revised at any time without notice. The Trust issues and sells shares of the fund only: in Creation Units on a continuous basis through the Distributor, without a sales load, at their NAV per share determined after receipt of an order, on any Business Day, in proper form pursuant to the terms of the Authorized Participant Agreement. Transactions in capital shares for the fund are disclosed in detail in the Statement of Changes in Net Assets. The consideration for the purchase of Creation Units of the fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. The Adviser or its affiliates (the "Selling Shareholder") may purchase Creation Units through a broker-dealer to "seed" (in whole or in part) funds as they are launched or may purchase shares from broker-dealers or other investors that have previously provided "seed"

**14**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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.

**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 April 30, 2026, the fund had in-kind transactions associated with creations of $0 and redemptions of $6,952,666.

**15**

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)

N/A

**16**

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies (Unaudited)

N/A

**17**

------

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (Unaudited)

Each current Board member of the fund serves as a Board member of each fund within the Trust and BNY Mellon ETF 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 and BNY Mellon ETF Trust, including the fund.

**18**

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited)

N/A

**19**

------© 2026 BNY Mellon Securities Corporation

Code-4869NCSRSA0426

![](img4b6c97c01.gif)

------

**BNY Mellon ETF Trust II**

**SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION**

April 30, 2026

------

**BNY Mellon Dynamic Value ETF:** BKDV

Principal U.S. Listing Exchange: NYSE Arca, Inc.

![](imgb307fbf11.gif)

------

**Save time. Save paper. View your next shareholder report online as soon as it's available. Log into** www.bny.com/investments **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

------

Contents

The Fund

Please note the Semi-Annual Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the Securities and Exchange Commission (the "SEC").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management](#xx_3ebacd3a-cf25-4b93-84fd-45ea456c5a15_SOI-Commoncontent-5107_1)**<br> **[Investment Companies](#xx_3ebacd3a-cf25-4b93-84fd-45ea456c5a15_SOI-Commoncontent-5107_1)**<br>| 3 |
| [Schedule of Investments](#xx_3ebacd3a-cf25-4b93-84fd-45ea456c5a15_SOI-Commoncontent-5107_1) | 3 |
| [Statement of Assets and Liabilities](#xx_3ebacd3a-cf25-4b93-84fd-45ea456c5a15_FS-Commoncontent-5107_1) | 7 |
| [Statement of Operations](#xx_3ebacd3a-cf25-4b93-84fd-45ea456c5a15_FS-Commoncontent-5107_2) | 8 |
| [Statement of Changes in Net Assets](#xx_3ebacd3a-cf25-4b93-84fd-45ea456c5a15_FS-Commoncontent-5107_3) | 9 |
| [Financial Highlights](#xx_3ebacd3a-cf25-4b93-84fd-45ea456c5a15_FIHI-Commoncontent-5107_1) | 10 |
| [Notes to Financial Statements](#xx_3ebacd3a-cf25-4b93-84fd-45ea456c5a15_NTF-Commoncontent-5107_1) | 11 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_3ebacd3a-cf25-4b93-84fd-45ea456c5a15_CDA-Commoncontent-5107_1)**<br> **[Investment Companies](#xx_3ebacd3a-cf25-4b93-84fd-45ea456c5a15_CDA-Commoncontent-5107_1)**<br>| 17 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_3ebacd3a-cf25-4b93-84fd-45ea456c5a15_PRXD-Commoncontent-5107_1)** | 18 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_3ebacd3a-cf25-4b93-84fd-45ea456c5a15_RMNP-Commoncontent-5107_1)**<br> **[Management Investment Companies](#xx_3ebacd3a-cf25-4b93-84fd-45ea456c5a15_RMNP-Commoncontent-5107_1)**<br>| 19 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_3ebacd3a-cf25-4b93-84fd-45ea456c5a15_AAA-Commoncontent-5107_1)** | 20 |

