# EDGAR Filing Document

**Accession Number:** 0001493580
**File Stem:** 0001493580-26-000002
**Filing Date:** 2026-1
**Character Count:** 1335092
**Document Hash:** 3205f0890f933b850bd4d37157371008
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493580-26-000002.hdr.sgml**: 20260102

**ACCESSION NUMBER**: 0001493580-26-000002

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 54

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260102

**DATE AS OF CHANGE**: 20260102

**EFFECTIVENESS DATE**: 20260102

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BNY Mellon ETF Trust
- **CENTRAL INDEX KEY:** 0001493580

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23477
- **FILM NUMBER:** 26501895

**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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Dreyfus ETF Trust
- **DATE OF NAME CHANGE:** 20100607

## Series and Classes Contracts Data

### BNY Mellon US Large Cap Core Equity ETF (Series ID: S000067260)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000216362 | BNY Mellon US Large Cap Core Equity ETF | BKLC            |

### BNY Mellon US Mid Cap Core Equity ETF (Series ID: S000067261)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000216363 | BNY Mellon US Mid Cap Core Equity ETF | BKMC            |

### BNY Mellon US Small Cap Core Equity ETF (Series ID: S000067262)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000216364 | BNY Mellon US Small Cap Core Equity ETF | BKSE            |

### BNY Mellon International Equity ETF (Series ID: S000067263)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000216365 | BNY Mellon International Equity ETF | BKIE            |

### BNY Mellon Emerging Markets Equity ETF (Series ID: S000067264)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000216366 | BNY Mellon Emerging Markets Equity ETF | BKEM            |

### BNY Mellon Core Bond ETF (Series ID: S000067265)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000216367 | BNY Mellon Core Bond ETF | BKAG            |

### BNY Mellon High Yield ETF (Series ID: S000067267)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000216369 | BNY Mellon High Yield ETF | BKHY            |

### BNY Mellon Concentrated International ETF (Series ID: S000073736)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000230859 | BNY Mellon Concentrated International ETF | BKCI            |

### BNY Mellon Global Infrastructure Income ETF (Series ID: S000077785)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000238330 | BNY Mellon Global Infrastructure Income ETF | BKGI            |

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

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#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-23477

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

------

240 Greenwich Street

New York, New York 10286

(Address of Principal Executive 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:

#### 10/31/25
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 US Large Cap Core Equity ETF

BNY Mellon US Mid Cap Core Equity ETF

BNY Mellon US Small Cap Core Equity ETF

BNY Mellon International Equity ETF

BNY Mellon Emerging Markets Equity ETF

BNY Mellon Core Bond ETF

BNY Mellon High Yield ETF

BNY Mellon Concentrated International ETF

BNY Mellon Global Infrastructure Income ETF

ITEM 1 - Reports to Stockholders

BNY Mellon US Large Cap Core Equity ETF

#### ANNUAL SHAREHOLDER REPORT

#### October 31, 2025

#### Ticker – BKLC (NYSE Arca, Inc.)
This annual shareholder report contains important information about BNY Mellon US Large Cap Core Equity ETF (the "Fund") for the period of November 1, 2024 to October 31, 2025. 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 year ?
(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 US Large Cap Core Equity ETF | $0 | 0.00% |

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#### How did the Fund perform last year ?
* For the 12-month period ended October 31, 2025, the Fund's shares returned 22.34% on a net asset value basis and 22.38% on a market price basis.

* In comparison, the Solactive GBS United States 500 Index TR (the "Index") returned 22.32% for the same period.

#### What affected the Fund's performance?
* The U.S. large-cap stock market advanced during the reporting period, supported by strong earnings growth, heavy investment in artificial intelligence and infrastructure, and resilient consumer and business spending. U.S. stocks generally advanced during the reporting period, supported by moderating inflation, relatively low unemployment and a positive corporate backdrop amid Federal Reserve rate-cut expectations.

* Large-cap stocks outperformed their mid- and small-cap counterparts, reflecting continued investor preference for multinational companies with strong balance sheets and diversified revenue streams.

* Relatively strong-performing areas included information technology, communication services and consumer discretionary, driven by robust results from the Magnificent Seven and other large-cap technology firms.

* Relatively weak-performing areas included materials, real estate and health care.

* The difference in returns between the Fund and the Index resulted primarily from transaction costs and operating expenses that are not reflected in Index results.

#### How did the Fund perform since its inception?
**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Cumulative Performance from April 7, 2020 through October 31, 2025** 

**Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_10956788.jpg)

The above graph compares a hypothetical $10,000 investment in the Fund's shares to a hypothetical investment of $10,000 made in each of the S&P 500<sup>®</sup> Index (a broad-based index) and Solactive GBS United States 500 Index TR on 4/7/2020, the Fund's inception. The performance shown takes into account applicable fees and expenses of the Fund, including management fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the indexes are not subject to fees and other expenses. Investors cannot invest directly in any index.

**AVERAGE ANNUAL TOTAL RETURNS (AS OF 10/31/25)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1YR** | **5YR** | **SINCE INCEPTION <br>(April 7, 2020)** |
| BNY Mellon US Large Cap Core Equity ETF - NAV Return<sup>\*</sup> | 22.34% | 17.72% | 20.47% |
| S&P 500<sup>®</sup> Index (broad-based index) | 21.45% | 17.64% | 20.30% |
| Solactive GBS United States 500 Index TR | 22.32% | 17.41% | 20.48% |

---

<sup>\*</sup> The Fund changed its benchmark index and investment objective, effective November 15, 2023. Fund performance prior to November 15, 2023, reflects the Fund's prior investment objective of seeking to track the performance, before fees and expenses, of the Morningstar<sup>®</sup> US Large Cap Index℠.

**The performance data quoted represent past performance, which is no guarantee of future results. For more current information visit bny.com/investments/etfliterature .**

**KEY FUND STATISTICS (AS OF 10/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** | **<br>Annual Portfolio Turnover** |
| $4814 | 508 | $0 | 2.10% |

---

**Portfolio Holdings (as of 10/31/25)**

**Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_10956799.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_10956806.jpg)

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

*The BNY Mellon ETFs are not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trade mark or the Index price at any time or in any other respect. The Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards BNY Mellon, Solactive AG has no obligation to point out errors in the Index to third parties including but not limited to investors and/or financial intermediaries of the BNY Mellon ETFs. Neither publication of the Index by Solactive AG nor the licensing of the Index or Index trade mark for the purpose of use in connection with the BNY Mellon ETFs constitute a recommendation by Solactive AG to invest capital in said financial instrument nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in the BNY Mellon ETFs.*

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2025 **BNY Mellon Securities Corporation**, Distributor,

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

Code-4851AR1025

![TSR- BNY Investment Logo](images_30017.jpg)

BNY Mellon US Mid Cap Core Equity ETF

#### ANNUAL SHAREHOLDER REPORT

#### October 31, 2025

#### Ticker – BKMC (NYSE Arca, Inc.)
This annual shareholder report contains important information about BNY Mellon US Mid Cap Core Equity ETF (the "Fund") for the period of November 1, 2024 to October 31, 2025. 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 year ?
(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 US Mid Cap Core Equity ETF | $4 | 0.04% |

---

#### How did the Fund perform last year ?
* For the 12-month period ended October 31, 2025, the Fund's shares returned 8.55% on a net asset value basis and 8.42% on a market price basis.

* In comparison, the Solactive GBS United States 400 Index TR (the "Index") returned 8.52% for the same period.

#### What affected the Fund's performance?
* The U.S. mid-cap stock market advanced during the reporting period, supported by a resilient economy, easing inflation and stable employment.

* Mid-cap stocks underperformed their large-cap counterparts, reflecting limited exposure to artificial intelligence and technology and greater exposure to traditional areas such as financials, consumer discretionary and health care.

* Relatively strong-performing areas included communication services, utilities and information technology.

* Relatively weak-performing areas included materials, consumer staples and consumer discretionary.

* The difference in returns between the Fund and the Index resulted primarily from transaction costs and operating expenses that are not reflected in Index results.

#### How did the Fund perform since its inception?
**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Cumulative Performance from April 7, 2020 through October 31, 2025** 

**Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_10956838.jpg)

The above graph compares a hypothetical $10,000 investment in the Fund's shares to a hypothetical investment of $10,000 made in each of the S&P Composite 1500<sup>®</sup> Index (a broad-based index) and Solactive GBS United States 400 Index TR on 4/7/2020, the Fund's inception. The performance shown takes into account applicable fees and expenses of the Fund, including management fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the indexes are not subject to fees and other expenses. Investors cannot invest directly in any index.

**AVERAGE ANNUAL TOTAL RETURNS (AS OF 10/31/25)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1YR** | **5YR** | **SINCE INCEPTION <br>(April 7, 2020)** |
| BNY Mellon US Mid Cap Core Equity ETF - NAV Return<sup>\*</sup> | 8.55% | 12.09% | 16.50% |
| S&P Composite 1500<sup>®</sup> Index (broad-based index) | 20.21% | 17.26% | 20.04% |
| Solactive GBS United States 400 Index TR | 8.52% | 11.39% | 16.35% |

---

<sup>\*</sup> The Fund changed its benchmark index and investment objective, effective November 15, 2023. Fund performance prior to November 15, 2023, reflects the Fund's prior investment objective of seeking to track the performance, before fees and expenses, of the Morningstar<sup>®</sup> US Mid Cap Index℠.

**The performance data quoted represent past performance, which is no guarantee of future results. For more current information visit bny.com/investments/etfliterature .**

**KEY FUND STATISTICS (AS OF 10/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** | **<br>Annual Portfolio Turnover** |
| $602 | 406 | $208282 | 29.06% |

---

**Portfolio Holdings (as of 10/31/25)**

**Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_10956849.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_10956856.jpg)

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

*The BNY Mellon ETFs are not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trade mark or the Index price at any time or in any other respect. The Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards BNY Mellon, Solactive AG has no obligation to point out errors in the Index to third parties including but not limited to investors and/or financial intermediaries of the BNY Mellon ETFs. Neither publication of the Index by Solactive AG nor the licensing of the Index or Index trade mark for the purpose of use in connection with the BNY Mellon ETFs constitute a recommendation by Solactive AG to invest capital in said financial instrument nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in the BNY Mellon ETFs.*

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2025 **BNY Mellon Securities Corporation**, Distributor,

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

Code-4852AR1025

![TSR- BNY Investment Logo](images_30017.jpg)

BNY Mellon US Small Cap Core Equity ETF

#### ANNUAL SHAREHOLDER REPORT

#### October 31, 2025

#### Ticker – BKSE (NYSE Arca, Inc.)
This annual shareholder report contains important information about BNY Mellon US Small Cap Core Equity ETF (the "Fund") for the period of November 1, 2024 to October 31, 2025. 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 year ?
(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 US Small Cap Core Equity ETF | $4 | 0.04% |

---

#### How did the Fund perform last year ?
* For the 12-month period ended October 31, 2025, the Fund's shares returned 12.86% on a net asset value basis and 12.74% on a market price basis.

* In comparison, the Solactive GBS United States 600 Index TR (the "Index") returned 12.89% for the same period.

#### What affected the Fund's performance?
* Small-cap U.S. stocks generally advanced during the reporting period, supported by moderating inflation, relatively low unemployment and a positive corporate backdrop amid Federal Reserve rate-cut expectations.

* Gains lagged those of large- and mid-cap stocks due to the greater exposure of small-cap companies to traditional industries and their more limited participation in AI-related investment and technology.

* Relatively strong-performing sectors included information technology, industrials and utilities.

* Relatively weak-performing sectors included consumer staples, communication services and real estate.

* The difference in returns between the Fund and the Index resulted primarily from transaction costs and operating expenses that are not reflected in Index results.

#### How did the Fund perform since its inception?
**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Cumulative Performance from April 7, 2020 through October 31, 2025** 

**Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_10956888.jpg)

The above graph compares a hypothetical $10,000 investment in the Fund's shares to a hypothetical investment of $10,000 made in each of the S&P Composite 1500<sup>®</sup> Index (a broad-based index) and Solactive GBS United States 600 Index TR on 4/7/2020, the Fund's inception. The performance shown takes into account applicable fees and expenses of the Fund, including management fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the indexes are not subject to fees and other expenses. Investors cannot invest directly in any index.

**AVERAGE ANNUAL TOTAL RETURNS (AS OF 10/31/25)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1YR** | **5YR** | **SINCE INCEPTION <br>(April 7, 2020)** |
| BNY Mellon US Small Cap Core Equity ETF - NAV Return<sup>\*</sup> | 12.86% | 12.05% | 16.94% |
| S&P Composite 1500<sup>®</sup> Index (broad-based index) | 20.21% | 17.26% | 20.04% |
| Solactive GBS United States 600 Index TR | 12.89% | 13.33% | 18.32% |

---

<sup>\*</sup> The Fund changed its benchmark index and investment objective, effective November 15, 2023. Fund performance prior to November 15, 2023, reflects the Fund's prior investment objective of seeking to track the performance, before fees and expenses, of the Morningstar<sup>®</sup> US Small Cap Index℠.

**The performance data quoted represent past performance, which is no guarantee of future results. For more current information visit bny.com/investments/etfliterature .**

**KEY FUND STATISTICS (AS OF 10/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** | **<br>Annual Portfolio Turnover** |
| $59 | 601 | $40656 | 38.61% |

---

**Portfolio Holdings (as of 10/31/25)**

**Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_10956899.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_10956906.jpg)

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

*The BNY Mellon ETFs are not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trade mark or the Index price at any time or in any other respect. The Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards BNY Mellon, Solactive AG has no obligation to point out errors in the Index to third parties including but not limited to investors and/or financial intermediaries of the BNY Mellon ETFs. Neither publication of the Index by Solactive AG nor the licensing of the Index or Index trade mark for the purpose of use in connection with the BNY Mellon ETFs constitute a recommendation by Solactive AG to invest capital in said financial instrument nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in the BNY Mellon ETFs.*

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2025 **BNY Mellon Securities Corporation**, Distributor,

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

Code-4853AR1025

![TSR- BNY Investment Logo](images_30017.jpg)

BNY Mellon International Equity ETF

#### ANNUAL SHAREHOLDER REPORT

#### October 31, 2025

#### Ticker – BKIE (NYSE Arca, Inc.)
This annual shareholder report contains important information about BNY Mellon International Equity ETF (the "Fund") for the period of November 1, 2024 to October 31, 2025. 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 year ?
(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 International Equity ETF | $4 | 0.04% |

---

#### How did the Fund perform last year ?
* For the 12-month period ended October 31, 2025, the Fund's shares returned 23.76% on a net asset value basis and 23.47% on a market price basis.

* In comparison, the Solactive GBS Developed Markets ex United States Large & Mid Cap USD Index NTR (the "Index") returned 23.58% for the same period.

#### What affected the Fund's performance?
* International developed-markets stocks advanced during the reporting period, supported by a weaker U.S. dollar, attractive relative valuations and ongoing fiscal stimulus and structural reforms in Europe and Japan.

* The asset class generally outperformed U.S. equities as easing trade tensions and steady government spending bolstered investor sentiment.

* Relatively strong-performing areas included information technology, communication services and utilities, while financials, health care and consumer staples lagged.

* Among countries, Austria, Poland and Spain delivered the strongest gains, while Denmark, New Zealand and Australia underperformed.

* The difference in returns between the Fund and the Index resulted primarily from transaction costs and operating expenses that are not reflected in Index results.

#### How did the Fund perform since its inception?
**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Cumulative Performance from April 22, 2020 through October 31, 2025** 

**Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_10956938.jpg)

The above graph compares a hypothetical $10,000 investment in the Fund's shares to a hypothetical investment of $10,000 made in each of the MSCI EAFE<sup>®</sup> Index (a broad-based index) and Solactive GBS Developed Markets ex United States Large & Mid Cap USD Index NTR on 4/22/2020, the Fund's inception. The performance shown takes into account applicable fees and expenses of the Fund, including management fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the indexes are not subject to fees and other expenses. Investors cannot invest directly in any index.

**AVERAGE ANNUAL TOTAL RETURNS (AS OF 10/31/25)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1YR** | **5YR** | **SINCE INCEPTION <br>(April 22, 2020)** |
| BNY Mellon International Equity ETF - NAV Return<sup>\*</sup> | 23.76% | 13.13% | 14.40% |
| MSCI EAFE<sup>®</sup> Index (broad-based index) | 23.03% | 12.33% | 13.69% |
| Solactive GBS Developed Markets ex United States Large & Mid Cap USD Index NTR | 23.58% | 12.63% | 14.00% |

---

<sup>\*</sup> The Fund changed its benchmark index and investment objective, effective November 15, 2023. Fund performance prior to November 15, 2023, reflects the Fund's prior investment objective of seeking to track the performance, before fees and expenses, of the Morningstar<sup>®</sup> Developed Markets ex-US Large Cap Index℠.

**The performance data quoted represent past performance, which is no guarantee of future results. For more current information visit bny.com/investments/etfliterature .**

**KEY FUND STATISTICS (AS OF 10/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** | **<br>Annual Portfolio Turnover** |
| $1033 | 996 | $318154 | 9.30% |

---

**Portfolio Holdings (as of 10/31/25)**

**Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_10956949.jpg)

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

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

![Graphical Representation - Allocation 1 Chart](chartimages_10956956.jpg)

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

*The BNY Mellon ETFs are not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trade mark or the Index price at any time or in any other respect. The Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards BNY Mellon, Solactive AG has no obligation to point out errors in the Index to third parties including but not limited to investors and/or financial intermediaries of the BNY Mellon ETFs. Neither publication of the Index by Solactive AG nor the licensing of the Index or Index trade mark for the purpose of use in connection with the BNY Mellon ETFs constitute a recommendation by Solactive AG to invest capital in said financial instrument nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in the BNY Mellon ETFs.*

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2025 **BNY Mellon Securities Corporation**, Distributor,

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

Code-4854AR1025

![TSR- BNY Investment Logo](images_30017.jpg)

BNY Mellon Emerging Markets Equity ETF

#### ANNUAL SHAREHOLDER REPORT

#### October 31, 2025

#### Ticker – BKEM (NYSE Arca, Inc.)
This annual shareholder report contains important information about BNY Mellon Emerging Markets Equity ETF (the "Fund") for the period of November 1, 2024 to October 31, 2025. 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 year ?
(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 Emerging Markets Equity ETF | $12 | 0.11% |

---

#### How did the Fund perform last year ?
* For the 12-month period ended October 31, 2025, the Fund's shares returned 26.99% on a net asset value basis and 26.09% on a market price basis.

* In comparison, the Solactive GBS Emerging Markets Large & Mid Cap USD Index NTR (the "Index") returned 27.29% for the same period.

#### What affected the Fund's performance?
* Emerging-markets equities advanced during the reporting period, supported by a weaker U.S. dollar, interest rate cuts in major economies and continued attractive valuations versus developed markets.

* The asset class outperformed developed market equities, aided by healthy earnings growth and renewed capital inflows into emerging markets.

* Relatively strong-performing areas included information technology, communication services and industrials, while consumer staples, real estate and utilities lagged.

* Among countries, China, Taiwan and South Korea delivered the strongest gains, while Indonesia, the Philippines and Thailand underperformed.

* The difference in returns between the Fund and the Index resulted primarily from transaction costs and operating expenses that are not reflected in Index results.

#### How did the Fund perform since its inception?
**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Cumulative Performance from April 22, 2020 through October 31, 2025** 

**Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_10956988.jpg)

The above graph compares a hypothetical $10,000 investment in the Fund's shares to a hypothetical investment of $10,000 made in each of the MSCI Emerging Markets Index (a broad-based index) and Solactive GBS Emerging Markets Large & Mid Cap USD Index NTR on 4/22/2020, the Fund's inception. The performance shown takes into account applicable fees and expenses of the Fund, including management fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the indexes are not subject to fees and other expenses. Investors cannot invest directly in any index.

**AVERAGE ANNUAL TOTAL RETURNS (AS OF 10/31/25)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1YR** | **5YR** | **SINCE INCEPTION <br>(April 22, 2020)** |
| BNY Mellon Emerging Markets Equity ETF - NAV Return<sup>\*</sup> | 26.99% | 6.87% | 10.82% |
| MSCI Emerging Markets Index (broad-based index) | 27.91% | 7.46% | 11.27% |
| Solactive GBS Emerging Markets Large & Mid Cap USD Index NTR | 27.29% | 7.79% | 11.54% |

---

<sup>\*</sup> The Fund changed its benchmark index and investment objective, effective November 15, 2023. Fund performance prior to November 15, 2023, reflects the Fund's prior investment objective of seeking to track the performance, before fees and expenses, of the Morningstar<sup>®</sup> Emerging Markets Large Cap Index℠.

**The performance data quoted represent past performance, which is no guarantee of future results. For more current information visit **bny.com/investments/etfliterature** .**

**KEY FUND STATISTICS (AS OF 10/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** | **<br>Annual Portfolio Turnover** |
| $68 | 1685 | $113780 | 56.40% |

---

**Portfolio Holdings (as of 10/31/25)**

**Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_10956999.jpg)

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

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

![Graphical Representation - Allocation 1 Chart](chartimages_10957006.jpg)

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

*The BNY Mellon ETFs are not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trade mark or the Index price at any time or in any other respect. The Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards BNY Mellon, Solactive AG has no obligation to point out errors in the Index to third parties including but not limited to investors and/or financial intermediaries of the BNY Mellon ETFs. Neither publication of the Index by Solactive AG nor the licensing of the Index or Index trade mark for the purpose of use in connection with the BNY Mellon ETFs constitute a recommendation by Solactive AG to invest capital in said financial instrument nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in the BNY Mellon ETFs.*

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2025 **BNY Mellon Securities Corporation**, Distributor,

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

Code-4855AR1025

![TSR- BNY Investment Logo](images_30017.jpg)

BNY Mellon Core Bond ETF

#### ANNUAL SHAREHOLDER REPORT

#### October 31, 2025

#### Ticker – BKAG (NYSE Arca, Inc.)
This annual shareholder report contains important information about BNY Mellon Core Bond ETF (the "Fund") for the period of November 1, 2024 to October 31, 2025. 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 year ?
(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 Core Bond ETF | $0 | 0.00% |

---

#### How did the Fund perform last year ?
* For the 12-month period ended October 31, 2025, the Fund's shares returned 6.15% on a net asset value basis and 6.17% on a market price basis.

* In comparison, the Bloomberg U.S. Aggregate Total Return Index (the "Index") returned 6.16% for the same period.

**What affected the Fund's performance?**

* The U.S. bond market advanced during the reporting period, with all areas producing positive returns supported by attractive income levels, falling Treasury yields, easing inflation and expectations for Federal Reserve rate cuts.

* Short and intermediate-maturity securities contributed positively as Treasury yields declined across the front and intermediate curve segments, supporting performance and boosting results in higher-quality interest-rate-sensitive holdings.

* Tightening credit spreads and narrower mortgage option-adjusted spreads supported performance, aiding exposures to corporate credit, securitized assets and mortgage-related holdings as spread sectors outperformed during the reporting period.

* Exposure to longer-maturity U.S. Treasuries modestly detracted, as rising 30-year yields caused longer-duration holdings to lag the strong performance of short and intermediate-maturity securities.

#### How did the Fund perform since its inception?
**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Cumulative Performance from April 22, 2020 through October 31, 2025** 

**Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_10957038.jpg)

The above graph compares a hypothetical $10,000 investment in the Fund's shares to a hypothetical investment of $10,000 made in the Bloomberg U.S. Aggregate Total Return Index on 4/22/2020, the Fund's inception. The performance shown takes into account applicable fees and expenses of the Fund, including management fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the Index is not subject to fees and other expenses. Investors cannot invest directly in any index.

**AVERAGE ANNUAL TOTAL RETURNS (AS OF 10/31/25)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1YR** | **5YR** | **SINCE INCEPTION <br>(April 22, 2020)** |
| BNY Mellon Core Bond ETF - NAV Return | 6.15% | -0.27% | -0.01% |
| Bloomberg U.S. Aggregate Total Return Index | 6.16% | -0.24% | 0.04% |

---

**The performance data quoted represent past performance, which is no guarantee of future results. For more current information visit bny.com/investments/etfliterature .**

**KEY FUND STATISTICS (AS OF 10/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** | **<br>Annual Portfolio Turnover** |
| $2029 | 5081 | $0 | 70.96% |

---

**Portfolio Holdings (as of 10/31/25)**

**Allocation of Holdings (Based on Net Assets)**

![Graphical Representation - Top N Holdings Chart](chartimages_10957049.jpg)

\* Amount represents less than .1%.

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

![Graphical Representation - Allocation 1 Chart](chartimages_10957056.jpg)

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

*Bloomberg® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg is not affiliated with the BNY Mellon ETFs, and does not approve, endorse, review or recommend the Fund. Bloomberg does not guarantee the timeliness, accurateness or completeness of any data or information relating to the Bloomberg Index, and neither shall be liable in any way to the Fund's adviser, investors in the Fund or other third parties in respect of the use or accuracy of the Bloomberg Index or any data included therein.*

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2025 **BNY Mellon Securities Corporation**, Distributor,

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

Code-4856AR1025

![TSR- BNY Investment Logo](images_30017.jpg)

BNY Mellon High Yield ETF

#### ANNUAL SHAREHOLDER REPORT

#### October 31, 2025

#### Ticker – BKHY (NYSE Arca, Inc.)
This annual shareholder report contains important information about BNY Mellon High Yield ETF (the "Fund") for the period of November 1, 2024 to October 31, 2025. 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 year ?
(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 High Yield ETF | $23 | 0.22% |

---

#### How did the Fund perform last year ?
* For the 12-month period ended October 31, 2025, the Fund's shares returned 8.15% on a net asset value basis and 8.27% on a market price basis.

* In comparison, the Bloomberg US Corporate High Yield Total Return Index (the "Index") returned 8.16% for the same period.

**What affected the Fund's performance?**

* The U.S. high yield bond market advanced during the reporting period, outperforming investment-grade bonds and Treasuries on easing recession fears, resilient corporate fundamentals and easing monetary policy.

* The Fund's strategy of overweighting individual securities identified by the credit model to have more favorable risk and relative value signals supported performance, while its risk-adjusted income focus further bolstered returns.

* The difference in returns between the Fund and the Index resulted primarily from transaction costs and operating expenses that are not reflected in Index results.

#### How did the Fund perform since its inception?
**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Cumulative Performance from April 22, 2020 through October 31, 2025** 

**Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_10957088.jpg)

The above graph compares a hypothetical $10,000 investment in the Fund's shares to a hypothetical investment of $10,000 made in each of the Bloomberg U.S. Universal Index (a broad-based index) and Bloomberg US Corporate High Yield Total Return Index on 4/22/2020, the Fund's inception. The performance shown takes into account applicable fees and expenses of the Fund, including management fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the indexes are not subject to fees and other expenses. Investors cannot invest directly in any index.

**AVERAGE ANNUAL TOTAL RETURNS (AS OF 10/31/25)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1YR** | **5YR** | **SINCE INCEPTION <br>(April 22, 2020)** |
| BNY Mellon High Yield ETF - NAV Return<sup>\*</sup> | 8.15% | 5.31% | 6.78% |
| Bloomberg U.S. Universal Index (broad-based index) | 6.51% | 0.28% | 0.73% |
| Bloomberg US Corporate High Yield Total Return Index | 8.16% | 5.47% | 7.00% |

---

<sup>\*</sup> Prior to July 1, 2024, the Fund was named BNY Mellon High Yield Beta ETF and was an "index fund" that sought to track the performance of the Bloomberg US Corporate High Yield Total Return Index. Fund performance prior to July 1, 2024 reflects the Fund's prior investment objective and investment strategy.

**The performance data quoted represent past performance, which is no guarantee of future results. For more current information visit bny.com/investments/etfliterature .**

**KEY FUND STATISTICS (AS OF 10/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** | **<br>Annual Portfolio Turnover** |
| $404 | 1787 | $752395 | 76.63% |

---

**Portfolio Holdings (as of 10/31/25)**

**Allocation of Holdings (Based on Net Assets)**

![Graphical Representation - Top N Holdings Chart](chartimages_10957099.jpg)

\* Amount represents less than .1%.

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

![Graphical Representation - Allocation 1 Chart](chartimages_10957106.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**© 2025 **BNY Mellon Securities Corporation**, Distributor,

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

Code-4858AR1025

![TSR- BNY Investment Logo](images_30017.jpg)

BNY Mellon Concentrated International ETF

#### ANNUAL SHAREHOLDER REPORT

#### October 31, 2025

#### Ticker – BKCI (NYSE Arca, Inc.)
This annual shareholder report contains important information about BNY Mellon Concentrated International ETF (the "Fund") for the period of November 1, 2024 to October 31, 2025. 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 year ?
(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 International ETF<sup>\*</sup> | $66 | 0.65% |

---

\* During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, BNY Mellon ETF Investment Adviser, LLC. If this agreement is not extended in the future, expenses could be higher.

#### How did the Fund perform last year ?
* For the 12-month period ended October 31, 2025, the Fund's shares returned 2.19% on a net asset value basis and 2.40% on a market price basis.

* In comparison, the MSCI EAFE<sup>®</sup> Index (the "Index") returned 23.03% for the same period.

**What affected the Fund's performance?**

* International equities advanced, led by financials and industrials. Banks benefited from wider interest margins and robust loan growth, while aerospace and defense companies rallied on increased global defense spending.

* The Fund's relative performance benefited from overweight exposure to the strong technology area, supported by robust Artificial Intelligence (AI)-driven demand and optimism across semiconductor supply chains.

* Health care holdings detracted most from relative performance of the Fund due to overweight exposure to the weak sector and lagging returns. Industrial holdings also lagged their sector peers.

* The Fund's underweight exposure to financials detracted, as banks — where the Fund held no exposure — rallied sharply over the reporting period.

#### How did the Fund perform since its inception?
**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Cumulative Performance from December 6, 2021 through October 31, 2025** 

**Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_10957138.jpg)

The above graph compares a hypothetical $10,000 investment in the Fund's shares to a hypothetical investment of $10,000 made in the MSCI EAFE<sup>®</sup> Index on 12/6/2021, the Fund's inception. The performance shown takes into account applicable fees and expenses of the Fund, including management fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the Index is not subject to fees and other expenses. Investors cannot invest directly in any index.

**AVERAGE ANNUAL TOTAL RETURNS (AS OF 10/31/25)**

---

| | | |
|:---|:---|:---|
|  | **1YR** | **SINCE INCEPTION <br>(December 6, 2021)** |
| BNY Mellon Concentrated International ETF - NAV Return | 2.19% | 1.22% |
| MSCI EAFE<sup>®</sup> Index | 23.03% | 8.63% |

---

**The performance data quoted represent past performance, which is no guarantee of future results. For more current information visit bny.com/investments/etfliterature .**

**KEY FUND STATISTICS (AS OF 10/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** | **<br>Annual Portfolio Turnover** |
| $180 | 28 | $1069233 | 9.86% |

---

**Portfolio Holdings (as of 10/31/25)**

**Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_10957149.jpg)

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

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

![Graphical Representation - Allocation 1 Chart](chartimages_10957156.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**© 2025 **BNY Mellon Securities Corporation**, Distributor,

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

Code-4864AR1025

![TSR- BNY Investment Logo](images_30017.jpg)

BNY Mellon Global Infrastructure Income ETF

#### ANNUAL SHAREHOLDER REPORT

#### October 31, 2025

#### Ticker – BKGI (Cboe BZX Exchange, Inc.)
This annual shareholder report contains important information about BNY Mellon Global Infrastructure Income ETF (the "Fund") for the period of November 1, 2024 to October 31, 2025. 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.

**This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund's costs for the last year ?
(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 Global Infrastructure Income ETF<sup>\*</sup> | $64 | 0.56% |

---

\* During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, BNY Mellon ETF Investment Adviser, LLC. If this agreement is not extended in the future, expenses could be higher.

#### How did the Fund perform last year ?
* For the 12-month period ended October 31, 2025, the Fund's shares returned 29.70% on a net asset value basis and 29.97% on a market price basis.

* In comparison, the S&P Global Infrastructure NR Index (the "Index") returned 16.99% for the same period.

**What affected the Fund's performance?**

* The infrastructure market advanced during the period, led by industrials and utilities, with tailwinds from increasing power demand from AI data center investment.

* Security selection in utilities contributed most to the Fund's performance relative to the Index, followed by out-of-Index exposure to communication services and security selection in industrials.

* Security selection in energy was the primary detractor from the Fund's relative performance, followed by underweight positioning in industrials.

#### How did the Fund perform since its inception?
**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Cumulative Performance from November 2, 2022 through October 31, 2025** 

**Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_10957188.jpg)

The above graph compares a hypothetical $10,000 investment in the Fund's shares to a hypothetical investment of $10,000 made in each of the MSCI ACWI Index (a broad-based index) and S&P Global Infrastructure NR Index on 11/2/2022, the Fund's inception. The performance shown takes into account applicable fees and expenses of the Fund, including management fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the indexes are not subject to fees and other expenses. Investors cannot invest directly in any index.

**AVERAGE ANNUAL TOTAL RETURNS (AS OF 10/31/25)**

---

| | | |
|:---|:---|:---|
|  | **1YR** | **SINCE INCEPTION <br>(November 2, 2022)** |
| BNY Mellon Global Infrastructure Income ETF - NAV Return | 29.70% | 21.12% |
| MSCI ACWI Index (broad-based index) | 22.64% | 22.24% |
| S&P Global Infrastructure NR Index | 16.99% | 14.75% |

---

**The performance data quoted represent past performance, which is no guarantee of future results. For more current information visit bny.com/investments/etfliterature .**

**KEY FUND STATISTICS (AS OF 10/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** | **<br>Annual Portfolio Turnover** |
| $305 | 28 | $730567 | 40.01% |

---

**Portfolio Holdings (as of 10/31/25)**

**Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_10957199.jpg)

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

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

![Graphical Representation - Allocation 1 Chart](chartimages_10957206.jpg)

**How has the Fund changed?**

* BNY Mellon ETF Investment Adviser, LLC (the "Adviser") has contractually agreed, until at least February 28, 2026, to assume the direct expenses of the Fund so that the Fund's total annual operating expenses (including acquired fund fees and expenses (if any)) (excluding payments under the Fund's 12b-1 plan (if any), interest expenses, taxes, brokerage commissions, costs of holding shareholder meetings, fees and expenses associated with any securities lending program adopted by the Fund, and litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of the Fund's business) do not exceed 0.55% of the Fund's average daily net assets. Prior to February 28, 2026, this expense limitation agreement may only be terminated by the Fund's board. On or after February 28, 2026, the Adviser may terminate this expense limitation agreement at any time.

**This is a summary of certain changes to the Fund since November 1, 2024 . For more complete information, you may review the Fund's current prospectus dated February 28, 2025 at bny.com/investments/etfliterature or upon request at 1-833-383-2696 or by calling your financial adviser.**

**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**© 2025 **BNY Mellon Securities Corporation**, Distributor,

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

Code-4865AR1025

![TSR- BNY Investment Logo](images_30017.jpg)

------

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

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

**Item 2. Code of Ethics.**

(a) As of the period ended October 31, 2025 (the "Reporting Period"), the Registrant has adopted a
 code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer,
 controller or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third
 party.

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

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

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

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

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

(a)&nbsp;&nbsp;&nbsp;&nbsp; Audit Fees

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $176,555 in 2024 and $180,084 in 2025.

(b)&nbsp;&nbsp;&nbsp;&nbsp; Audit-Related Fees

The aggregate fees billed for each of the last two fiscal years for assurance and related services rendered to the Registrant by the principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item were $56,178 in 2024 and $57,303 in 2025. These services consisted of security counts required by Rule 17f-2 under the 1940 Act.

(c)&nbsp;&nbsp;&nbsp;&nbsp; Tax Fees

The aggregate fees billed for each of the last two fiscal years for professional services rendered to the Registrant by the principal accountant for tax compliance, tax advice and tax planning were

$35,586 in 2024 and $36,657 in 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local entity tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification.