---

------

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

BNY Mellon Dynamic Value ETF

SCHEDULE OF INVESTMENTS

April 30, 2026 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Equity Securities - Common Stocks — 98.0%** | **Equity Securities - Common Stocks — 98.0%** | **Equity Securities - Common Stocks — 98.0%** |
| **Automobiles & Components — .9%** | **Automobiles & Components — .9%** | **Automobiles & Components — .9%** |
| General Motors Co. | 165729 | **12742903** |
| **Banks — 8.7%** | **Banks — 8.7%** | **Banks — 8.7%** |
| Citigroup, Inc. | 211472 | 27064187 |
| Fifth Third Bancorp | 481147 | 24423022 |
| First Horizon Corp. | 559980 | 13977101 |
| JPMorgan Chase & Co. | 134037 | 41984409 |
| Truist Financial Corp. | 248231 | 12783896 |
|  |  | **120232615** |
| **Capital Goods — 10.3%** | **Capital Goods — 10.3%** | **Capital Goods — 10.3%** |
| Carlisle Companies, Inc. | 35204 | 12506573 |
| Carrier Global Corp. | 107842 | 7243747 |
| Caterpillar, Inc. | 17500 | 15576925 |
| Deere & Co. | 20327 | 11990287 |
| Dover Corp. | 47810 | 10824662 |
| Emerson Electric Co. | 68722 | 9651318 |
| Ferguson Enterprises, Inc. | 32577 | 8721189 |
| Honeywell International, Inc. | 73435 | 15739323 |
| Hubbell, Inc. | 26522 | 13477685 |
| L3Harris Technologies, Inc. | 30294 | 9710742 |
| Regal Rexnord Corp. | 48957 | 10527224 |
| RTX Corp. | 87627 | 15428486 |
|  |  | **141398161** |
| **Commercial & Professional Services — .5%** | **Commercial & Professional Services — .5%** | **Commercial & Professional Services — .5%** |
| Veralto Corp. | 73420 | **6475644** |
| **Consumer Discretionary Distribution & Retail — 4.2%** | **Consumer Discretionary Distribution & Retail — 4.2%** | **Consumer Discretionary Distribution & Retail — 4.2%** |
| Amazon.com, Inc.<sup>(a)</sup>  | 159693 | 42328227 |
| Lowe's Companies, Inc. | 64038 | 15291634 |
|  |  | **57619861** |
| **Consumer Services — .5%** | **Consumer Services — .5%** | **Consumer Services — .5%** |
| Las Vegas Sands Corp. | 118725 | **6483572** |
| **Consumer Staples Distribution & Retail — .9%** | **Consumer Staples Distribution & Retail — .9%** | **Consumer Staples Distribution & Retail — .9%** |
| Target Corp. | 97476 | **12647511** |
| **Energy — 8.2%** | **Energy — 8.2%** | **Energy — 8.2%** |
| ConocoPhillips | 104351 | 13125269 |
| Diamondback Energy, Inc. | 59985 | 12334715 |
| EQT Corp. | 139260 | 8366741 |
| Marathon Petroleum Corp. | 58390 | 14497653 |
| Occidental Petroleum Corp. | 194789 | 11800318 |
| Phillips 66 | 101733 | 18225467 |
| SLB Ltd. | 599987 | 34127260 |
|  |  | **112477423** |
| **Equity Real Estate Investment Trusts — 1.2%** | **Equity Real Estate Investment Trusts — 1.2%** | **Equity Real Estate Investment Trusts — 1.2%** |
| Weyerhaeuser Co.<sup>(b),(c)</sup>  | 683055 | **16748509** |
| **Financial Services — 8.6%** | **Financial Services — 8.6%** | **Financial Services — 8.6%** |
| Berkshire Hathaway, Inc., Cl. B<sup>(a)</sup>  | 77701 | 36799194 |
| Capital One Financial Corp. | 56972 | 10898744 |
| CME Group, Inc. | 35832 | 10313166 |
| Morgan Stanley | 117267 | 22349917 |