(d)&nbsp;&nbsp;&nbsp;&nbsp; All Other Fees

The aggregate fees billed for each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were $0 in 2024 and $0 in 2025.

---

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

---

---

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

---

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

(g) The aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Registrant,
 and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management
 and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control
 with the investment adviser that provides ongoing services to the Registrant for each of the last two fiscal years of the Registrant were
 $211,051in 2024 and $196,953 in 2025.

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

(i) Not applicable.

(j) Not applicable.

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

(a) The Registrant has a separately designated audit committee established in accordance with Section 3(a)(58)(A)
 of the Securities Exchange Act of 1934, as amended, which consists of independent

trustees of the Registrant. The audit committee members are J. Charles Cardona, Kristen M. Dickey, F. Jack Liebau, Jr., Jill I. Mavro, Kevin W. Quinn, and Stacy L. Schaus.

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

**Item 6. Investments.**

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

(b)&nbsp;&nbsp;&nbsp;&nbsp; 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**

**ANNUAL FINANCIALS AND OTHER INFORMATION**

October 31, 2025

------

**BNY Mellon Concentrated International ETF:** BKCI

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

![](imgb56418571.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 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_ed9ee5db-a50b-4f03-be55-a323d5b99a82_SOI-Commoncontent-5102_1)**<br> **[Investment Companies](#xx_ed9ee5db-a50b-4f03-be55-a323d5b99a82_SOI-Commoncontent-5102_1)**<br>| 3 |
| [Schedule of Investments](#xx_ed9ee5db-a50b-4f03-be55-a323d5b99a82_SOI-Commoncontent-5102_1) | 3 |
| [Statement of Assets and Liabilities](#xx_ed9ee5db-a50b-4f03-be55-a323d5b99a82_FS-Commoncontent-5102_1) | 5 |
| [Statement of Operations](#xx_ed9ee5db-a50b-4f03-be55-a323d5b99a82_FS-Commoncontent-5102_2) | 6 |
| [Statement of Changes in Net Assets](#xx_ed9ee5db-a50b-4f03-be55-a323d5b99a82_FS-Commoncontent-5102_3) | 7 |
| [Financial Highlights](#xx_ed9ee5db-a50b-4f03-be55-a323d5b99a82_FIHI-Commoncontent-5102_1) | 8 |
| [Notes to Financial Statements](#xx_ed9ee5db-a50b-4f03-be55-a323d5b99a82_NTF-Commoncontent-5102_1) | 9 |
| [Report of Independent Registered Public Accounting Firm](#xx_ed9ee5db-a50b-4f03-be55-a323d5b99a82_AUD-Commoncontent-5102_1) | 15 |
| [Important Tax Information](#xx_ed9ee5db-a50b-4f03-be55-a323d5b99a82_ITI-Commoncontent-5102_1) | 16 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_ed9ee5db-a50b-4f03-be55-a323d5b99a82_CDA-Commoncontent-5102_1)**<br> **[Investment Companies](#xx_ed9ee5db-a50b-4f03-be55-a323d5b99a82_CDA-Commoncontent-5102_1)**<br>| 17 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_ed9ee5db-a50b-4f03-be55-a323d5b99a82_PRXD-Commoncontent-5102_1)** | 18 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_ed9ee5db-a50b-4f03-be55-a323d5b99a82_RMNP-Commoncontent-5102_1)**<br> **[Management Investment Companies](#xx_ed9ee5db-a50b-4f03-be55-a323d5b99a82_RMNP-Commoncontent-5102_1)**<br>| 19 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_ed9ee5db-a50b-4f03-be55-a323d5b99a82_AAA-Commoncontent-5102_1)** | 20 |

---

------

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

BNY Mellon Concentrated International ETF

SCHEDULE OF INVESTMENTS

October 31, 2025

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 98.6%** | **Common Stocks — 98.6%** | **Common Stocks — 98.6%** |
| **Australia — 2.4%** | **Australia — 2.4%** | **Australia — 2.4%** |
| CSL Ltd. | 37150 | **4338846** |
| **Canada — 7.1%** | **Canada — 7.1%** | **Canada — 7.1%** |
| Alimentation Couche-Tard, Inc. | 145510 | 7395068 |
| Canadian National Railway Co. | 55254 | 5298286 |
|  |  | **12693354** |
| **Denmark — 5.5%** | **Denmark — 5.5%** | **Denmark — 5.5%** |
| Coloplast AS, Cl. B | 71280 | 6442644 |
| Novo Nordisk AS, Cl. B | 71721 | 3497519 |
|  |  | **9940163** |
| **Finland — 3.3%** | **Finland — 3.3%** | **Finland — 3.3%** |
| Kone OYJ, Cl. B | 89245 | **5958102** |
| **France — 14.6%** | **France — 14.6%** | **France — 14.6%** |
| Air Liquide SA | 36187 | 7004070 |
| L'Oreal SA | 14617 | 6110003 |
| LVMH Moet Hennessy Louis Vuitton SE | 9517 | 6714565 |
| TotalEnergies SE | 104783 | 6515950 |
|  |  | **26344588** |
| **Germany — 10.2%** | **Germany — 10.2%** | **Germany — 10.2%** |
| adidas AG | 21000 | 3964867 |
| Merck KGaA | 46521 | 6083436 |
| SAP SE | 32120 | 8309801 |
|  |  | **18358104** |
| **Hong Kong — 4.8%** | **Hong Kong — 4.8%** | **Hong Kong — 4.8%** |
| AIA Group Ltd. | 896914 | **8708799** |
| **Ireland — 3.5%** | **Ireland — 3.5%** | **Ireland — 3.5%** |
| Experian PLC | 135703 | **6323335** |
| **Japan — 11.2%** | **Japan — 11.2%** | **Japan — 11.2%** |
| Daikin Industries Ltd. | 28000 | 3265849 |
| Hoya Corp. | 42000 | 6836481 |
| Keyence Corp. | 13400 | 4988372 |
| Shin-Etsu Chemical Co. Ltd. | 167300 | 5053413 |
|  |  | **20144115** |
| **Netherlands — 8.4%** | **Netherlands — 8.4%** | **Netherlands — 8.4%** |
| ASML Holding NV | 9189 | 9724196 |
| Universal Music Group NV | 200005 | 5364543 |
|  |  | **15088739** |
| **Singapore — 3.4%** | **Singapore — 3.4%** | **Singapore — 3.4%** |
| CapitaLand Ascendas REIT | 2800000 | **6066380** |
| **Spain — 5.3%** | **Spain — 5.3%** | **Spain — 5.3%** |
| Amadeus IT Group SA | 124585 | **9523701** |
| **Switzerland — 7.0%** | **Switzerland — 7.0%** | **Switzerland — 7.0%** |
| Roche Holding AG | 19684 | 6332634 |
| SGS SA | 55227 | 6218914 |
|  |  | **12551548** |
| **Taiwan — 7.1%** | **Taiwan — 7.1%** | **Taiwan — 7.1%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 42832 | **12868018** |

---

**3**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 98.6% (continued)** | **Common Stocks — 98.6% (continued)** | **Common Stocks — 98.6% (continued)** |
| **United Kingdom — 4.8%** | **United Kingdom — 4.8%** | **United Kingdom — 4.8%** |
| Compass Group PLC | 258340 | **8555788** |
| **Total Common Stocks** <br>(cost $174,072,406)<br>|  | **177463580** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | 1-Day <br>Yield (%)<br>|  |  |
| **Investment Companies — 1.2%** |  |  |  |
| **Registered Investment Companies — 1.2%** |  |  |  |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares<sup>(a)</sup> <br>(cost $2,161,087)<br>| 4.04 | 2161087 | **2161087** |
| **Total Investments** (cost $176,233,493) |  | **99.8%**<br>| **179624667** |
| **Cash and Receivables (Net)** |  | **.2%**<br>| **298434** |
| **Net Assets** |  | **100.0%**<br>| **179923101** |

---

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

ADR—American Depositary Receipt <br> REIT—Real Estate Investment Trust

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

<sup>(a)</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 ($) <br>10/31/2024<br>| Purchases ($)<sup>†</sup> <br>| Sales ($) | Value ($) <br>10/31/2025<br>| Dividends/ <br>Distributions ($)<br>|
| **Registered Investment Companies - 1.2%** | **Registered Investment Companies - 1.2%** | **Registered Investment Companies - 1.2%** | **Registered Investment Companies - 1.2%** | **Registered Investment Companies - 1.2%** | **Registered Investment Companies - 1.2%** |
| Dreyfus Institutional Preferred Government Money Market <br> Fund, Institutional Shares - 1.2%<br>| 4040537 | 14141669 | (16021119) | 2161087 | 132869 |

---

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

<sup>†</sup> Includes reinvested dividends/distributions.

See notes to financial statements.

**4**

------

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Schedule of Investments: |  |  |
| Unaffiliated issuers | 174072406 | &nbsp;&nbsp;&nbsp;&nbsp; 177463580 |
| Affiliated issuers | 2161087 | &nbsp;&nbsp;&nbsp;&nbsp; 2161087 |
| Cash denominated in foreign currency | 84 | &nbsp;&nbsp;&nbsp;&nbsp; 85 |
| Tax reclaim receivable—Note 2(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 384512 |
| Dividends receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 154068 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **180163332** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon ETF Investment Adviser, LLC—Note 3(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 98103 |
| Payable for investment securities purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 142128 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **240231** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **179923101** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 177408675 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; 2514426 |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **179923101** |
| **Shares Outstanding** |  |  |
| Shares outstanding no par value (unlimited shares authorized) |  | &nbsp;&nbsp;&nbsp;&nbsp; 3500001 |
| **Net Asset Value Per Share ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**51.41** |
| **Market Price Per Share ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**51.47** |

---

See notes to financial statements.

**5**

------

STATEMENT OF OPERATIONS

Year Ended October 31, 2025

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Income:** |  |
| Cash dividends (net of $391,409 foreign taxes withheld at source): |  |
| Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 3177238 |
| Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 132869 |
| **Total Income** | &nbsp;&nbsp;&nbsp;&nbsp; **3310107** |
| **Expenses:** |  |
| Management fee—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 1233729 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **1233729** |
| Less—reduction in expenses due to undertaking—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; (167606)<br>|
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **1066123** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **2243984** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |
| Net realized gain (loss) on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp; (2286286)<br>|
| Net realized gain (loss) on in-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp; 1604046 |
| **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **(682240)**<br>|
| Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp; 2648306 |
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **1966066** |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **4210050** |

---

See notes to financial statements.

**6**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 |
| **Operations ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2243984 | &nbsp;&nbsp;&nbsp;&nbsp; 1119793 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (682240) | &nbsp;&nbsp;&nbsp;&nbsp; 6540678 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 2648306 | &nbsp;&nbsp;&nbsp;&nbsp; 2336390 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **4210050** | &nbsp;&nbsp;&nbsp;&nbsp; **9996861** |
| **Distributions ($):** |  |  |
| **Distributions to shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **(1162130)** | &nbsp;&nbsp;&nbsp;&nbsp; **(826298)** |
| **Beneficial Interest Transactions ($):** |  |  |
| Net proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 32188517 | &nbsp;&nbsp;&nbsp;&nbsp; 118958611 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (9921156) | &nbsp;&nbsp;&nbsp;&nbsp; (42337709) |
| Transaction fees—Note 5  | &nbsp;&nbsp;&nbsp;&nbsp; 1620 | &nbsp;&nbsp;&nbsp;&nbsp; 981 |
| **Increase (Decrease) in Net Assets from Beneficial Interest Transactions** | &nbsp;&nbsp;&nbsp;&nbsp; **22268981** | &nbsp;&nbsp;&nbsp;&nbsp; **76621883** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **25316901** | &nbsp;&nbsp;&nbsp;&nbsp; **85792446** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 154606200 | &nbsp;&nbsp;&nbsp;&nbsp; 68813754 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **179923101** | &nbsp;&nbsp;&nbsp;&nbsp; **154606200** |
| **Capital Share Transactions (Shares):** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 2300000 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (200000) | &nbsp;&nbsp;&nbsp;&nbsp; (850000) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **450000** | &nbsp;&nbsp;&nbsp;&nbsp; **1450000** |

---

See notes to financial statements.

**7**

------

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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022<sup>(a)</sup> <br>|
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;50.69 | &nbsp;&nbsp;&nbsp;&nbsp;43.01 | &nbsp;&nbsp;&nbsp;&nbsp;37.52 | &nbsp;&nbsp;&nbsp;&nbsp;50.00 |
| Investment Operations: | Investment Operations: |  |  |  |
| Net investment income<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .68 | &nbsp;&nbsp;&nbsp;&nbsp; .57 | &nbsp;&nbsp;&nbsp;&nbsp; .56 | &nbsp;&nbsp;&nbsp;&nbsp; .30 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; .41 | &nbsp;&nbsp;&nbsp;&nbsp;7.47 | &nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp;&nbsp; (12.78)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;8.04 | &nbsp;&nbsp;&nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;&nbsp; (12.48)<br>|
| Distributions: |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transaction fees<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .00 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .00 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; .00 <br><sup>(c)</sup><br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;51.41 | &nbsp;&nbsp;&nbsp;&nbsp;50.69 | &nbsp;&nbsp;&nbsp;&nbsp;43.01 | &nbsp;&nbsp;&nbsp;&nbsp;37.52 |
| Market value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;51.47 | &nbsp;&nbsp;&nbsp;&nbsp;50.65 | &nbsp;&nbsp;&nbsp;&nbsp;43.32 | &nbsp;&nbsp;&nbsp;&nbsp;37.12 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;18.73 | &nbsp;&nbsp;&nbsp;&nbsp;15.14 | &nbsp;&nbsp;&nbsp;&nbsp; (24.96 )<sup>(d),(e)</sup><br>|
| **Market Price Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;17.78 | &nbsp;&nbsp;&nbsp;&nbsp;17.23 | &nbsp;&nbsp;&nbsp;&nbsp; (25.76 )<sup>(d),(e)</sup><br>|
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |
| Ratio of total expenses to average net assets<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .75 | &nbsp;&nbsp;&nbsp;&nbsp; .79 | &nbsp;&nbsp;&nbsp;&nbsp; .80 | &nbsp;&nbsp;&nbsp;&nbsp; .80 <br><sup>(g)</sup><br>|
| Ratio of net expenses to average net assets<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .65 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .76 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .80 | &nbsp;&nbsp;&nbsp;&nbsp; .80 <br><sup>(g)</sup><br>|
| Ratio of net investment income to average net assets<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp; .82 <br><sup>(g)</sup><br>|
| Portfolio Turnover Rate<sup>(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;9.86 | &nbsp;&nbsp;&nbsp;&nbsp;7.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp; - <br><sup>(e)</sup><br>|
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 179923 | &nbsp;&nbsp;&nbsp;&nbsp; 154606 | &nbsp;&nbsp;&nbsp;&nbsp; 68814 | &nbsp;&nbsp;&nbsp;&nbsp; 56281 |

---

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

<sup>(a)</sup> From December 8, 2021 (commencement of operations) to October 31, 2022.

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

<sup>(c)</sup> Amount represents less than $.01 per share.

<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> Not annualized.

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

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

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

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

See notes to financial statements.

**8**

------

NOTES TO FINANCIAL STATEMENTS

**NOTE 1—**

**Organization:**

BNY Mellon Concentrated International ETF (the "fund") is a separate non-diversified series of BNY Mellon ETF Trust (the "Trust"), which is registered as a Massachusetts business trust under the Investment Company Act of 1940, as amended (the "Act"), as an open-ended management investment company. The Trust operates as a series company currently consisting of ten series, including the fund. The investment objective of the fund is to seek long-term total return. 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. Walter Scott & Partners Limited (the "Sub-Adviser"), an indirect wholly-owned subsidiary of BNY and an affiliate of the 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. 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:

**9**

------

NOTES TO FINANCIAL STATEMENTS (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 and pursuant to Rule 2a-5 under the Act.

Investments in equity securities, including shares of REITs and ETFs (but not including investments in other open-end registered investment companies), generally are valued at the last sales price on the day of valuation 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 net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.

When market quotations or official closing prices are not readily available, or are determined not to reflect fair value accurately, are valued at fair value as determined in good faith based on procedures approved by the Board. Fair value of investments may be determined by valuation designee using such information as it deems appropriate under the circumstances. The factors that may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.

Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange.

The following is a summary of the inputs used as of October 31, 2025 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> <br>|  |  |  |  |
| Equity Securities - Common Stocks | &nbsp;&nbsp; 177463580 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **177463580** |
| Investment Companies | &nbsp;&nbsp; 2161087 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **2161087** |
|  | &nbsp;&nbsp; **179624667** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **179624667** |

---

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

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

**(b) Foreign currency transactions:** The fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized on securities transactions between trade and settlement date, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments resulting from changes in exchange rates. Foreign currency gains and losses on foreign currency transactions are also included with net realized and unrealized gain or loss on investments.

**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 October 31, 2025, 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

**10**

------

NOTES TO FINANCIAL STATEMENTS (continued)

losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.

**(d) Affiliated issuers:** Investments in other investment companies advised by the Adviser or its affiliates are 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.

**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.

**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 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 October 31, 2025, 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 October 31, 2025, the fund did not incur any interest or penalties.

**11**

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NOTES TO FINANCIAL STATEMENTS (continued)

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

At October 31, 2025, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $2,318,424, accumulated capital losses $3,079,353 and unrealized appreciation $3,275,355.

The fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.

The accumulated capital loss carryover is available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to October 31, 2025. The fund has $745,565 of short-term capital losses and $2,333,788 of long-term capital losses which can be carried forward for an unlimited period.

The tax character of distributions paid to shareholders during the fiscal years ended October 31, 2025 and October 31, 2024 were as follows: ordinary income $1,162,130 and $826,298, respectively.

During the period ended October 31, 2025, as a result of permanent book to tax differences, primarily due to in-kind redemptions, the fund decreased total distributable earnings (loss) by $1,602,056 and increased paid-in capital by the same amount. Net assets and net asset value per share were not affected by this reclassification.

**(h) Operating segment reporting:** In this reporting period, the fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or the results of its operations. The ASU 2023-07 is effective for public entities for fiscal years beginning after December 15, 2023, and requires retrospective application for all prior periods presented within the financial statements.

Since its commencement, the fund operates and is managed as a single reportable segment deriving returns in the form of dividends, interest and/or gains from the investments made in pursuit of its single stated investment objective as outlined in the fund's prospectus. The accounting policies of the fund are consistent with those described in these Notes to Financial Statements. The chief operating decision maker ("CODM") is represented by BNY Investments. The CODM is comprised of Senior Management and Directors of BNY Investments. The CODM considers net increase in net assets resulting from operations in deciding whether to purchase additional investments or to make distributions to fund shareholders. Detailed financial information for the fund is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Schedule of Investments, results of operations and significant segment expenses on the Statement of Operations and other information about the fund's performance, including total return, portfolio turnover and ratios within 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 .75% 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 October 31, 2025, there was no voluntary reduction in expenses pursuant to the undertaking.

In addition, the Adviser has contractually agreed, from November 1, 2024 through March 1, 2026, to assume the direct expenses of the fund so that the fund's total annual operating expenses (including acquired fund fees and expenses (if any)) (excluding payments under the fund's 12b-1 plan (if any), interest expenses (if any), taxes, brokerage commissions, cost of holding shareholder meetings, fees and expenses associated with any securities lending program adopted by the fund, and litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of the fund's business) do not exceed .65% of the value of the fund's average daily net assets. Prior to March 1, 2026, this expense limitation agreement may only be terminated by the Board. On or after March 1, 2026, the Adviser may terminate this expense limitation agreement at any time. The reduction in expenses, pursuant to the undertaking, amounted to $167,606 during the period ended October 31, 2025.

**12**

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NOTES TO FINANCIAL STATEMENTS (continued)

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 .375% 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 $116,784, which are offset against an expense reimbursement currently in effect in the amount of $18,681.

**(c)** Each Board member serves as a Board member of each fund within the Trust. The Board members are not compensated directly by the fund. The Board members are paid by the Adviser from the unitary management fees paid to the Adviser by the funds within the Trust, including the fund.

**NOTE 4—**

**Securities Transactions:**

The aggregate amount of purchases and sales of investment securities, excluding short-term securities and in-kind transactions, if any, during the period ended October 31, 2025, amounted to $20,010,626 and $15,889,821, respectively.

At October 31, 2025, the cost of investments for federal income tax purposes was $176,370,098; accordingly, accumulated net unrealized appreciation on investments was $3,254,569, consisting of $19,671,161 gross unrealized appreciation and $16,416,592 gross unrealized depreciation.

**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

**13**

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NOTES TO FINANCIAL STATEMENTS (continued)

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 October 31, 2025, the fund had in-kind transactions associated with creations of $30,931,263 and redemptions of $9,817,798.

**14**

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of BNY Mellon Concentrated International ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of BNY Mellon Concentrated International ETF (the "Fund") (one of the funds constituting BNY Mellon ETF Trust (the "Trust")), including the schedule of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and the period from December 8, 2021 (commencement of operations) through October 31, 2022 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting BNY Mellon ETF Trust) at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the three years in the period then ended and the period from December 8, 2021 (commencement of operations) through October 31, 2022, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](img2f9232d32.gif)

We have served as the auditor of one or more investment companies in the BNY Mellon Family of Funds since at least 1957, but we are unable to determine the specific year.

New York, New York

December 24, 2025

**15**

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IMPORTANT TAX INFORMATION (Unaudited)

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal period ended October 31, 2025:

For federal tax purposes the fund hereby reports 100% of ordinary income dividends paid during the fiscal period ended October 31, 2025 as qualified dividend income.

The fund intends to elect to pass through to shareholders the credit for taxes paid to foreign countries. The fund received foreign source income of $3,271,333 and paid foreign taxes of $341,754.

**16**

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

N/A

**17**

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

N/A

**18**

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

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

**19**

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INFORMATION ABOUT THE REVIEW AND RENEWAL OF THE FUND'S MANAGEMENT AND SUB-INVESTMENT ADVISORY AGREEMENTS (Unaudited)

At a meeting held on May 20, 2025, the Board of Trustees of the Trust (the "Board"), all the members of which are not "interested persons" of the Trust as defined in the Investment Company Act of 1940, as amended, evaluated proposals to: (i) continue the management agreement (the "Management Agreement") between the Trust and BNY Mellon ETF Investment Adviser, LLC (the "Adviser") with respect to the BNY Mellon Concentrated International ETF (the "fund"); and (ii) continue the sub-investment advisory agreement between the Adviser and Walter Scott & Partners Limited (the "Sub-Adviser"), an affiliate of the Adviser, on behalf of the fund. The Management Agreement and the sub-investment advisory agreement are each referred to herein as an "Agreement," and collectively, as the "Agreements." The Trustees met separately to consider the Agreements and were advised by legal counsel throughout the process.

To evaluate the Agreements, the Board requested, and the Adviser and the Sub-Adviser provided, such materials as the Board, with the advice of counsel, deemed reasonably necessary. In addition, the Board considered information it reviewed at other Board and Board committee meetings. In deciding whether to approve the Agreements, the Board considered various factors, including the (i) nature, extent and quality of services provided by the Adviser and the Sub-Adviser under each respective Agreement, (ii) investment performance of the fund, (iii) profits realized by the Adviser and its affiliates from its relationship with the fund, (iv) fees charged to comparable funds, (v) other benefits to the Adviser, the Sub-Adviser and/or their affiliates, and (vi) extent to which economies of scale would be shared as the fund grows. The Board considered the Agreements for the fund and the engagement of the Adviser and the Sub-Adviser separately.

The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, which included information (i) comparing the fund's performance with the performance of a group comprised of certain actively-managed foreign large growth exchange-traded funds ("ETFs") (the "Performance Group") and with a broader group of foreign large growth ETFs (the "Performance Universe") for the periods ended March 31, 2025; and (ii) comparing the fund's contractual management fees and total expenses with a group comprised of certain actively-managed foreign large growth ETFs (the "Expense Group") and, with respect to total expenses, with a broader group of foreign large growth ETFs (the "Expense Universe"), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis.

<u>Nature, Extent and Quality of Services</u>

The Board considered the nature, extent and quality of services provided by the Adviser and the Sub-Adviser. In doing so, the Trustees relied on their prior experience in overseeing the management of the fund and the materials provided prior to and at the meeting. The Board reviewed the Agreements and the Adviser's and the Sub-Adviser's responsibilities for managing investment operations of the fund in accordance with the fund's investment objective and policies, and applicable legal and regulatory requirements. The Board appreciated the nature of the fund as an ETF and considered the background and experience of the Adviser's and the Sub-Adviser's senior management, including those individuals responsible for portfolio management and regulatory compliance of the fund. The Board also considered the portfolio management resources, structures and practices of the Adviser and the Sub-Adviser, including those associated with monitoring and ensuring the fund's compliance with its investment objective and policies and with applicable laws and regulations. The Board further considered information about the Sub-Adviser's best execution procedures as well as the Adviser's and the Sub-Adviser's overall investment management business. The Board looked at the Adviser's general knowledge of the investment management business and that of its affiliates, including the Sub-Adviser. With respect to the Sub-Adviser, the Board also considered the Adviser's favorable assessment of the nature and quality of the services provided by the Sub-Adviser.

<u>Investment Performance</u>

The Board then reviewed the results of the fund's performance comparisons and considered that the fund's total return performance was below the Performance Group and Performance Universe medians for the one-, two- and three-year periods ended March 31, 2025. With respect to recent periods of underperformance, the Board noted that the Sub-Adviser takes a long-term investment view, and the fund's concentrated portfolio experiences higher quarter-to-quarter volatility. Representatives of the Adviser indicated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the fund and comparison funds and the end date selected.

**20**

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<u>Profits Realized by the Adviser</u>

The Board considered the profitability of the advisory arrangement with the fund to the Adviser and its affiliates. The Board had the opportunity to discuss with representatives of the Adviser the process and methodology used to calculate profitability.

<u>Fees Charged to Comparable Funds</u>

The Board evaluated the fund's unitary fee through review of comparative information with respect to fees paid by similar funds in the Expense Group and Expense Universe. The Board explored with management the differences between the fund's fee and fees paid by similar funds. The Board noted the fund's contractual management fee was higher than the Expense Group median and the fund's total expenses were higher than the Expense Group median and the Expense Universe median total expenses; however, the Board further noted the limited number of funds in the Expense Group and Expense Universe. The Board also noted the Adviser's contractual fee waiver, which reduces the fund's management fee to a level equal to the Expense Group median, and the fund's total expenses to a level similar to both the Expense Group median and the Expense Universe median.

The Board considered the fee paid to the Sub-Adviser in relation to the fee paid to the Adviser by the fund and the respective services provided by the Sub-Adviser and the Adviser. The Board also took into consideration that the Sub-Adviser's fee is paid by the Adviser and not the fund.

<u>Other Benefits</u>

The Board also considered whether the Adviser, the Sub-Adviser or their affiliates benefited in other ways from their relationship with the fund, noting that neither the Adviser nor the Sub-Adviser maintains soft-dollar arrangements in connection with the fund's brokerage transactions. The Board noted The Bank of New York Mellon Corporation may derive certain benefits from an incremental growth in its businesses that may possibly result from the availability of the fund to clients.

<u>Economies of Scale</u>

The Board reviewed information regarding economies of scale or other efficiencies that may result as the fund's assets grow in size. The Board noted that the advisory fee rate for the fund did not provide for breakpoints as assets of the fund increase. The Adviser asserted that one of the benefits of the unitary fee was to provide an unvarying expense structure, which could be lost or diluted with the addition of breakpoints. The Board noted that it intends to continue to monitor fees as the fund grows in size and assess whether fee breakpoints may be warranted.

<u>Conclusion</u>

After weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee, the Board approved the continuation of the Agreements for the fund. In approving the continuance of the Agreements, the Board found that the terms of the Agreements are fair and reasonable, and that the continuance of the Agreements is in the best interests of the fund and its shareholders.

**21**

------© 2025 BNY Mellon Securities Corporation

Code-4864NCSRAR1025

![](imgb56418571.gif)

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**BNY Mellon ETF Trust**

**ANNUAL FINANCIALS AND OTHER INFORMATION**

October 31, 2025

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**BNY Mellon Global Infrastructure Income ETF:** BKGI

Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

![](img6eb711b91.gif)

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**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.**

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The views expressed herein are current to the date of this report. These views and the composition of the

fund's portfolio is subject to change at any time based on market and other conditions.

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

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Contents

The Fund

Please note the 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;

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| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management](#xx_64a021e0-1bf2-41e9-ad01-1e19c2ebe491_SOI-Commoncontent-5103_1)**<br> **[Investment Companies](#xx_64a021e0-1bf2-41e9-ad01-1e19c2ebe491_SOI-Commoncontent-5103_1)**<br>| 3 |
| [Schedule of Investments](#xx_64a021e0-1bf2-41e9-ad01-1e19c2ebe491_SOI-Commoncontent-5103_1) | 3 |
| [Statement of Assets and Liabilities](#xx_64a021e0-1bf2-41e9-ad01-1e19c2ebe491_FS-Commoncontent-5103_1) | 5 |
| [Statement of Operations](#xx_64a021e0-1bf2-41e9-ad01-1e19c2ebe491_FS-Commoncontent-5103_2) | 6 |
| [Statement of Changes in Net Assets](#xx_64a021e0-1bf2-41e9-ad01-1e19c2ebe491_FS-Commoncontent-5103_3) | 7 |
| [Financial Highlights](#xx_64a021e0-1bf2-41e9-ad01-1e19c2ebe491_FIHI-Commoncontent-5103_1) | 8 |
| [Notes to Financial Statements](#xx_64a021e0-1bf2-41e9-ad01-1e19c2ebe491_NTF-Commoncontent-5103_1) | 9 |
| [Report of Independent Registered Public Accounting Firm](#xx_64a021e0-1bf2-41e9-ad01-1e19c2ebe491_AUD-Commoncontent-5103_1) | 15 |
| [Important Tax Information](#xx_64a021e0-1bf2-41e9-ad01-1e19c2ebe491_ITI-Commoncontent-5103_1) | 16 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_64a021e0-1bf2-41e9-ad01-1e19c2ebe491_CDA-Commoncontent-5103_1)**<br> **[Investment Companies](#xx_64a021e0-1bf2-41e9-ad01-1e19c2ebe491_CDA-Commoncontent-5103_1)**<br>| 17 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_64a021e0-1bf2-41e9-ad01-1e19c2ebe491_PRXD-Commoncontent-5103_1)** | 18 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_64a021e0-1bf2-41e9-ad01-1e19c2ebe491_RMNP-Commoncontent-5103_1)**<br> **[Management Investment Companies](#xx_64a021e0-1bf2-41e9-ad01-1e19c2ebe491_RMNP-Commoncontent-5103_1)**<br>| 19 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_64a021e0-1bf2-41e9-ad01-1e19c2ebe491_AAA-Commoncontent-5103_1)** | 20 |

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

BNY Mellon Global Infrastructure Income ETF

SCHEDULE OF INVESTMENTS

October 31, 2025

------

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| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 98.6%** | **Common Stocks — 98.6%** | **Common Stocks — 98.6%** |
| **Belgium — 1.2%** | **Belgium — 1.2%** | **Belgium — 1.2%** |
| Proximus SADP | 413830 | **3556027** |
| **Canada — 8.5%** | **Canada — 8.5%** | **Canada — 8.5%** |
| Enbridge, Inc. | 556478 | **25948210** |
| **China — 1.7%** | **China — 1.7%** | **China — 1.7%** |
| Jiangsu Expressway Co. Ltd., Cl. H | 4347072 | **5292200** |
| **Finland — 8.1%** | **Finland — 8.1%** | **Finland — 8.1%** |
| Fortum OYJ | 1112281 | **24795134** |
| **France — 19.3%** | **France — 19.3%** | **France — 19.3%** |
| Bouygues SA | 273886 | 12353077 |
| Engie SA | 619070 | 14485426 |
| Orange SA | 1014156 | 16172583 |
| Veolia Environnement SA | 249687 | 8245482 |
| Vinci SA | 57847 | 7727869 |
|  |  | **58984437** |
| **Germany — .8%** | **Germany — .8%** | **Germany — .8%** |
| Deutsche Post AG | 51480 | **2361658** |
| **Italy — 13.1%** | **Italy — 13.1%** | **Italy — 13.1%** |
| Enel SpA | 2706417 | 27364582 |
| Italgas SpA | 1188680 | 12454443 |
|  |  | **39819025** |
| **Norway — .7%** | **Norway — .7%** | **Norway — .7%** |
| SFL Corp., Ltd. | 275418 | **2054618** |
| **Spain — 1.3%** | **Spain — 1.3%** | **Spain — 1.3%** |
| Enagas SA | 243526 | **3863821** |
| **United Kingdom — 6.8%** | **United Kingdom — 6.8%** | **United Kingdom — 6.8%** |
| Drax Group PLC | 1066692 | 10110460 |
| Pennon Group PLC | 1582050 | 10776171 |
|  |  | **20886631** |
| **United States — 37.1%** | **United States — 37.1%** | **United States — 37.1%** |
| Antero Midstream Corp. | 594255 | 10250899 |
| Clearway Energy, Inc., Cl. C | 282719 | 9027218 |
| Constellation Energy Corp. | 25892 | 9761284 |
| Dominion Energy, Inc. | 327625 | 19228311 |
| Edison International | 95329 | 5279320 |
| Eversource Energy | 132408 | 9773034 |
| Exelon Corp. | 132820 | 6125658 |
| Healthpeak Properties, Inc.<sup>(a)</sup> <br>| 585606 | 10511628 |
| Hess Midstream LP, Cl. A | 168319 | 5714430 |
| Omega Healthcare Investors, Inc.<sup>(a)</sup> <br>| 431655 | 18142460 |
| Vistra Corp. | 50530 | 9514799 |
|  |  | **113329041** |
| **Total Common Stocks** <br>(cost $270,530,480)<br>|  | **300890802** |

---

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

**3**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| Description | 1-Day <br>Yield (%)<br>| Shares | Value ($) |
| **Investment Companies — 1.2%** |  |  |  |
| **Registered Investment Companies — 1.2%** |  |  |  |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares<sup>(b)</sup> <br>(cost $3,518,996)<br>| 4.04 | 3518996 | **3518996** |
| **Total Investments** (cost $274,049,476) |  | **99.8%**<br>| **304409798** |
| **Cash and Receivables (Net)** |  | **.2%**<br>| **744897** |
| **Net Assets** |  | **100.0%**<br>| **305154695** |

---

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

<sup>(a)</sup> Investment in real estate investment trust within the United States. <br> <sup>(b)</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 ($) <br>10/31/2024<br>| Purchases ($)<sup>†</sup> <br>| Sales ($) | Value ($) <br>10/31/2025<br>| Dividends/ <br>Distributions ($)<br>|
| **Registered Investment Companies - 1.2%** | **Registered Investment Companies - 1.2%** | **Registered Investment Companies - 1.2%** | **Registered Investment Companies - 1.2%** | **Registered Investment Companies - 1.2%** | **Registered Investment Companies - 1.2%** |
| Dreyfus Institutional Preferred Government Money Market <br> Fund, Institutional Shares - 1.2%<br>| 1042870 | 26025782 | (23549656) | 3518996 | 70617 |

---

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

<sup>†</sup> Includes reinvested dividends/distributions.

See notes to financial statements.

**4**

------

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Schedule of Investments: |  |  |
| Unaffiliated issuers | 270530480 | &nbsp;&nbsp;&nbsp;&nbsp; 300890802 |
| Affiliated issuers | 3518996 | &nbsp;&nbsp;&nbsp;&nbsp; 3518996 |
| Cash denominated in foreign currency | 421781 | &nbsp;&nbsp;&nbsp;&nbsp; 419395 |
| Tax reclaim receivable—Note 2(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 314083 |
| Dividends receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 143736 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **305287012** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon ETF Investment Adviser, LLC—Note 3(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 132317 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **132317** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **305154695** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 275542876 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; 29611819 |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **305154695** |
| **Shares Outstanding** |  |  |
| Shares outstanding no par value (unlimited shares authorized) |  | &nbsp;&nbsp;&nbsp;&nbsp; 7750001 |
| **Net Asset Value Per Share ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**39.37** |
| **Market Price Per Share ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**39.59** |

---

See notes to financial statements.