---

**3**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Equity Securities - Common Stocks — 98.0% (continued)** | **Equity Securities - Common Stocks — 98.0% (continued)** | **Equity Securities - Common Stocks — 98.0% (continued)** |
| **Financial Services — 8.6% (continued)** | **Financial Services — 8.6% (continued)** | **Financial Services — 8.6% (continued)** |
| The Charles Schwab Corp. | 79494 | 7284830 |
| The Goldman Sachs Group, Inc. | 19253 | 17785344 |
| Voya Financial, Inc. | 159557 | 13077292 |
|  |  | **118508487** |
| **Health Care Equipment & Services — 6.9%** | **Health Care Equipment & Services — 6.9%** | **Health Care Equipment & Services — 6.9%** |
| Alcon AG<sup>(c)</sup>  | 109138 | 8171162 |
| Edwards Lifesciences Corp.<sup>(a)</sup>  | 133984 | 11187664 |
| Elevance Health, Inc. | 55635 | 20942126 |
| Medtronic PLC | 137335 | 11120015 |
| UnitedHealth Group, Inc. | 116487 | 43156104 |
|  |  | **94577071** |
| **Household & Personal Products — 2.8%** | **Household & Personal Products — 2.8%** | **Household & Personal Products — 2.8%** |
| Colgate-Palmolive Co. | 333311 | 28451427 |
| The Estee Lauder Companies, Inc., Cl. A | 130964 | 10046248 |
|  |  | **38497675** |
| **Insurance — 5.8%** | **Insurance — 5.8%** | **Insurance — 5.8%** |
| American International Group, Inc. | 193411 | 14467143 |
| Aon PLC, Cl. A | 56664 | 17659336 |
| Assurant, Inc. | 92638 | 21887580 |
| Chubb Ltd. | 53284 | 17423868 |
| The Hartford Insurance Group, Inc. | 58087 | 7946882 |
|  |  | **79384809** |
| **Materials — 5.4%** | **Materials — 5.4%** | **Materials — 5.4%** |
| CRH PLC | 133036 | 15754123 |
| Freeport-McMoRan, Inc. | 225319 | 13018932 |
| Newmont Corp. | 226205 | 25129114 |
| Packaging Corp. of America | 94232 | 20113820 |
|  |  | **74015989** |
| **Media & Entertainment — 5.9%** | **Media & Entertainment — 5.9%** | **Media & Entertainment — 5.9%** |
| Alphabet, Inc., Cl. A | 85497 | 32899246 |
| Meta Platforms, Inc., Cl. A | 16674 | 10202987 |
| Omnicom Group, Inc. | 308123 | 23639196 |
| The Walt Disney Company | 138585 | 14378194 |
|  |  | **81119623** |
| **Pharmaceuticals, Biotechnology & Life Sciences — 7.2%** | **Pharmaceuticals, Biotechnology & Life Sciences — 7.2%** | **Pharmaceuticals, Biotechnology & Life Sciences — 7.2%** |
| Bristol-Myers Squibb Co. | 227831 | 13804280 |
| Gilead Sciences, Inc. | 79300 | 10375612 |
| Jazz Pharmaceuticals PLC<sup>(a)</sup>  | 34546 | 7013529 |
| Johnson & Johnson | 157321 | 36160232 |
| Pfizer, Inc. | 462884 | 12359003 |
| Thermo Fisher Scientific, Inc. | 41188 | 19727404 |
|  |  | **99440060** |
| **Semiconductors & Semiconductor Equipment — 7.9%** | **Semiconductors & Semiconductor Equipment — 7.9%** | **Semiconductors & Semiconductor Equipment — 7.9%** |
| Advanced Micro Devices, Inc.<sup>(a)</sup>  | 37529 | 13303655 |
| Applied Materials, Inc. | 74755 | 29490100 |
| Intel Corp.<sup>(a)</sup>  | 183728 | 17358622 |
| Marvell Technology, Inc. | 43646 | 7208137 |
| Texas Instruments, Inc. | 145029 | 40764751 |
|  |  | **108125265** |
| **Software & Services — 2.5%** | **Software & Services — 2.5%** | **Software & Services — 2.5%** |
| Akamai Technologies, Inc.<sup>(a)</sup>  | 150351 | 15483146 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Equity Securities - Common Stocks — 98.0% (continued)** | **Equity Securities - Common Stocks — 98.0% (continued)** | **Equity Securities - Common Stocks — 98.0% (continued)** |
| **Software & Services — 2.5% (continued)** | **Software & Services — 2.5% (continued)** | **Software & Services — 2.5% (continued)** |
| Dolby Laboratories, Inc., Cl. A | 148782 | 9542878 |
| International Business Machines Corp. | 38484 | 8889034 |
|  |  | **33915058** |
| **Technology Hardware & Equipment — 3.6%** | **Technology Hardware & Equipment — 3.6%** | **Technology Hardware & Equipment — 3.6%** |
| Cisco Systems, Inc. | 388251 | 35524967 |
| Seagate Technology Holdings PLC | 11077 | 7461910 |
| Western Digital Corp.<sup>(c)</sup>  | 15358 | 6673358 |
|  |  | **49660235** |
| **Telecommunication Services — 1.0%** | **Telecommunication Services — 1.0%** | **Telecommunication Services — 1.0%** |
| AT&T, Inc. | 534950 | **13978244** |
| **Transportation — 3.6%** | **Transportation — 3.6%** | **Transportation — 3.6%** |
| CSX Corp. | 393965 | 17897830 |
| Delta Air Lines, Inc. | 262870 | 17872531 |
| FedEx Corp. | 34578 | 13945653 |
|  |  | **49716014** |
| **Utilities — 1.4%** | **Utilities — 1.4%** | **Utilities — 1.4%** |
| Constellation Energy Corp. | 33780 | 10573140 |
| NRG Energy, Inc. | 57608 | 8962653 |
|  |  | **19535793** |
| **Total Equity Securities - Common Stocks** <br>(cost $1,204,554,693)<br>|  | **1347300522** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | 1-Day <br>Yield (%)<br>|  |  |
| **Investment Companies — 2.0%** | **Investment Companies — 2.0%** | **Investment Companies — 2.0%** | **Investment Companies — 2.0%** |
| **Registered Investment Companies — 2.0%** | **Registered Investment Companies — 2.0%** | **Registered Investment Companies — 2.0%** | **Registered Investment Companies — 2.0%** |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares<sup>(d)</sup> <br>(cost $27,147,890)<br>| 3.61 | 27147890 | **27147890** |
| **Investment of Cash Collateral for Securities Loaned — .1%** |  |  |  |
| **Registered Investment Companies — .1%** |  |  |  |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares<sup>(d)</sup> <br>(cost $1,319,407)<br>| 3.61 | 1319407 | **1319407** |
| **Total Investments** (cost $1,233,021,990) | **Total Investments** (cost $1,233,021,990) | **100.1%** | **1375767819** |
| **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** | **(.1%)** | **(855021)** |
| **Net Assets**  | **Net Assets**  | **100.0%** | **1374912798** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Investment in real estate investment trust within the United States.