**5**

------

STATEMENT OF OPERATIONS

Year Ended October 31, 2025

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Income:** |  |
| Cash dividends (net of $534,654 foreign taxes withheld at source): |  |
| Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 5672041 |
| Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 70617 |
| **Total Income** | &nbsp;&nbsp;&nbsp;&nbsp; **5742658** |
| **Expenses:** |  |
| Management fee—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 849599 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **849599** |
| Less—reduction in expenses due to undertaking—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; (121062)<br>|
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **728537** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **5014121** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |
| Net realized gain (loss) on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp; (805297)<br>|
| Net realized gain (loss) on in-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp; 631368 |
| **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **(173929)**<br>|
| Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp; 26814392 |
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **26640463** |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **31654584** |

---

See notes to financial statements.

**6**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 |
| **Operations ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 5014121 | &nbsp;&nbsp;&nbsp;&nbsp; 1124920 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (173929) | &nbsp;&nbsp;&nbsp;&nbsp; 463663 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 26814392 | &nbsp;&nbsp;&nbsp;&nbsp; 3493666 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **31654584** | &nbsp;&nbsp;&nbsp;&nbsp; **5082249** |
| **Distributions ($):** |  |  |
| **Distributions to shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **(4976836)** | &nbsp;&nbsp;&nbsp;&nbsp; **(973778)** |
| **Beneficial Interest Transactions ($):** |  |  |
| Net proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 243905903 | &nbsp;&nbsp;&nbsp;&nbsp; 22460731 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (3186406) | &nbsp;&nbsp;&nbsp;&nbsp; (2959352) |
| Transaction fees—Note 5  | &nbsp;&nbsp;&nbsp;&nbsp; 6912 | &nbsp;&nbsp;&nbsp;&nbsp; 3901 |
| **Increase (Decrease) in Net Assets from Beneficial Interest Transactions** | &nbsp;&nbsp;&nbsp;&nbsp; **240726409** | &nbsp;&nbsp;&nbsp;&nbsp; **19505280** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **267404157** | &nbsp;&nbsp;&nbsp;&nbsp; **23613751** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 37750538 | &nbsp;&nbsp;&nbsp;&nbsp; 14136787 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **305154695** | &nbsp;&nbsp;&nbsp;&nbsp; **37750538** |
| **Capital Share Transactions (Shares):** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 6650000 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (100000) | &nbsp;&nbsp;&nbsp;&nbsp; (100000) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **6550000** | &nbsp;&nbsp;&nbsp;&nbsp; **650000** |

---

See notes to financial statements.

**7**

------

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.

---

| | | | |
|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023<sup>(a)</sup> <br>|
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;31.46 | &nbsp;&nbsp;&nbsp;&nbsp;25.70 | &nbsp;&nbsp;&nbsp;&nbsp;25.00 |
| Investment Operations: | Investment Operations: |  |  |
| Net investment income<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;7.75 | &nbsp;&nbsp;&nbsp;&nbsp;5.58 | &nbsp;&nbsp;&nbsp;&nbsp; .65 <br><sup>(c)</sup><br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;9.17 | &nbsp;&nbsp;&nbsp;&nbsp;6.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 |
| Distributions: |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.13)<br>|
| Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.04)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.17)<br>|
| Transaction fees<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .00 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .00 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .00 <br><sup>(d)</sup><br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;39.37 | &nbsp;&nbsp;&nbsp;&nbsp;31.46 | &nbsp;&nbsp;&nbsp;&nbsp;25.70 |
| Market value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;39.59 | &nbsp;&nbsp;&nbsp;&nbsp;31.56 | &nbsp;&nbsp;&nbsp;&nbsp;25.76 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp;29.70 | &nbsp;&nbsp;&nbsp;&nbsp;27.52 | &nbsp;&nbsp;&nbsp;&nbsp; 7.33 <br><sup>(e),(f)</sup><br>|
| **Market Price Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp;29.97 | &nbsp;&nbsp;&nbsp;&nbsp;27.61 | &nbsp;&nbsp;&nbsp;&nbsp; 7.56 <br><sup>(e),(f)</sup><br>|
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |
| Ratio of total expenses to average net assets<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .65 | &nbsp;&nbsp;&nbsp;&nbsp; .65 | &nbsp;&nbsp;&nbsp;&nbsp; .65 <br><sup>(h)</sup><br>|
| Ratio of net expenses to average net assets<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .56 <br><sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .65 | &nbsp;&nbsp;&nbsp;&nbsp; .65 <br><sup>(h)</sup><br>|
| Ratio of net investment income to average net assets<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.84 <br><sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp; 4.46 <br><sup>(h)</sup><br>|
| Portfolio Turnover Rate<sup>(j)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;40.01 | &nbsp;&nbsp;&nbsp;&nbsp;58.69 | &nbsp;&nbsp;&nbsp;&nbsp; 53.98 <br><sup>(f)</sup><br>|
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 305155 | &nbsp;&nbsp;&nbsp;&nbsp; 37751 | &nbsp;&nbsp;&nbsp;&nbsp; 14137 |

---

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

<sup>(a)</sup> From November 3, 2022 (commencement of operations) to October 31, 2023.

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

<sup>(c)</sup> In addition to net realized and unrealized gains (losses) on investments, this amount includes an increase in net asset value per share resulting from the timing of issuances and redemptions of shares in relation to fluctuating market values for the fund's investments. 

<sup>(d)</sup> Amount represents less than $.01 per share.

<sup>(e)</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 Cboe BZX Exchange, Inc. 

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

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

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

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

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

See notes to financial statements.

**8**

------

NOTES TO FINANCIAL STATEMENTS

**NOTE 1—**

**Organization:**

BNY Mellon Global Infrastructure Income ETF (the "fund") is a separate non-diversified series of BNY Mellon ETF Trust (the "Trust"), which is registered as a Massachusetts business trust under the Investment Company Act of 1940, as amended (the "Act"), as an open-ended management investment company. The Trust operates as a series company currently consisting of ten series, including the fund. The investment objective of the fund is to seek long-term total return (consisting of capital growth and income). 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 Cboe BZX Exchange, 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 Cboe BZX Exchange, 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.).

**9**

------

NOTES TO FINANCIAL STATEMENTS (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 and pursuant to Rule 2a-5 under the Act.

Investments in equity securities, including shares of REITs and ETFs (but not including investments in other open-end registered investment companies), generally are valued at the last sales price on the day of valuation 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 net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.

When market quotations or official closing prices are not readily available, or are determined not to reflect fair value accurately, are valued at fair value as determined in good faith based on procedures approved by the Board. Fair value of investments may be determined by valuation designee using such information as it deems appropriate under the circumstances. The factors that may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.

Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange.

The following is a summary of the inputs used as of October 31, 2025 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> <br>|  |  |  |  |
| Equity Securities - Common Stocks | &nbsp;&nbsp; 300890802 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **300890802** |
| Investment Companies | &nbsp;&nbsp; 3518996 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **3518996** |
|  | &nbsp;&nbsp; **304409798** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **304409798** |

---

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

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

**(b) Foreign currency transactions:** The fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized on securities transactions between trade and settlement date, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments resulting from changes in exchange rates. Foreign currency gains and losses on foreign currency transactions are also included with net realized and unrealized gain or loss on investments.

**10**

------

NOTES TO FINANCIAL STATEMENTS (continued)

**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 October 31, 2025, if any, are disclosed in the fund's Statement of Assets and Liabilities.

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

**(d) Affiliated issuers:** Investments in other investment companies advised by the Adviser or its affiliates are 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.

**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.

**Infrastructure Company Risk:** Because the fund invests significantly in companies that are engaged in the infrastructure business, the fund is more susceptible to adverse economic, regulatory, political, legal and other changes affecting such companies. Infrastructure companies are subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, costs associated with environmental and other regulations, difficulty in raising capital in adequate amounts on reasonable terms in periods of high inflation or unsettled capital markets, the effects of economic slowdown and surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies, service interruption due to environmental, operational or other mishaps, and other factors. Additionally, infrastructure companies may be subject to regulation by various governmental authorities and may also be affected by governmental regulation of rates charged to customers; service interruption and/or legal challenges due to environmental, operational or other mishaps; the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards; nationalization; and general changes in market sentiment towards infrastructure assets. There is also the risk that corruption may negatively affect publicly-funded infrastructure projects, resulting in delays and cost overruns. At times, the performance of securities of companies in the infrastructure group of industries may lag the performance of other industries or the broader market as a whole. A downturn in the infrastructure group of industries could have an adverse impact on the fund.

**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.

**11**

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NOTES TO FINANCIAL STATEMENTS (continued)

**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 October 31, 2025, 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 October 31, 2025, 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.

At October 31, 2025, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $385,027, accumulated capital losses $748,288 and unrealized appreciation $29,975,080.

The fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.

The accumulated capital loss carryover is available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to October 31, 2025. The fund has $748,288 of short-term capital losses which can be carried forward for an unlimited period.

The tax character of distributions paid to shareholders during the fiscal years ended October 31, 2025 and October 31, 2024 were as follows: ordinary income $4,976,836 and $973,778, respectively.

During the period ended October 31, 2025, as a result of permanent book to tax differences, primarily due to in-kind redemptions, the fund decreased total distributable earnings (loss) by $627,033 and increased paid-in capital by the same amount. Net assets and net asset value per share were not affected by this reclassification.

**(h) Operating segment reporting:** In this reporting period, the fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or the results of its operations. The ASU 2023-07 is effective for public entities for fiscal years beginning after December 15, 2023, and requires retrospective application for all prior periods presented within the financial statements.

Since its commencement, the fund operates and is managed as a single reportable segment deriving returns in the form of dividends, interest and/or gains from the investments made in pursuit of its single stated investment objective as outlined in the fund's prospectus. The accounting policies of the fund are consistent with those described in these Notes to Financial Statements. The chief operating decision maker ("CODM") is represented by BNY Investments. The CODM is comprised of Senior Management and Directors of BNY Investments. The CODM considers net increase in net assets resulting from operations in deciding whether to purchase additional investments or to make distributions to fund shareholders. Detailed financial information for the fund is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Schedule of Investments, results of operations and significant segment expenses on the Statement of Operations and other information about the fund's performance, including total return, portfolio turnover and ratios within the Financial Highlights.

**12**

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NOTES TO FINANCIAL STATEMENTS (continued)

**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 .65% 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 October 31, 2025, there was no voluntary reduction in expenses pursuant to the undertaking.

In addition, the Adviser has contractually agreed, from February 28, 2025 through February 28, 2026, to assume the direct expenses of the fund so that the fund's total annual operating expenses (including acquired fund fees and expenses (if any)) (excluding payments under the fund's 12b-1 plan (if any), interest expenses (if any), taxes, brokerage commissions, cost of holding shareholder meetings, fees and expenses associated with any securities lending program adopted by the fund, and litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of the fund's business) do not exceed .55% of the value of the fund's average daily net assets. Prior to February 28, 2026, this expense limitation agreement may only be terminated by the fund's Board. On or after February 28, 2026, the Adviser may terminate this expense limitation agreement at any time. The reduction in expenses, pursuant to the undertaking, amounted to $121,062 during the period ended October 31, 2025.

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 .325% 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 $158,774, which are offset against an expense reimbursement currently in effect in the amount of $26,457.

**(c)** Each Board member serves as a Board member of each fund within the Trust. The Board members are not compensated directly by the fund. The Board members are paid by the Adviser from the unitary management fees paid to the Adviser by the funds within the Trust, including the fund.

**NOTE 4—**

**Securities Transactions:**

The aggregate amount of purchases and sales of investment securities, excluding short-term securities and in-kind transactions, if any, during the period ended October 31, 2025, amounted to $56,187,249 and $52,346,983, respectively.

At October 31, 2025, the cost of investments for federal income tax purposes was $274,444,300; accordingly, accumulated net unrealized appreciation on investments was $29,965,498, consisting of $33,501,927 gross unrealized appreciation and $3,536,429 gross unrealized depreciation.

**13**

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NOTES TO FINANCIAL STATEMENTS (continued)

**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 year. These reclassifications have no effect on net assets or net asset value per share. During the period ended October 31, 2025, the fund had in-kind transactions associated with creations of $237,078,839 and redemptions of $2,495,227.

**14**

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of BNY Mellon Global Infrastructure Income ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of BNY Mellon Global Infrastructure Income ETF (the "Fund") (one of the funds constituting BNY Mellon ETF Trust (the "Trust")), including the schedule of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and the period from November 3, 2022 (commencement of operations) through October 31, 2023 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting BNY Mellon ETF Trust) at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the two years in the period then ended and the period from November 3, 2022 (commencement of operations) through October 31, 2023, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](imgc9e9d9512.gif)

We have served as the auditor of one or more investment companies in the BNY Mellon Family of Funds since at least 1957, but we are unable to determine the specific year.

New York, New York

December 24, 2025

**15**

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IMPORTANT TAX INFORMATION (Unaudited)

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal period ended October 31, 2025:

For federal tax purposes the fund hereby reports 100% of ordinary income dividends paid during the fiscal period ended October 31, 2025 as qualified dividend income and 34.26% as corporate dividends received deduction.

The fund intends to elect to pass through to shareholders the credit for taxes paid to foreign countries. The fund received foreign source income of $4,215,678 and paid foreign taxes of $534,654.

**16**

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

N/A

**17**

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

N/A

**18**

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

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

**19**

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INFORMATION ABOUT THE REVIEW AND RENEWAL OF THE FUND'S MANAGEMENT, SUB-INVESTMENT ADVISORY, AND SUB-SUB-INVESTMENT ADVISORY AGREEMENTS (Unaudited)

At a meeting held on May 20, 2025, the Board of Trustees of the Trust (the "Board"), all the members of which are not "interested persons" of the Trust as defined in the Investment Company Act of 1940, as amended, evaluated proposals to (i) continue the Management Agreement (the "Management Agreement") between the Trust and BNY Mellon ETF Investment Adviser, LLC (the "Adviser") with respect to the BNY Mellon Global Infrastructure Income ETF (the "fund"); (ii) continue the sub-investment advisory agreement (the "Sub-Advisory Agreement") between the Adviser and Newton Investment Management North America, LLC (the "Sub-Adviser"), an affiliate of the Adviser, on behalf of the fund; and (iii) continue the sub-sub-investment advisory agreement (the "SSIA Agreement") between the Sub-Adviser and Newton Investment Management Limited ("NIM"), also an affiliate of the Adviser, which permits the Sub-Adviser to use the investment advisory personnel, resources and capabilities ("Investment Advisory Services") available at its sister company, NIM, in providing the day-to-day management of the fund's investments. The Management Agreement, the Sub-Advisory Agreement and the SSIA Agreement are each referred to herein as an "Agreement," and collectively, as the "Agreements." The Trustees met separately to consider the Agreements and were advised by legal counsel throughout the process.

To evaluate the Agreements, the Board requested, and the Adviser, the Sub-Adviser and NIM provided, such materials as the Board, with the advice of counsel, deemed reasonably necessary. In addition, the Board considered information it reviewed at other Board and Board committee meetings. In deciding whether to approve the Agreements, the Board considered various factors, including the (i) nature, extent and quality of services provided by the Adviser and Sub-Adviser under the respective Management Agreement and Sub-Advisory Agreement, (ii) nature, extent and quality of services expected to be provided by NIM under the SSIA Agreement, (iii) investment performance of the fund, (iv) profits realized by the Adviser and its affiliates from its relationship with the fund, (v) fees charged to comparable funds, (vi) other benefits to the Adviser, the Sub-Adviser, NIM and/or their affiliates, and (vii) extent to which economies of scale would be shared as the fund grows. The Board considered the Agreements for the fund and the engagement of the Adviser, the Sub-Adviser and NIM separately.

The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, which included information (i) comparing the fund's performance with the performance of a group of certain other infrastructure exchange-traded funds ("ETFs") (the "Performance Group") and with a broader group of infrastructure ETFs (the "Performance Universe") for the one-year and two-year periods ended March 31, 2025; and (ii) comparing the fund's contractual management fees and total expenses with a group of certain other infrastructure ETFs (the "Expense Group") and, with respect to total expenses, with a broader group of infrastructure ETFs (the "Expense Universe"), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis.

<u>Nature, Extent and Quality of Services</u>

The Board considered the nature, extent and quality of services provided by the Adviser and the Sub-Adviser, as well as the nature, extent and quality of services expected to be provided by NIM. In doing so, the Trustees relied on their prior experience in overseeing the management of the fund and the materials provided prior to and at the meeting. The Board reviewed the Agreements and the Adviser's and the Sub-Adviser's responsibilities for managing investment operations of the fund in accordance with the fund's investment objective and policies, and applicable legal and regulatory requirements. The Board appreciated the nature of the fund as an ETF and considered the background and experience of the Adviser's, the Sub-Adviser's and NIM's senior management, including those individuals responsible for portfolio management and regulatory compliance of the fund. The Board also considered the portfolio management resources, structures and practices of the Adviser, the Sub-Adviser and NIM, including those associated with monitoring and ensuring the fund's compliance with its investment objective and policies and with applicable laws and regulations. The Board further considered information about the Sub-Adviser's and NIM's best execution procedures as well as the Adviser's, the Sub-Adviser's and NIM's overall investment management business. The Board looked at the Adviser's general knowledge of the investment management business and that of its affiliates, including the Sub-Adviser and NIM. With respect to the Sub-Adviser, the Board also considered the Adviser's favorable assessment of the nature and quality of the services provided by the Sub-Adviser. With respect to NIM, the Board also considered the Adviser's favorable assessment of the nature and quality of services expected to be provided by NIM.

<u>Investment Performance</u>

The Board then reviewed the results of the fund's performance comparisons and considered that the fund's total return performance was at the top of both the Performance Group and the Performance Universe for the one-year and two-year periods ended March 31, 2025.

**20**

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Representatives of the Adviser indicated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the fund and comparison funds and the end date selected.

<u>Profits Realized by the Adviser</u>

The Board considered the profitability of the advisory arrangement with the fund to the Adviser and its affiliates. The Board had the opportunity to discuss with representatives of the Adviser the process and methodology used to calculate profitability.

<u>Fees Charged to Comparable Funds</u>

The Board evaluated the fund's unitary fee through review of comparative information with respect to fees paid by similar funds – i.e., other infrastructure ETFs. The Board explored with management the differences between the fund's fee and fees paid by similar funds. The Board noted the fund's contractual management fee was higher than the Expense Group median and the fund's total expenses were higher than the Expense Group median and the Expense Universe median total expenses; however, the Board further noted the relatively small number of funds in the Expense Group and the Expense Universe. The Board also noted the Adviser's contractual fee waiver, which reduces the fund's management fee to a level below the Expense Group median, and the fund's total expenses to a level below both the Expense Group median and the Expense Universe median.

The Board considered the fee paid to the Sub-Adviser in relation to the fee paid to the Adviser by the fund and the respective services provided by the Sub-Adviser and the Adviser. The Board also took into consideration that the Sub-Adviser's fee is paid by the Adviser and not the fund. Furthermore, the Board noted NIM would not receive a fee in connection with providing the Investment Advisory Services.

<u>Other Benefits</u>

The Board also considered whether the Adviser, the Sub-Adviser, NIM or their affiliates benefited in other ways from their relationship with the fund, including any soft dollar arrangements maintained with respect to the fund's brokerage transactions. The Board noted The Bank of New York Mellon Corporation may derive certain benefits from an incremental growth in its businesses that may possibly result from the availability of the fund to clients.

<u>Economies of Scale</u>

The Board reviewed information regarding economies of scale or other efficiencies that may result as the fund's assets grow in size. The Board noted that the advisory fee rate for the fund did not provide for breakpoints as assets of the fund increase. The Adviser asserted that one of the benefits of the unitary fee was to provide an unvarying expense structure, which could be lost or diluted with the addition of breakpoints. The Board noted that it intends to continue to monitor fees as the fund grows in size and assess whether fee breakpoints may be warranted.

<u>Conclusion</u>

After weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee, the Board approved the continuation of the Agreements for the fund. In approving the continuance of the Agreements, the Board found that the terms of the Agreements are fair and reasonable, and that the continuance of the Agreements is in the best interests of the fund and its shareholders.

**21**

------© 2025 BNY Mellon Securities Corporation

Code-4865NCSRAR1025

![](img6eb711b91.gif)

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**BNY Mellon ETF Trust**

**ANNUAL FINANCIALS AND OTHER INFORMATION**

October 31, 2025

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**BNY Mellon High Yield ETF:** BKHY

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

![](img6c6676901.gif)

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**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.**

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The views expressed herein are current to the date of this report. These views and the composition of the

fund's portfolio is subject to change at any time based on market and other conditions.

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

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Contents

The Fund

Please note the 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").

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

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| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management](#xx_d112131c-0106-4b6c-8aa6-5638c9d711d3_SOI-Commoncontent-5101_1)**<br> **[Investment Companies](#xx_d112131c-0106-4b6c-8aa6-5638c9d711d3_SOI-Commoncontent-5101_1)**<br>| 3 |
| [Schedule of Investments](#xx_d112131c-0106-4b6c-8aa6-5638c9d711d3_SOI-Commoncontent-5101_1) | 3 |
| [Statement of Assets and Liabilities](#xx_d112131c-0106-4b6c-8aa6-5638c9d711d3_FS-Commoncontent-5101_1) | 43 |
| [Statement of Operations](#xx_d112131c-0106-4b6c-8aa6-5638c9d711d3_FS-Commoncontent-5101_2) | 44 |
| [Statement of Changes in Net Assets](#xx_d112131c-0106-4b6c-8aa6-5638c9d711d3_FS-Commoncontent-5101_3) | 45 |
| [Financial Highlights](#xx_d112131c-0106-4b6c-8aa6-5638c9d711d3_FIHI-Commoncontent-5101_1) | 46 |
| [Notes to Financial Statements](#xx_d112131c-0106-4b6c-8aa6-5638c9d711d3_NTF-Commoncontent-5101_1) | 47 |
| [Report of Independent Registered Public Accounting Firm](#xx_d112131c-0106-4b6c-8aa6-5638c9d711d3_AUD-Commoncontent-5101_1) | 56 |
| [Important Tax Information](#xx_d112131c-0106-4b6c-8aa6-5638c9d711d3_ITI-Commoncontent-5101_1) | 57 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_d112131c-0106-4b6c-8aa6-5638c9d711d3_CDA-Commoncontent-5101_1)**<br> **[Investment Companies](#xx_d112131c-0106-4b6c-8aa6-5638c9d711d3_CDA-Commoncontent-5101_1)**<br>| 58 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_d112131c-0106-4b6c-8aa6-5638c9d711d3_PRXD-Commoncontent-5101_1)** | 59 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_d112131c-0106-4b6c-8aa6-5638c9d711d3_RMNP-Commoncontent-5101_1)**<br> **[Management Investment Companies](#xx_d112131c-0106-4b6c-8aa6-5638c9d711d3_RMNP-Commoncontent-5101_1)**<br>| 60 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_d112131c-0106-4b6c-8aa6-5638c9d711d3_AAA-Commoncontent-5101_1)** | 61 |

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

BNY Mellon High Yield ETF

SCHEDULE OF INVESTMENTS

October 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%)<br>| Maturity <br>Date<br>| Principal <br>Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5%** | **Bonds and Notes — 97.5%** | **Bonds and Notes — 97.5%** | **Bonds and Notes — 97.5%** | **Bonds and Notes — 97.5%** |
| **Advertising — .9%** | **Advertising — .9%** | **Advertising — .9%** | **Advertising — .9%** | **Advertising — .9%** |
| Advantage Sales & Marketing, Inc., Sr. Scd. Notes<sup>(a),(b)</sup> <br>| 6.50 | 11/15/2028 | 104000 | 89800 |
| Clear Channel Outdoor Holdings, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.50 | 6/1/2029 | 247000 | 242369 |
| Clear Channel Outdoor Holdings, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.75 | 4/15/2028 | 323000 | 320993 |
| Clear Channel Outdoor Holdings, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.13 | 2/15/2031 | 215000 | 221711 |
| Clear Channel Outdoor Holdings, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.50 | 3/15/2033 | 181000 | 189430 |
| Clear Channel Outdoor Holdings, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.88 | 4/1/2030 | 173000 | 181419 |
| CMG Media Corp., Scd. Notes<sup>(a)</sup> <br>| 8.88 | 6/18/2029 | 112000 | 98494 |
| Dotdash Meredith, Inc., Sr. Scd. Bonds<sup>(a)</sup> <br>| 7.63 | 6/15/2032 | 163000 | 146540 |
| Lamar Media Corp., Gtd. Notes | 3.63 | 1/15/2031 | 222000 | 207620 |
| Lamar Media Corp., Gtd. Notes | 3.75 | 2/15/2028 | 229000 | 222735 |
| Lamar Media Corp., Gtd. Notes | 4.00 | 2/15/2030 | 253000 | 242886 |
| Lamar Media Corp., Gtd. Notes | 4.88 | 1/15/2029 | 273000 | 270621 |
| Lamar Media Corp., Gtd. Notes<sup>(a)</sup> <br>| 5.38 | 11/1/2033 | 139000 | 137635 |
| Neptune Bidco US, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 9.29 | 4/15/2029 | 626000 | 618145 |
| Outfront Media Capital LLC/Outfront Media Capital Corp., Gtd. Notes<sup>(a),(b)</sup> <br>| 4.63 | 3/15/2030 | 14000 | 13497 |
| Outfront Media Capital LLC/Outfront Media Capital Corp., Gtd. Notes<sup>(a)</sup> <br>| 5.00 | 8/15/2027 | 159000 | 158363 |
| Outfront Media Capital LLC/Outfront Media Capital Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.38 | 2/15/2031 | 105000 | 111016 |
| Outfront Media Capital LLC/Outfront Media Capital Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.25 | 1/15/2029 | 55000 | 53095 |
| Stagwell Global LLC, Gtd. Notes<sup>(a)</sup> <br>| 5.63 | 8/15/2029 | 300000 | 285825 |
|  |  |  |  | **3812194** |
| **Aerospace & Defense — 2.8%** | **Aerospace & Defense — 2.8%** | **Aerospace & Defense — 2.8%** | **Aerospace & Defense — 2.8%** | **Aerospace & Defense — 2.8%** |
| AAR Escrow Issuer LLC, Gtd. Notes<sup>(a)</sup> <br>| 6.75 | 3/15/2029 | 211000 | 217856 |
| ATI, Inc., Sr. Unscd. Notes | 4.88 | 10/1/2029 | 87000 | 86464 |
| ATI, Inc., Sr. Unscd. Notes | 5.13 | 10/1/2031 | 68000 | 67416 |
| ATI, Inc., Sr. Unscd. Notes | 5.88 | 12/1/2027 | 63000 | 63035 |
| ATI, Inc., Sr. Unscd. Notes | 7.25 | 8/15/2030 | 51000 | 53564 |
| Bombardier, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.00 | 2/15/2028 | 163000 | 163322 |
| Bombardier, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.75 | 6/15/2033 | 111000 | 116509 |
| Bombardier, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.00 | 6/1/2032 | 207000 | 217135 |
| Bombardier, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.25 | 7/1/2031 | 138000 | 146518 |
| Bombardier, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.45 | 5/1/2034 | 100000 | 111214 |
| Bombardier, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.50 | 2/1/2029 | 215000 | 223971 |
| Bombardier, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.75 | 11/15/2030 | 239000 | 257990 |
| Efesto Bidco SpA Efesto US LLC, Sr. Scd. Bonds, Ser. XR<sup>(a)</sup> <br>| 7.50 | 2/15/2032 | 326000 | 326043 |
| Goat Holdco LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 6.75 | 2/1/2032 | 247000 | 253321 |
| Moog, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.25 | 12/15/2027 | 176000 | 174018 |
| Spirit AeroSystems, Inc., Gtd. Notes | 4.60 | 6/15/2028 | 96000 | 96670 |
| Spirit AeroSystems, Inc., Scd. Notes<sup>(a)</sup> <br>| 9.75 | 11/15/2030 | 40000 | 43947 |
| Spirit AeroSystems, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 9.38 | 11/30/2029 | 85000 | 89308 |
| TransDigm, Inc., Gtd. Notes | 4.63 | 1/15/2029 | 575000 | 565612 |
| TransDigm, Inc., Gtd. Notes | 4.88 | 5/1/2029 | 269000 | 266106 |
| TransDigm, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.38 | 5/31/2033 | 1330000 | 1356234 |
| TransDigm, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.00 | 1/15/2033 | 758000 | 770460 |
| TransDigm, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.25 | 1/31/2034 | 194000 | 200493 |
| TransDigm, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.38 | 3/1/2029 | 1254000 | 1287686 |
| TransDigm, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.63 | 3/1/2032 | 997000 | 1030840 |
| TransDigm, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.75 | 8/15/2028 | 968000 | 988452 |

---

**3**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Aerospace & Defense — 2.8% (continued)** | **Aerospace & Defense — 2.8% (continued)** | **Aerospace & Defense — 2.8% (continued)** | **Aerospace & Defense — 2.8% (continued)** | **Aerospace & Defense — 2.8% (continued)** |
| TransDigm, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.88 | 12/15/2030 | 697000 | 723371 |
| TransDigm, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.13 | 12/1/2031 | 462000 | 482703 |
| TransDigm, Inc., Sr. Sub. Notes<sup>(a)</sup> <br>| 6.75 | 1/31/2034 | 896000 | 928815 |
|  |  |  |  | **11309073** |
| **Agriculture — .1%** | **Agriculture — .1%** | **Agriculture — .1%** | **Agriculture — .1%** | **Agriculture — .1%** |
| Turning Point Brands, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.63 | 3/15/2032 | 285000 | **302132** |
| **Airlines — .6%** | **Airlines — .6%** | **Airlines — .6%** | **Airlines — .6%** | **Airlines — .6%** |
| Allegiant Travel Co., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.25 | 8/15/2027 | 71000 | 71801 |
| American Airlines, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.25 | 2/15/2028 | 88000 | 90026 |
| American Airlines, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.50 | 5/15/2029 | 83000 | 86582 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., Sr. Scd. Notes<sup>(a)</sup> <br>| 5.75 | 4/20/2029 | 276600 | 278594 |
| Avianca Midco 2 PLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 9.00 | 12/1/2028 | 520000 | 520888 |
| Avianca Midco 2 PLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 9.63 | 2/14/2030 | 442000 | 438211 |
| JetBlue Airways Corp./JetBlue Loyalty LP, Sr. Scd. Notes<sup>(a)</sup> <br>| 9.88 | 9/20/2031 | 162000 | 159184 |
| OneSky Flight LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.88 | 12/15/2029 | 194000 | 205579 |
| Spirit Airlines Pass-Through Trust, Ser. 2025-1, Cl. A | 4.10 | 4/1/2028 | 265526 | 251727 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc., Sr. Unscd. Notes<sup>(a),(b)</sup> <br>| 6.38 | 2/1/2030 | 76000 | 73332 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.88 | 5/1/2027 | 190000 | 192919 |
|  |  |  |  | **2368843** |
| **Automobiles & Components — 3.3%** | **Automobiles & Components — 3.3%** | **Automobiles & Components — 3.3%** | **Automobiles & Components — 3.3%** | **Automobiles & Components — 3.3%** |
| Adient Global Holdings Ltd., Gtd. Notes<sup>(a)</sup> <br>| 7.50 | 2/15/2033 | 229000 | 236758 |
| Adient Global Holdings Ltd., Gtd. Notes<sup>(a),(b)</sup> <br>| 8.25 | 4/15/2031 | 145000 | 151434 |
| Adient Global Holdings Ltd., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.00 | 4/15/2028 | 93000 | 95211 |
| Allison Transmission, Inc., Gtd. Notes<sup>(a)</sup> <br>| 3.75 | 1/30/2031 | 337000 | 310982 |
| Allison Transmission, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.75 | 10/1/2027 | 115000 | 114351 |
| Allison Transmission, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.88 | 6/1/2029 | 232000 | 233839 |
| American Axle & Manufacturing, Inc., Gtd. Notes<sup>(b)</sup> <br>| 5.00 | 10/1/2029 | 101000 | 95982 |
| American Axle & Manufacturing, Inc., Gtd. Notes<sup>(b)</sup> <br>| 6.88 | 7/1/2028 | 60000 | 60078 |
| American Axle & Manufacturing, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.75 | 10/15/2033 | 236000 | 236342 |
| American Axle & Manufacturing, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.38 | 10/15/2032 | 160000 | 160600 |
| Aptiv Swiss Holdings Ltd., Gtd. Bonds | 6.88 | 12/15/2054 | 348000 | 355250 |
| Aston Martin Capital Holdings Ltd., Sr. Scd. Notes<sup>(a)</sup> <br>| 10.00 | 3/31/2029 | 308000 | 273405 |
| Clarios Global LP/Clarios US Finance Co., Gtd. Notes<sup>(a)</sup> <br>| 6.75 | 9/15/2032 | 372000 | 382228 |
| Clarios Global LP/Clarios US Finance Co., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.75 | 5/15/2028 | 213000 | 217844 |
| Clarios Global LP/Clarios US Finance Co., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.75 | 2/15/2030 | 314000 | 325934 |
| Cooper-Standard Automotive, Inc., Scd. Notes<sup>(a),(c)</sup> <br>| 5.63 | 5/15/2027 | 94000 | 91066 |
| Dana, Inc., Sr. Unscd. Notes | 4.50 | 2/15/2032 | 21000 | 20554 |
| Dana, Inc., Sr. Unscd. Notes | 5.38 | 11/15/2027 | 105000 | 104960 |
| Dana, Inc., Sr. Unscd. Notes | 5.63 | 6/15/2028 | 10000 | 9999 |
| Dornoch Debt Merger Sub, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.63 | 10/15/2029 | 130000 | 110865 |
| Forvia SE, Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.75 | 9/15/2033 | 142000 | 144301 |
| Forvia SE, Sr. Unscd. Notes<sup>(a),(b)</sup> <br>| 8.00 | 6/15/2030 | 62000 | 65757 |
| Garrett Motion Holdings, Inc./Garrett LX I Sarl, Gtd. Notes<sup>(a)</sup> <br>| 7.75 | 5/31/2032 | 208000 | 218954 |
| IHO Verwaltungs GmbH, Sr. Scd. Notes<sup>(a),(c)</sup> <br>| 7.75 | 11/15/2030 | 244000 | 252984 |
| IHO Verwaltungs GmbH, Sr. Scd. Notes<sup>(a),(c)</sup> <br>| 8.00 | 11/15/2032 | 151000 | 157435 |
| Jaguar Land Rover Automotive PLC, Gtd. Notes<sup>(a)</sup> <br>| 4.50 | 10/1/2027 | 329000 | 324223 |
| Jaguar Land Rover Automotive PLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.88 | 1/15/2028 | 146740 | 146920 |
| JB Poindexter & Co., Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.75 | 12/15/2031 | 329000 | 344285 |
| New Flyer Holdings, Inc., Scd. Notes<sup>(a)</sup> <br>| 9.25 | 7/1/2030 | 189000 | 201170 |
| Nissan Motor Acceptance Co. LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 2.45 | 9/15/2028 | 113000 | 103342 |