<sup>(c)</sup> Security, or portion thereof, on loan. At April 30, 2026, the value of the fund's securities on loan was $4,583,198 and the value of the collateral was $4,614,311, consisting of cash collateral of $1,319,407 and U.S. Government & Agency securities valued at $3,294,904. In addition, the value of collateral may include pending sales that are also on loan. 

<sup>(d)</sup> Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company's prospectus. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** |
| Description | Value ($) <br>10/31/2025<br>| Purchases ($)<sup>†</sup>  | Sales ($) | Value ($) <br>4/30/2026<br>| Dividends/ <br>Distributions ($)<br>|
| **Registered Investment Companies - 2.0%** | **Registered Investment Companies - 2.0%** | **Registered Investment Companies - 2.0%** | **Registered Investment Companies - 2.0%** | **Registered Investment Companies - 2.0%** | **Registered Investment Companies - 2.0%** |
| Dreyfus Institutional Preferred Government Money Market <br> Fund, Institutional Shares - 2.0%<br>| 4766105 | 57336321 | (34954536) | 27147890 | 195239 |

---

**5**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers (continued)** | **Affiliated Issuers (continued)** | **Affiliated Issuers (continued)** | **Affiliated Issuers (continued)** | **Affiliated Issuers (continued)** | **Affiliated Issuers (continued)** |
| Description | Value ($)<br> 10/31/2025<br>| Purchases ($)<sup>†</sup> | Sales ($) | Value ($)<br> 4/30/2026<br>| Dividends/<br> Distributions ($)<br>|
| **Investment of Cash Collateral for Securities Loaned - .1%** | **Investment of Cash Collateral for Securities Loaned - .1%** | **Investment of Cash Collateral for Securities Loaned - .1%** | **Investment of Cash Collateral for Securities Loaned - .1%** | **Investment of Cash Collateral for Securities Loaned - .1%** | **Investment of Cash Collateral for Securities Loaned - .1%** |
| Dreyfus Institutional Preferred Government Money Market <br> Fund, Institutional Shares - .1%<br>| - | 2933530 | (1614123) | 1319407 | 1823<sup>††</sup>  |
| **Total - 2.1%** | **4766105** | **60269851** | **(36568659)** | **28467297** | **197062** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>†</sup>  | Includes reinvested dividends/distributions. |
| <sup>††</sup>  | Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and <br> other payments to and from borrowers of securities.<br>|

---

See notes to financial statements.

**6**

------

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Schedule of Investments <br>(including securities on loan, valued at $4,583,198)—Note 2(c):<br>|  |  |
| Unaffiliated issuers | 1204554693 | &nbsp;&nbsp;&nbsp;&nbsp; 1347300522 |
| Affiliated issuers | 28467297 | &nbsp;&nbsp;&nbsp;&nbsp; 28467297 |
| Receivable for investment securities sold |  | &nbsp;&nbsp;&nbsp;&nbsp; 12205651 |
| Dividends and securities lending income receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 709718 |
| Receivable for shares of Beneficial Interest subscribed |  | &nbsp;&nbsp;&nbsp;&nbsp; 256078 |
| Tax reclaim receivable—Note 2(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7022 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1388946288** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon ETF Investment Adviser, LLC—Note 3(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 587002 |
| Payable for investment securities purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 12127081 |
| Liability for securities on loan—Note 2(c)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1319407 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **14033490** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **1374912798** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 1209376013 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; 165536785 |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **1374912798** |
| **Shares Outstanding** |  |  |
| Shares outstanding no par value (unlimited shares authorized) |  | &nbsp;&nbsp;&nbsp;&nbsp; 43084000 |
| **Net Asset Value Per Share ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**31.91** |
| **Market Price Per Share ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**31.93** |

---

See notes to financial statements.

**7**

------

STATEMENT OF OPERATIONS

Six Months Ended April 30, 2026 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Income:** |  |
| Cash dividends (net of $353 foreign taxes withheld at source): |  |
| Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 7634354 |
| Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 195239 |
| Affiliated income net of rebates from securities lending—Note 2(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 1823 |
| **Total Income** | &nbsp;&nbsp;&nbsp;&nbsp; **7831416** |
| **Expenses:** |  |
| Management fee—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 2577840 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **2577840** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **5253576** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 22556629 |
| Net realized gain (loss) on in-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp; 1953495 |
| **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **24510124** |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 97132875 |
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **121642999** |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **126896575** |

---

See notes to financial statements.

**8**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Period Ended <br>October 31, 2025<sup>(a)</sup>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Period Ended <br>October 31, 2025<sup>(a)</sup>  |
| **Operations ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 5253576 | &nbsp;&nbsp;&nbsp;&nbsp; 2849161 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 24510124 | &nbsp;&nbsp;&nbsp;&nbsp; (3682785) |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 97132875 | &nbsp;&nbsp;&nbsp;&nbsp; 45612954 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **126896575** | &nbsp;&nbsp;&nbsp;&nbsp; **44779330** |
| **Distributions ($):** |  |  |
| **Distributions to shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **(4522003)** | &nbsp;&nbsp;&nbsp;&nbsp; **(36764)** |
| **Beneficial Interest Transactions ($):** |  |  |
| Net proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 702499554 | &nbsp;&nbsp;&nbsp;&nbsp; 528333177 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (9012437) | &nbsp;&nbsp;&nbsp;&nbsp; (14124634) |
| **Increase (Decrease) in Net Assets from Beneficial Interest Transactions** | &nbsp;&nbsp;&nbsp;&nbsp; **693487117** | &nbsp;&nbsp;&nbsp;&nbsp; **514208543** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **815861689** | &nbsp;&nbsp;&nbsp;&nbsp; **558951109** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 559051109 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **1374912798** | &nbsp;&nbsp;&nbsp;&nbsp; **559051109** |
| **Capital Share Transactions (Shares):** |  |  |
| Initial shares | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 4000 |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 23400000 | &nbsp;&nbsp;&nbsp;&nbsp; 20540000 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (300000) | &nbsp;&nbsp;&nbsp;&nbsp; (560000) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **23100000** | &nbsp;&nbsp;&nbsp;&nbsp; **19984000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> From November 4, 2024 (commencement of operations) to October 31, 2025.

See notes to financial statements.

**9**

------

FINANCIAL HIGHLIGHTS

The following table describes the performance for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. 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.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<br>| &nbsp;&nbsp;&nbsp; Period Ended <br>October 31, 2025<sup>(a)</sup> <br>|
| **Per Share Data ($):** | **Per Share Data ($):** |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;27.97 | &nbsp;&nbsp;&nbsp;&nbsp;25.00 |
| Investment Operations: | Investment Operations: |  |
| Net investment income<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; .18 | &nbsp;&nbsp;&nbsp;&nbsp; .31 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;3.94 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.04 |
| Distributions: |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.07)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;31.91 | &nbsp;&nbsp;&nbsp;&nbsp;27.97 |
| Market value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;31.93 | &nbsp;&nbsp;&nbsp;&nbsp;28.00 |
| **Total Return (%)**<sup>(c)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;14.77 | &nbsp;&nbsp;&nbsp;&nbsp; 12.20 <br> <sup>(d)</sup><br>|
| **Market Price Total Return (%)**<sup>(c)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;14.73 | &nbsp;&nbsp;&nbsp;&nbsp; 12.31 <br> <sup>(d)</sup><br>|
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |
| Ratio of total expenses to average net assets<sup>(e),(f)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; .60 | &nbsp;&nbsp;&nbsp;&nbsp; .60 |
| Ratio of net investment income to average net assets<sup>(e),(f)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 |
| Portfolio Turnover Rate<sup>(c),(g)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;58.99 | &nbsp;&nbsp;&nbsp;&nbsp;104.28 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 1374913 | &nbsp;&nbsp;&nbsp;&nbsp; 559051 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> From November 4, 2024 (commencement of operations) to October 31, 2025.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Not annualized.