---

**4**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Automobiles & Components — 3.3% (continued)** | **Automobiles & Components — 3.3% (continued)** | **Automobiles & Components — 3.3% (continued)** | **Automobiles & Components — 3.3% (continued)** | **Automobiles & Components — 3.3% (continued)** |
| Nissan Motor Acceptance Co. LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 2.75 | 3/9/2028 | 247000 | 231479 |
| Nissan Motor Acceptance Co. LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.30 | 9/13/2027 | 46000 | 45855 |
| Nissan Motor Acceptance Co. LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.55 | 9/13/2029 | 126000 | 124918 |
| Nissan Motor Acceptance Co. LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.63 | 9/29/2028 | 207000 | 206926 |
| Nissan Motor Acceptance Co. LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.13 | 9/30/2030 | 270000 | 267616 |
| Nissan Motor Acceptance Co. LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.05 | 9/15/2028 | 210000 | 217274 |
| Nissan Motor Co. Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.35 | 9/17/2027 | 839000 | 821430 |
| Nissan Motor Co. Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.81 | 9/17/2030 | 1049000 | 982151 |
| Nissan Motor Co. Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.50 | 7/17/2030 | 257000 | 267966 |
| Nissan Motor Co. Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.75 | 7/17/2032 | 99000 | 104580 |
| Nissan Motor Co. Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.13 | 7/17/2035 | 282000 | 299891 |
| Phinia, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.63 | 10/15/2032 | 135000 | 139006 |
| PM General Purchaser LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 9.50 | 10/1/2028 | 197000 | 171316 |
| Qnity Electronics, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 5.75 | 8/15/2032 | 279000 | 283792 |
| Qnity Electronics, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.25 | 8/15/2033 | 263000 | 270218 |
| Real Hero Merger Sub 2, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.25 | 2/1/2029 | 191000 | 111211 |
| Tenneco, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.00 | 11/17/2028 | 1050000 | 1047658 |
| The Goodyear Tire & Rubber Company, Gtd. Notes | 4.88 | 3/15/2027 | 88000 | 87401 |
| The Goodyear Tire & Rubber Company, Gtd. Notes | 5.00 | 7/15/2029 | 156000 | 148424 |
| The Goodyear Tire & Rubber Company, Gtd. Notes<sup>(b)</sup> <br>| 5.25 | 4/30/2031 | 19000 | 17519 |
| The Goodyear Tire & Rubber Company, Gtd. Notes | 5.25 | 7/15/2031 | 112000 | 101849 |
| The Goodyear Tire & Rubber Company, Gtd. Notes<sup>(b)</sup> <br>| 5.63 | 4/30/2033 | 97000 | 87672 |
| The Goodyear Tire & Rubber Company, Sr. Unscd. Notes<sup>(b)</sup> <br>| 6.63 | 7/15/2030 | 140000 | 139070 |
| The Goodyear Tire & Rubber Company, Sr. Unscd. Notes | 7.00 | 3/15/2028 | 40000 | 41271 |
| Titan International, Inc., Sr. Scd. Notes | 7.00 | 4/30/2028 | 100000 | 100242 |
| Wabash National Corp., Gtd. Notes<sup>(a)</sup> <br>| 4.50 | 10/15/2028 | 68000 | 60282 |
| ZF North America Capital, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.75 | 4/23/2030 | 115000 | 109084 |
| ZF North America Capital, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.88 | 4/14/2028 | 190000 | 191122 |
| ZF North America Capital, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.88 | 4/23/2032 | 380000 | 346393 |
| ZF North America Capital, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.13 | 4/14/2030 | 162000 | 157979 |
| ZF North America Capital, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.50 | 3/24/2031 | 446000 | 425483 |
|  |  |  |  | **13154131** |
| **Banks — .2%** | **Banks — .2%** | **Banks — .2%** | **Banks — .2%** | **Banks — .2%** |
| Armor Holdco, Inc., Gtd. Notes<sup>(a)</sup> <br>| 8.50 | 11/15/2029 | 113000 | 113199 |
| Dresdner Funding Trust I, Jr. Sub. Notes<sup>(a)</sup> <br>| 8.15 | 6/30/2031 | 160000 | 176969 |
| Freedom Mortgage Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.63 | 1/15/2027 | 114000 | 114243 |
| Freedom Mortgage Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 12.25 | 10/1/2030 | 167000 | 186078 |
| Valley National Bancorp, Sub. Notes | 6.25 | 9/30/2032 | 105000 | 103199 |
| Walker & Dunlop, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.63 | 4/1/2033 | 101000 | 103342 |
|  |  |  |  | **797030** |
| **Beverage Products — .1%** | **Beverage Products — .1%** | **Beverage Products — .1%** | **Beverage Products — .1%** | **Beverage Products — .1%** |
| Primo Water Holdings, Inc./Triton Water Holdings, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.25 | 4/1/2029 | 160000 | 160663 |
| Primo Water Holdings, Inc./Triton Water Holdings, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 4.38 | 4/30/2029 | 245000 | 238145 |
|  |  |  |  | **398808** |
| **Building Materials — 2.2%** | **Building Materials — 2.2%** | **Building Materials — 2.2%** | **Building Materials — 2.2%** | **Building Materials — 2.2%** |
| ACProducts Holdings, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.38 | 5/15/2029 | 170000 | 102081 |
| AmeriTex HoldCo Intermediate LLC, Sr. Scd. Bonds<sup>(a)</sup> <br>| 7.63 | 8/15/2033 | 233000 | 243692 |
| Boise Cascade Co., Gtd. Notes<sup>(a)</sup> <br>| 4.88 | 7/1/2030 | 100000 | 98661 |
| Builders FirstSource, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.25 | 2/1/2032 | 250000 | 236710 |
| Builders FirstSource, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.00 | 3/1/2030 | 54000 | 53468 |

---

**5**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Building Materials — 2.2% (continued)** | **Building Materials — 2.2% (continued)** | **Building Materials — 2.2% (continued)** | **Building Materials — 2.2% (continued)** | **Building Materials — 2.2% (continued)** |
| Builders FirstSource, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.38 | 6/15/2032 | 129000 | 133687 |
| Builders FirstSource, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.38 | 3/1/2034 | 215000 | 222706 |
| Builders FirstSource, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.75 | 5/15/2035 | 206000 | 216319 |
| Camelot Return Merger Sub, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.75 | 8/1/2028 | 282000 | 261120 |
| Cornerstone Building Brands, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.13 | 1/15/2029 | 100000 | 76035 |
| Cornerstone Building Brands, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 9.50 | 8/15/2029 | 97000 | 89537 |
| CP Atlas Buyer, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 9.75 | 7/15/2030 | 130000 | 135697 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.63 | 12/15/2030 | 940000 | 966044 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.75 | 7/15/2031 | 278000 | 288212 |
| Griffon Corp., Gtd. Notes | 5.75 | 3/1/2028 | 535000 | 534714 |
| JELD-WEN, Inc., Gtd. Notes<sup>(a),(b)</sup> <br>| 4.88 | 12/15/2027 | 119000 | 115728 |
| JELD-WEN, Inc., Gtd. Notes<sup>(a),(b)</sup> <br>| 7.00 | 9/1/2032 | 77000 | 63534 |
| Knife River Corp., Gtd. Notes<sup>(a)</sup> <br>| 7.75 | 5/1/2031 | 247000 | 258655 |
| Masterbrand, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.00 | 7/15/2032 | 190000 | 197419 |
| Miter Brands Acquisition Holdco, Inc./MIWID Borrower LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 6.75 | 4/1/2032 | 261000 | 267917 |
| New Enterprise Stone & Lime Co., Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 5.25 | 7/15/2028 | 84000 | 83496 |
| New Enterprise Stone & Lime Co., Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 9.75 | 7/15/2028 | 45000 | 45162 |
| Oscar AcquisitionCo LLC/Oscar Finance, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 9.50 | 4/15/2030 | 107000 | 78697 |
| Quikrete Holdings, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.38 | 3/1/2032 | 1157000 | 1201043 |
| Quikrete Holdings, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.75 | 3/1/2033 | 357000 | 371257 |
| Smyrna Ready Mix Concrete LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 6.00 | 11/1/2028 | 478000 | 476084 |
| Smyrna Ready Mix Concrete LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 8.88 | 11/15/2031 | 543000 | 572529 |
| Standard Building Solutions, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.25 | 8/1/2033 | 364000 | 371664 |
| Standard Building Solutions, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.50 | 8/15/2032 | 257000 | 264333 |
| Standard Industries, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 3.38 | 1/15/2031 | 130000 | 118470 |
| Standard Industries, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.38 | 7/15/2030 | 299000 | 288464 |
| Standard Industries, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.75 | 1/15/2028 | 498000 | 496082 |
| Wilsonart LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 11.00 | 8/15/2032 | 110000 | 103957 |
|  |  |  |  | **9033174** |
| **Chemicals — 2.6%** | **Chemicals — 2.6%** | **Chemicals — 2.6%** | **Chemicals — 2.6%** | **Chemicals — 2.6%** |
| Advancion Sciences, Inc., Sr. Unscd. Notes<sup>(a),(c)</sup> <br>| 9.25 | 11/1/2026 | 72512 | 64272 |
| ASP Unifrax Holdings, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 5.25 | 9/30/2028 | 60000 | 14992 |
| Avient Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.25 | 11/1/2031 | 105000 | 107221 |
| Avient Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.13 | 8/1/2030 | 217000 | 223311 |
| Axalta Coating Systems Dutch Holding B BV, Gtd. Notes<sup>(a)</sup> <br>| 7.25 | 2/15/2031 | 149000 | 156265 |
| Axalta Coating Systems LLC, Gtd. Notes<sup>(a)</sup> <br>| 3.38 | 2/15/2029 | 207000 | 196886 |
| Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, Gtd. <br> Notes<sup>(a)</sup> <br>| 4.75 | 6/15/2027 | 195000 | 194291 |
| Celanese US Holdings LLC, Gtd. Notes<sup>(b)</sup> <br>| 6.50 | 4/15/2030 | 92000 | 91219 |
| Celanese US Holdings LLC, Gtd. Notes | 6.67 | 7/15/2027 | 535000 | 548699 |
| Celanese US Holdings LLC, Gtd. Notes<sup>(b)</sup> <br>| 6.75 | 4/15/2033 | 100000 | 98542 |
| Celanese US Holdings LLC, Gtd. Notes | 6.83 | 7/15/2029 | 267000 | 273012 |
| Celanese US Holdings LLC, Gtd. Notes | 6.85 | 11/15/2028 | 318000 | 328820 |
| Celanese US Holdings LLC, Gtd. Notes | 6.88 | 7/15/2032 | 256000 | 257168 |
| Celanese US Holdings LLC, Gtd. Notes | 7.05 | 11/15/2030 | 328000 | 333133 |
| Celanese US Holdings LLC, Gtd. Notes | 7.20 | 11/15/2033 | 367000 | 375961 |
| Cerdia Finanz GmbH, Sr. Scd. Notes<sup>(a)</sup> <br>| 9.38 | 10/3/2031 | 245000 | 256060 |
| Consolidated Energy Finance SA, Gtd. Notes<sup>(a),(b)</sup> <br>| 5.63 | 10/15/2028 | 72000 | 49002 |
| Consolidated Energy Finance SA, Gtd. Notes<sup>(a),(b)</sup> <br>| 12.00 | 2/15/2031 | 87000 | 61305 |
| CVR Partners LP/CVR Nitrogen Finance Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.13 | 6/15/2028 | 294000 | 293626 |

---

**6**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Chemicals — 2.6% (continued)** | **Chemicals — 2.6% (continued)** | **Chemicals — 2.6% (continued)** | **Chemicals — 2.6% (continued)** | **Chemicals — 2.6% (continued)** |
| Element Solutions, Inc., Gtd. Notes<sup>(a)</sup> <br>| 3.88 | 9/1/2028 | 191000 | 184851 |
| FMC Corp., Sub. Notes | 8.45 | 11/1/2055 | 375000 | 363713 |
| HB Fuller Co., Sr. Unscd. Notes | 4.00 | 2/15/2027 | 53000 | 52249 |
| HB Fuller Co., Sr. Unscd. Notes | 4.25 | 10/15/2028 | 128000 | 124421 |
| Herens Holdco Sarl, Sr. Scd. Notes<sup>(a)</sup> <br>| 4.75 | 5/15/2028 | 143000 | 120972 |
| Huntsman International LLC, Sr. Unscd. Notes | 2.95 | 6/15/2031 | 172000 | 138457 |
| Huntsman International LLC, Sr. Unscd. Notes | 4.50 | 5/1/2029 | 281000 | 259767 |
| Illuminate Buyer LLC/Illuminate Holdings IV, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 9.00 | 7/1/2028 | 115000 | 115376 |
| INEOS Finance PLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 6.75 | 5/15/2028 | 106000 | 99883 |
| INEOS Finance PLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 7.50 | 4/15/2029 | 176000 | 163132 |
| INEOS Quattro Finance 2 PLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 9.63 | 3/15/2029 | 155000 | 145350 |
| Ingevity Corp., Gtd. Notes<sup>(a)</sup> <br>| 3.88 | 11/1/2028 | 89000 | 85763 |
| Innophos Holdings, Inc., Bonds<sup>(a)</sup> <br>| 11.50 | 6/15/2029 | 144000 | 138325 |
| Inversion Escrow Issuer LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 6.75 | 8/1/2032 | 355000 | 346450 |
| Mativ Holdings, Inc., Gtd. Notes<sup>(a)</sup> <br>| 8.00 | 10/1/2029 | 78000 | 75482 |
| Methanex US Operations, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.25 | 3/15/2032 | 96000 | 97468 |
| Minerals Technologies, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.00 | 7/1/2028 | 90000 | 88744 |
| Nufarm Australia Ltd./Nufarm Americas, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.00 | 1/27/2030 | 55000 | 49121 |
| Olin Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.63 | 4/1/2033 | 105000 | 104077 |
| Olympus Water US Holding Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 4.25 | 10/1/2028 | 240000 | 229600 |
| Olympus Water US Holding Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.13 | 10/1/2027 | 75000 | 76336 |
| Olympus Water US Holding Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.25 | 6/15/2031 | 235000 | 235214 |
| Olympus Water US Holding Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.25 | 2/15/2033 | 437000 | 435141 |
| Rain Carbon, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 12.25 | 9/1/2029 | 109000 | 116101 |
| SCIH Salt Holdings, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 4.88 | 5/1/2028 | 215000 | 212436 |
| SCIH Salt Holdings, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.63 | 5/1/2029 | 216000 | 214739 |
| SCIL IV LLC/SCIL USA Holdings LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 5.38 | 11/1/2026 | 335000 | 334947 |
| SK Invictus Intermediate II Sarl, Sr. Scd. Notes<sup>(a)</sup> <br>| 5.00 | 10/30/2029 | 133000 | 130794 |
| Solstice Advanced Materials, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.63 | 9/30/2033 | 260000 | 259743 |
| The Chemours Company, Gtd. Notes<sup>(a)</sup> <br>| 4.63 | 11/15/2029 | 114000 | 100525 |
| The Chemours Company, Gtd. Notes | 5.38 | 5/15/2027 | 120000 | 119560 |
| The Chemours Company, Gtd. Notes<sup>(a)</sup> <br>| 5.75 | 11/15/2028 | 224000 | 215159 |
| The Chemours Company, Gtd. Notes<sup>(a)</sup> <br>| 8.00 | 1/15/2033 | 246000 | 237294 |
| Tronox, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.63 | 3/15/2029 | 202000 | 124259 |
| Tronox, Inc., Sr. Scd. Notes<sup>(a),(b)</sup> <br>| 9.13 | 9/30/2030 | 64000 | 58411 |
| Vibrantz Technologies, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 9.00 | 2/15/2030 | 141000 | 75308 |
| WR Grace Holdings LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 4.88 | 6/15/2027 | 56000 | 55560 |
| WR Grace Holdings LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 6.63 | 8/15/2032 | 221000 | 213599 |
| WR Grace Holdings LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 7.38 | 3/1/2031 | 40000 | 40087 |
| WR Grace Holdings LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.63 | 8/15/2029 | 328000 | 300144 |
|  |  |  |  | **10462343** |
| **Commercial & Professional Services — 5.3%** | **Commercial & Professional Services — 5.3%** | **Commercial & Professional Services — 5.3%** | **Commercial & Professional Services — 5.3%** | **Commercial & Professional Services — 5.3%** |
| Adtalem Global Education, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 5.50 | 3/1/2028 | 240000 | 240137 |
| Albion Financing 1 Sarl/Aggreko Holdings, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.00 | 5/21/2030 | 454000 | 470256 |
| Allied Universal Holdco LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 7.88 | 2/15/2031 | 701000 | 730614 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.88 | 6/15/2030 | 343000 | 351763 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.00 | 6/1/2029 | 205000 | 200270 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, <br> Sr. Scd. Notes<sup>(a)</sup> <br>| 4.63 | 6/1/2028 | 319000 | 312390 |