<sup>(d)</sup> 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 NYSE Arca, Inc. 

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Amount does not include the expenses of the underlying funds.

<sup>(g)</sup> Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

See notes to financial statements.

**10**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited)

**NOTE 1—**

**Organization:**

BNY Mellon Dynamic Value ETF (the "fund") is a separate diversified series of BNY Mellon ETF Trust II (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 eight series, including the fund. The investment objective of the fund is to seek capital appreciation. BNY Mellon ETF Investment Adviser, LLC (the "Adviser"), a wholly-owned subsidiary of The Bank of New York Mellon Corporation ("BNY"), 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 and an affiliate of the Adviser, serves as the fund's sub-adviser. NIMNA's principal office is located at BNY Mellon Center, 201 Washington Street, Boston, Massachusetts 02108. NIMNA has entered into a sub-sub-investment advisory agreement with its affiliate, Newton Investment Management Limited ("NIM"), which enables 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 NIMNA 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. The Bank of New York Mellon, a subsidiary of BNY and an affiliate of the Adviser, serves as administrator, custodian and transfer agent with the Trust. BNY Mellon Securities Corporation (the "Distributor"), a wholly-owned subsidiary of the Adviser, is the distributor of the fund's shares.

The shares of the fund are referred to herein as "Shares" or "Fund Shares." Fund Shares are listed and traded on NYSE Arca, Inc. The market price of each Share may differ to some degree from the fund's net asset value ("NAV"). Unlike conventional mutual funds, the fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a "Creation Unit". Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities. Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the fund. Individual Fund Shares may only be purchased and sold on the NYSE Arca, Inc., other national securities exchanges, electronic crossing networks and other alternative trading systems through your broker-dealer at market prices. Because Fund Shares trade at market prices rather than at NAV, Fund Shares may trade at a price greater than NAV (premium) or less than NAV (discount). When buying or selling Shares in the secondary market, you may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares of the fund (bid) and the lowest price a seller is willing to accept for Shares of the fund (ask).

**NOTE 2—**

**Significant Accounting Policies:**

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative U.S. generally accepted accounting principles ("GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund's 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 enters into contracts that contain a variety of indemnifications. The fund's maximum exposure under these arrangements is unknown. The funds do 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.).

**11**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

**Level 3**—significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund's investments are as follows:

The Trust's Board of Trustees (the "Board") has designated the Adviser as the fund's valuation designee to make all fair value determinations with respect to the fund's portfolio of investments, subject to the Board's oversight.

The fund's equity investments, including shares of REITs and ETFs, if any, (but not including investments in other open-end registered investment companies), generally are valued at the last sales price on the day of valuation of the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Association of Securities Dealers Automated Quotation System ("NASDAQ") markets generally 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. Investments in other open-end investment companies are valued at their reported NAVs each day. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.

Restricted securities, as well as securities or other assets for which recent market quotations are not readily available or are determined not to reflect fair value accurately, 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 the valuation designee using such information as it deems appropriate under the circumstances. The factors that may be considered when fair valuing a security include 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. Using fair value to price investments may result in a value that is different from a security's most recent closing price and from the prices used by other funds to calculate their NAVs. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

The following is a summary of the inputs used as of April 30, 2026 in valuing the fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2- Other** <br>**Significant** <br>**Observable Inputs**<br>| **Level 3-** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Assets ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup>  |  |  |  |  |
| Equity Securities - Common Stocks | &nbsp;&nbsp; 1347300522 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **1347300522** |
| Investment Companies | &nbsp;&nbsp; 28467297 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **28467297** |
|  | &nbsp;&nbsp; **1375767819** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **1375767819** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>†</sup> See Schedule of Investments for additional detailed categorizations, if any.

**(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 April 30, 2026, if any, are disclosed in the fund's Statement of Assets and Liabilities.

**(c) Securities transactions and investment income:** Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.

Pursuant to a securities lending agreement with BNY, 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

**12**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

either in the form of cash, which can be invested in certain money market mutual funds managed by the Adviser or its affiliates, 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, and is not reflected in the Statement of Assets and Liabilities. The securities on loan, if any, are also disclosed in the fund's Schedule 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 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 ended April 30, 2026, BNY earned $250 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 April 30, 2026, the fund had securities 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:

---

| | |
|:---|:---|
| **Assets ($)** |  |
| Gross amount of securities loaned, at <br> value, as disclosed in the Statement <br>of Assets and Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4583198 |
| Collateral (received)/posted not offset <br>in the Statement of <br>Assets and Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4583198 )<sup>†</sup><br>|
| Net amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>†</sup>  | The value of the related collateral received by the fund exceeded the value of the securities loaned by the fund pursuant to the securities lending agreement. In addition, <br> the value of collateral may include pending sales that are also on loan. See Schedule of Investments for detailed information regarding collateral received for open <br> securities lending.<br>|

---

**(d) Affiliated issuers:** Investments in other investment companies advised by the Adviser or its affiliates are considered "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. Local, regional or global events such as war, military conflicts, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, recessions, elevated levels of government debt, changes in trade regulation or economic sanctions, internal unrest and discord, or other events could have a significant impact on the fund and its investments.

**Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:** As with all exchange-traded funds, fund shares may be bought and sold in the secondary market at market prices. The trading prices of fund shares in the secondary market may differ from the fund's daily net asset value per share and there may be times when the market price of the shares is more than the net asset value per share (premium) of less than the net asset value per shares (discount). This risk is heightened in times of market volatility or periods of steep market declines.

**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.

**13**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(f) Dividends and distributions to shareholders:** Dividends and distributions are recorded on the ex-dividend date. Dividends from net investment income and dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the "Code"). To the extent that net realized capital gains can be offset by capital loss carryovers, 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 April 30, 2026, 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 April 30, 2026, the fund did not incur any interest or penalties.

The tax year in the period ended October 31, 2025 remains subject to examination by the Internal Revenue Service and state taxing authorities.

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 fund has an unused capital loss carryover of $710,810 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to October 31, 2025. These short-term capital losses can be carried forward for an unlimited period.

The tax character of distributions paid to shareholders during the fiscal year ended October 31, 2025 was as follows: ordinary income $36,764. The tax character of current year distributions will be determined at the end of the current fiscal year.

**(h) Operating segment reporting:** In accordance with FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"), the fund has operated and been managed as a single reportable segment, generating returns through dividends, interest, and/or gains from investments aligned with its single stated investment objective as outlined in the fund's prospectus. The fund's accounting policies are consistent with those described in these Notes to Financial Statements. The chief operating decision maker ("CODM") is represented by BNY Investments and is comprised of Senior Management and Directors of BNY Investments. The CODM considers the net increase in net assets resulting from operations when deciding whether to purchase additional investments or make distributions to shareholders. Detailed financial information for the fund is presented in these financial statements, including total assets and liabilities in the Statement of Assets and Liabilities, investments held in the Schedule of Investments, results of operations and significant segment expenses in the Statement of Operations, and additional performance information—such as total return, portfolio turnover, and ratios—in the Financial Highlights.

**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 .60% 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 April 30, 2026, there was no voluntary 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 with the Adviser or are wholly-owned subsidiaries (as defined under the Act) of the Adviser's ultimate parent com

**14**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

pany, BNY, without obtaining shareholder approval. The Order also allows the fund to disclose the sub-advisory fee paid by the Adviser to any unaffiliated sub-adviser in the aggregate with other unaffiliated sub-advisers 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 of BNY 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 (not the fund) pays the Sub-Adviser a monthly fee at an annual rate of .30% of the value of the fund's average daily net assets.

**(b)** The fund has an arrangement with The Bank of New York Mellon (the "Custodian"), a subsidiary of BNY 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 $587,002.

**(c)** Each current Board member of the fund serves as a board member of each fund within the Trust and BNY Mellon ETF 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 and BNY Mellon ETF 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, if any, during the period ended April 30, 2026, amounted to $519,501,362 and $520,405,448, respectively.

At April 30, 2026, accumulated net unrealized appreciation on investments was $142,745,829, consisting of $159,789,119 gross unrealized appreciation and $17,043,290 gross unrealized depreciation.

At April 30, 2026, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Schedule of Investments).

**NOTE 5—**

**Shareholder Transactions:**

The fund issues and redeems its shares on a continuous basis, at NAV, to certain institutional investors known as "Authorized Participants" (typically market makers or other broker-dealers) only in a large specified number of shares called a Creation Unit. Except when aggregated in Creation Units, shares of the fund are not redeemable. The value of the fund is determined once each business day. The Creation Unit size for the fund may change. Authorized Participants will be notified of such change. Creation Unit transactions may be made in-kind, for cash, or for a combination of securities and cash. The principal consideration for creations and redemptions for the fund is in-kind, although this may be revised at any time without notice. The Trust issues and sells shares of the fund only: in Creation Units on a continuous basis through the Distributor, without a sales load, at their NAV per share determined after receipt of an order, on any Business Day, in proper form pursuant to the terms of the Authorized Participant Agreement. Transactions in capital shares for the fund are disclosed in detail in the Statement of Changes in Net Assets. The consideration for the purchase of Creation Units of the fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. The Adviser or its affiliates (the "Selling Shareholder") may purchase Creation Units through a broker-dealer to "seed" (in whole or in part) funds as they are launched or may purchase shares from broker-dealers or other investors that have previously provided "seed" for funds when they were launched or otherwise in secondary market transactions. Because the Selling Shareholder may be deemed an affiliate of such funds, the fund shares are being registered to permit the resale of these shares from time to time after purchase. The fund will not receive any of the proceeds from resale by the Selling Shareholders of these fund shares. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in "Transaction fees" on the Statement of Changes in Net Assets.

**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

**15**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

year. These reclassifications have no effect on net assets or net asset value per share. During the period ended April 30, 2026, the fund had in-kind transactions associated with creations of $681,116,444 and redemptions of $8,830,490.

**16**

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)

N/A

**17**

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies (Unaudited)

N/A

**18**

------

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (Unaudited)

Each current Board member of the fund serves as a Board member of each fund within the Trust and BNY Mellon ETF 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 and BNY Mellon ETF Trust, including the fund.

**19**

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited)

N/A

**20**

------© 2026 BNY Mellon Securities Corporation

Code-4866NCSRSA0426

![](imgb307fbf11.gif)

------

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. 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 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(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)).

&nbsp;&nbsp;&nbsp;&nbsp;(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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not Applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](section302-etftii.htm)

(a)(4) Not applicable.

(a)(5) 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.](section906-etftii.htm)

**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) <u>BNY Mellon ETF Trust II</u> 

By (Signature and Title) \* <u>/s/ David J. DiPetrillo</u> 

David J. DiPetrillo, President

(Principal Executive Officer)

Date <u>06/22/2026</u> 

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) \* <u>/s/ David J. DiPetrillo</u> 

David J. DiPetrillo, President

(Principal Executive Officer)

Date <u>06/22/2026</u> 

By (Signature and Title) \* <u>/s/ James Windels</u> 

James Windels, Treasurer

(Principal Financial and Accounting Officer)

Date <u>06/22/2026</u> 

 

 

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and**

**Section 302 of the Sarbanes-Oxley Act of 2002**

I, David J. DiPetrillo, certify that:

1. I have reviewed this report on Form N-CSR of BNY Mellon ETF Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date: <u>06/22/2026</u> | &nbsp;&nbsp; <u>/s/ David J. DiPetrillo</u> <br> David J. DiPetrillo, President<br> (Principal Executive Officer) |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and**

**Section 302 of the Sarbanes-Oxley Act of 2002**

I, James Windels, certify that:

1. I have reviewed this report on Form N-CSR of BNY Mellon ETF Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date: <u>06/22/2026</u> | &nbsp;&nbsp; <u>/s/ James Windels</u> <br> James Windels, Treasurer<br> (Principal Financial and Accounting Officer) |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Each of the undersigned hereby certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of BNY Mellon ETF Trust II (the "Report") fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of BNY Mellon ETF Trust II.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date: <u>06/22/2026</u> | &nbsp;&nbsp; <u>/s/ David J. DiPetrillo</u> <br> David J. DiPetrillo, President<br> (Principal Executive Officer) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date: <u>06/22/2026</u> | &nbsp;&nbsp; <u>/s/ James Windels</u> <br> James Windels, Treasurer<br> (Principal Financial and Accounting Officer)<br>|

---