---

**7**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Commercial & Professional Services — 5.3% (continued)** | **Commercial & Professional Services — 5.3% (continued)** | **Commercial & Professional Services — 5.3% (continued)** | **Commercial & Professional Services — 5.3% (continued)** | **Commercial & Professional Services — 5.3% (continued)** |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, <br> Sr. Scd. Notes<sup>(a)</sup> <br>| 4.63 | 6/1/2028 | 214000 | 209677 |
| Alta Equipment Group, Inc., Scd. Notes<sup>(a)</sup> <br>| 9.00 | 6/1/2029 | 50000 | 45404 |
| AMN Healthcare, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.00 | 4/15/2029 | 174000 | 165014 |
| AMN Healthcare, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.50 | 1/15/2031 | 104000 | 104244 |
| APi Group DE, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.13 | 7/15/2029 | 76000 | 73338 |
| APi Group DE, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.75 | 10/15/2029 | 60000 | 58855 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.75 | 4/1/2028 | 35000 | 33559 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.38 | 3/1/2029 | 68000 | 65539 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.75 | 7/15/2027 | 31000 | 30898 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.75 | 7/15/2027 | 83000 | 82680 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., Gtd. Notes<sup>(a),(b)</sup> <br>| 8.00 | 2/15/2031 | 121000 | 122983 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., Gtd. Notes<sup>(a)</sup> <br>| 8.25 | 1/15/2030 | 89000 | 90859 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., Gtd. Notes<sup>(a)</sup> <br>| 8.38 | 6/15/2032 | 179000 | 183545 |
| Belron UK Finance PLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 5.75 | 10/15/2029 | 385000 | 390215 |
| Block, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.63 | 8/15/2030 | 199000 | 201991 |
| Block, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.00 | 8/15/2033 | 95000 | 97129 |
| Block, Inc., Sr. Unscd. Notes | 6.50 | 5/15/2032 | 189000 | 196152 |
| Boost Newco Borrower LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 7.50 | 1/15/2031 | 852000 | 903154 |
| Carriage Services, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.25 | 5/15/2029 | 143000 | 135425 |
| Champions Financing, Inc., Sr. Scd. Notes<sup>(a),(b)</sup> <br>| 8.75 | 2/15/2029 | 115000 | 111422 |
| Cimpress PLC, Gtd. Notes<sup>(a)</sup> <br>| 7.38 | 9/15/2032 | 120000 | 121961 |
| Clarivate Science Holdings Corp., Gtd. Notes<sup>(a)</sup> <br>| 4.88 | 7/1/2029 | 185000 | 172704 |
| Clarivate Science Holdings Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 3.88 | 7/1/2028 | 261000 | 251545 |
| CoreCivic, Inc., Gtd. Notes | 4.75 | 10/15/2027 | 270000 | 267704 |
| CoreCivic, Inc., Gtd. Notes | 8.25 | 4/15/2029 | 166000 | 174733 |
| CPI CG, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 10.00 | 7/15/2029 | 104000 | 109905 |
| Deluxe Corp., Gtd. Notes<sup>(a)</sup> <br>| 8.00 | 6/1/2029 | 168000 | 166336 |
| Deluxe Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.13 | 9/15/2029 | 300000 | 314564 |
| EquipmentShare.com, Inc., Scd. Notes<sup>(a)</sup> <br>| 8.63 | 5/15/2032 | 200000 | 202006 |
| EquipmentShare.com, Inc., Scd. Notes<sup>(a)</sup> <br>| 9.00 | 5/15/2028 | 356000 | 358856 |
| EquipmentShare.com, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.00 | 3/15/2033 | 10000 | 9848 |
| Garda World Security Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 4.63 | 2/15/2027 | 59000 | 58538 |
| Garda World Security Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.75 | 2/15/2028 | 112000 | 114619 |
| Garda World Security Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.00 | 6/1/2029 | 142000 | 138695 |
| Garda World Security Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.25 | 8/1/2032 | 273000 | 277887 |
| Garda World Security Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.38 | 11/15/2032 | 293000 | 297989 |
| Herc Holdings, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.50 | 7/15/2027 | 392000 | 391961 |
| Herc Holdings, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.63 | 6/15/2029 | 185000 | 191104 |
| Herc Holdings, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.00 | 6/15/2030 | 279000 | 292126 |
| Herc Holdings, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.25 | 6/15/2033 | 155000 | 163461 |
| ION Platform Finance US, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.88 | 9/30/2032 | 344000 | 335871 |
| Korn Ferry, Gtd. Notes<sup>(a)</sup> <br>| 4.63 | 12/15/2027 | 41000 | 40678 |
| Matthews International Corp., Scd. Notes<sup>(a)</sup> <br>| 8.63 | 10/1/2027 | 249000 | 256340 |
| Mavis Tire Express Services Topco Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.50 | 5/15/2029 | 180000 | 178181 |
| Mobius Merger Sub, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 9.00 | 6/1/2030 | 132000 | 109107 |
| NESCO Holdings II, Inc., Scd. Notes<sup>(a)</sup> <br>| 5.50 | 4/15/2029 | 240000 | 234641 |
| OT Midco, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 10.00 | 2/15/2030 | 124000 | 72753 |
| Paysafe Finance PLC/Paysafe Holdings US Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 4.00 | 6/15/2029 | 3000 | 2834 |
| Prime Security Services Borrower LLC/Prime Finance, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 3.38 | 8/31/2027 | 396000 | 385251 |

---

**8**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Commercial & Professional Services — 5.3% (continued)** | **Commercial & Professional Services — 5.3% (continued)** | **Commercial & Professional Services — 5.3% (continued)** | **Commercial & Professional Services — 5.3% (continued)** | **Commercial & Professional Services — 5.3% (continued)** |
| PROG Holdings, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.00 | 11/15/2029 | 154000 | 150244 |
| Raven Acquisition Holdings LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 6.88 | 11/15/2031 | 396000 | 404933 |
| RR Donnelley & Sons Co., Scd. Notes<sup>(a)</sup> <br>| 10.88 | 8/1/2029 | 356000 | 357715 |
| RR Donnelley & Sons Co., Sr. Scd. Notes<sup>(a)</sup> <br>| 9.50 | 8/1/2029 | 572000 | 586694 |
| RRD Intermediate Holdings, Inc., Sr. Unscd. Notes<sup>(a),(c)</sup> <br>| 11.00 | 12/1/2030 | 118624 | 115699 |
| RRD Parent, Inc., Sr. Unscd. Notes<sup>(a),(c)</sup> <br>| 10.00 | 10/15/2031 | 188409 | 333231 |
| Service Corp. International, Sr. Unscd. Notes | 3.38 | 8/15/2030 | 308000 | 286237 |
| Service Corp. International, Sr. Unscd. Notes | 4.00 | 5/15/2031 | 270000 | 255439 |
| Service Corp. International, Sr. Unscd. Notes | 4.63 | 12/15/2027 | 162000 | 161525 |
| Service Corp. International, Sr. Unscd. Notes | 5.13 | 6/1/2029 | 89000 | 89230 |
| Service Corp. International, Sr. Unscd. Notes | 5.75 | 10/15/2032 | 259000 | 262800 |
| Service Corp. International, Sr. Unscd. Notes | 7.50 | 4/1/2027 | 192000 | 198700 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.75 | 8/15/2032 | 491000 | 507297 |
| Signal Parent, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.13 | 4/1/2029 | 90000 | 32149 |
| Sotheby's, Sr. Scd. Notes<sup>(a)</sup> <br>| 7.38 | 10/15/2027 | 240000 | 240000 |
| Sotheby's/Bidfair Holdings, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 5.88 | 6/1/2029 | 67000 | 63646 |
| StoneMor, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.50 | 5/15/2029 | 225000 | 222643 |
| The ADT Security Corp., Sr. Scd. Bonds<sup>(a)</sup> <br>| 5.88 | 10/15/2033 | 188000 | 190904 |
| The ADT Security Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 4.13 | 8/1/2029 | 229000 | 221837 |
| The Brink's Company, Gtd. Notes<sup>(a)</sup> <br>| 4.63 | 10/15/2027 | 105000 | 104302 |
| The Brink's Company, Gtd. Notes<sup>(a)</sup> <br>| 6.50 | 6/15/2029 | 70000 | 72128 |
| The Brink's Company, Gtd. Notes<sup>(a)</sup> <br>| 6.75 | 6/15/2032 | 115000 | 119512 |
| The Geo Group, Inc., Gtd. Notes | 10.25 | 4/15/2031 | 307000 | 336726 |
| The Geo Group, Inc., Sr. Scd. Notes | 8.63 | 4/15/2029 | 306000 | 322961 |
| The Hertz Corp., Gtd. Notes<sup>(a)</sup> <br>| 4.63 | 12/1/2026 | 101000 | 98122 |
| The Hertz Corp., Gtd. Notes<sup>(a)</sup> <br>| 5.00 | 12/1/2029 | 197000 | 134233 |
| The Hertz Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 12.63 | 7/15/2029 | 234000 | 231845 |
| TriNet Group, Inc., Gtd. Notes<sup>(a)</sup> <br>| 3.50 | 3/1/2029 | 141000 | 132366 |
| TriNet Group, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.13 | 8/15/2031 | 108000 | 112038 |
| United Rentals North America, Inc., Gtd. Notes | 3.75 | 1/15/2032 | 108000 | 100552 |
| United Rentals North America, Inc., Gtd. Notes | 3.88 | 2/15/2031 | 259000 | 245489 |
| United Rentals North America, Inc., Gtd. Notes | 4.00 | 7/15/2030 | 165000 | 158423 |
| United Rentals North America, Inc., Gtd. Notes | 4.88 | 1/15/2028 | 424000 | 423608 |
| United Rentals North America, Inc., Gtd. Notes | 5.25 | 1/15/2030 | 50000 | 50376 |
| United Rentals North America, Inc., Gtd. Notes | 5.50 | 5/15/2027 | 118000 | 118152 |
| United Rentals North America, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.13 | 3/15/2034 | 195000 | 203765 |
| United Rentals North America, Inc., Scd. Notes | 3.88 | 11/15/2027 | 111000 | 109580 |
| Upbound Group, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.38 | 2/15/2029 | 287000 | 277862 |
| Valvoline, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 3.63 | 6/15/2031 | 185000 | 168495 |
| Veritiv Operating Co., Sr. Scd. Notes<sup>(a)</sup> <br>| 10.50 | 11/30/2030 | 309000 | 321698 |
| VM Consolidated, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.50 | 4/15/2029 | 42000 | 41574 |
| VT Topco, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.50 | 8/15/2030 | 140000 | 145606 |
| Wand NewCo 3, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.63 | 1/30/2032 | 415000 | 434823 |
| WEX, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.50 | 3/15/2033 | 104000 | 106409 |
| Williams Scotsman, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 4.63 | 8/15/2028 | 21000 | 20724 |
| Williams Scotsman, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.63 | 6/15/2029 | 201000 | 206862 |
| Williams Scotsman, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.63 | 4/15/2030 | 154000 | 159321 |
| Williams Scotsman, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.38 | 10/1/2031 | 221000 | 231227 |
| ZipRecruiter, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.00 | 1/15/2030 | 109000 | 85229 |
|  |  |  |  | **21254642** |

---

**9**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Consumer Discretionary — 9.2%** | **Consumer Discretionary — 9.2%** | **Consumer Discretionary — 9.2%** | **Consumer Discretionary — 9.2%** | **Consumer Discretionary — 9.2%** |
| Acushnet Co., Gtd. Notes<sup>(a)</sup> <br>| 7.38 | 10/15/2028 | 41000 | 42514 |
| Adams Homes, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 9.25 | 10/15/2028 | 337000 | 350170 |
| Affinity Interactive, Sr. Scd. Notes<sup>(a)</sup> <br>| 6.88 | 12/15/2027 | 165000 | 83734 |
| Allen Media LLC/Allen Media Co-Issuer, Inc., Gtd. Notes<sup>(a)</sup> <br>| 10.50 | 2/15/2028 | 160000 | 70191 |
| AMC Entertainment Holdings, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.50 | 2/15/2029 | 78000 | 66316 |
| Amer Sports Co., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.75 | 2/16/2031 | 214000 | 222687 |
| American Builders & Contractors Supply Co., Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 4.00 | 1/15/2028 | 173000 | 170442 |
| American Builders & Contractors Supply Co., Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 3.88 | 11/15/2029 | 83000 | 79188 |
| Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.63 | 8/1/2029 | 71000 | 67341 |
| Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.63 | 4/1/2030 | 86000 | 80980 |
| Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.88 | 8/1/2033 | 116000 | 116290 |
| Banijay Entertainment SAS, Sr. Scd. Notes<sup>(a)</sup> <br>| 8.13 | 5/1/2029 | 140000 | 145476 |
| Beazer Homes USA, Inc., Gtd. Notes | 5.88 | 10/15/2027 | 22000 | 21977 |
| Beazer Homes USA, Inc., Gtd. Notes<sup>(b)</sup> <br>| 7.25 | 10/15/2029 | 95000 | 96266 |
| Beazer Homes USA, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.50 | 3/15/2031 | 125000 | 126776 |
| Boyd Gaming Corp., Gtd. Notes | 4.75 | 12/1/2027 | 310000 | 308771 |
| Boyd Gaming Corp., Gtd. Notes<sup>(a)</sup> <br>| 4.75 | 6/15/2031 | 523000 | 503736 |
| Boyne USA, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.75 | 5/15/2029 | 154000 | 150833 |
| Brookfield Residential Properties, Inc./Brookfield Residential US LLC, Gtd. <br> Notes<sup>(a)</sup> <br>| 4.88 | 2/15/2030 | 119000 | 110339 |
| Brookfield Residential Properties, Inc./Brookfield Residential US LLC, Gtd. <br> Notes<sup>(a)</sup> <br>| 6.25 | 9/15/2027 | 231000 | 230799 |
| Brookfield Residential Properties, Inc./Brookfield Residential US LLC, Sr. Unscd. <br> Notes<sup>(a)</sup> <br>| 5.00 | 6/15/2029 | 32000 | 30662 |
| Caesars Entertainment, Inc., Gtd. Notes<sup>(a),(b)</sup> <br>| 4.63 | 10/15/2029 | 103000 | 96937 |
| Caesars Entertainment, Inc., Gtd. Notes<sup>(a),(b)</sup> <br>| 6.00 | 10/15/2032 | 148000 | 141199 |
| Caesars Entertainment, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.50 | 2/15/2032 | 349000 | 351950 |
| Caesars Entertainment, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.00 | 2/15/2030 | 393000 | 404558 |
| Carnival Corp., Gtd. Debs. | 6.65 | 1/15/2028 | 20000 | 20754 |
| Carnival Corp., Gtd. Notes<sup>(a)</sup> <br>| 5.13 | 5/1/2029 | 252000 | 255407 |
| Carnival Corp., Gtd. Notes<sup>(a)</sup> <br>| 5.75 | 3/15/2030 | 136000 | 140097 |
| Carnival Corp., Gtd. Notes<sup>(a)</sup> <br>| 5.75 | 8/1/2032 | 547000 | 561985 |
| Carnival Corp., Gtd. Notes<sup>(a)</sup> <br>| 5.88 | 6/15/2031 | 100000 | 103147 |
| Carnival Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.00 | 5/1/2029 | 405000 | 411075 |
| Carnival Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.13 | 2/15/2033 | 321000 | 331018 |
| Century Communities, Inc., Gtd. Notes<sup>(a)</sup> <br>| 3.88 | 8/15/2029 | 274000 | 257093 |
| Century Communities, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.63 | 9/15/2033 | 329000 | 328291 |
| Churchill Downs, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.75 | 1/15/2028 | 227000 | 224999 |
| Churchill Downs, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.50 | 4/1/2027 | 136000 | 135908 |
| Churchill Downs, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.75 | 5/1/2031 | 302000 | 309418 |
| Churchill Downs, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.75 | 4/1/2030 | 609000 | 610068 |
| Cinemark USA, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.25 | 7/15/2028 | 236000 | 234954 |
| Cinemark USA, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.00 | 8/1/2032 | 90000 | 93409 |
| Dealer Tire LLC/DT Issuer LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.00 | 2/1/2028 | 142000 | 138004 |
| Dream Finders Homes, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.88 | 9/15/2030 | 137000 | 136485 |
| Dream Finders Homes, Inc., Gtd. Notes<sup>(a)</sup> <br>| 8.25 | 8/15/2028 | 245000 | 252762 |
| Empire Communities Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 9.75 | 5/1/2029 | 190000 | 194810 |
| Empire Resorts, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.75 | 11/1/2026 | 275000 | 272804 |
| Forestar Group, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.00 | 3/1/2028 | 122000 | 121885 |
| Forestar Group, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.50 | 3/15/2033 | 111000 | 113818 |
| Full House Resorts, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.25 | 2/15/2028 | 145000 | 128739 |

---

**10**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Consumer Discretionary — 9.2% (continued)** | **Consumer Discretionary — 9.2% (continued)** | **Consumer Discretionary — 9.2% (continued)** | **Consumer Discretionary — 9.2% (continued)** | **Consumer Discretionary — 9.2% (continued)** |
| FXI Holdings, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 12.25 | 11/15/2026 | 207000 | 181580 |
| Genting New York LLC/Genny Capital, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.25 | 10/1/2029 | 155000 | 160488 |
| Great Canadian Gaming Corp./Raptor LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 8.75 | 11/15/2029 | 119000 | 116336 |
| Hilton Domestic Operating Co., Inc., Gtd. Notes<sup>(a)</sup> <br>| 3.63 | 2/15/2032 | 423000 | 390133 |
| Hilton Domestic Operating Co., Inc., Gtd. Notes<sup>(a)</sup> <br>| 3.75 | 5/1/2029 | 371000 | 358637 |
| Hilton Domestic Operating Co., Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.00 | 5/1/2031 | 562000 | 533939 |
| Hilton Domestic Operating Co., Inc., Gtd. Notes | 4.88 | 1/15/2030 | 344000 | 343277 |
| Hilton Domestic Operating Co., Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.75 | 5/1/2028 | 70000 | 70065 |
| Hilton Domestic Operating Co., Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.75 | 9/15/2033 | 190000 | 193573 |
| Hilton Domestic Operating Co., Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.88 | 4/1/2029 | 315000 | 321671 |
| Hilton Domestic Operating Co., Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.88 | 3/15/2033 | 576000 | 590168 |
| Hilton Domestic Operating Co., Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.13 | 4/1/2032 | 294000 | 302664 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., <br> Gtd. Notes<sup>(a)</sup> <br>| 4.88 | 7/1/2031 | 121000 | 111814 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., Sr. <br> Scd. Notes<sup>(a)</sup> <br>| 6.63 | 1/15/2032 | 194000 | 197025 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., Sr. <br> Unscd. Notes<sup>(a)</sup> <br>| 5.00 | 6/1/2029 | 254000 | 243608 |
| Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., Gtd. Notes | 4.88 | 4/1/2027 | 196000 | 195907 |
| Installed Building Products, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.75 | 2/1/2028 | 180000 | 179919 |
| Jacobs Entertainment, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.75 | 2/15/2029 | 139000 | 134695 |
| K Hovnanian Enterprises, Inc., Gtd. Notes<sup>(a)</sup> <br>| 8.00 | 4/1/2031 | 101000 | 103137 |
| K Hovnanian Enterprises, Inc., Gtd. Notes<sup>(a)</sup> <br>| 8.38 | 10/1/2033 | 93000 | 95189 |
| KB Home, Gtd. Notes | 7.25 | 7/15/2030 | 80000 | 82411 |
| Kingpin Intermediate Holdings LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 7.25 | 10/15/2032 | 94000 | 88308 |
| LGI Homes, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.00 | 7/15/2029 | 221000 | 198708 |
| LGI Homes, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.00 | 11/15/2032 | 213000 | 204335 |
| LGI Homes, Inc., Gtd. Notes<sup>(a)</sup> <br>| 8.75 | 12/15/2028 | 98000 | 101959 |
| Life Time, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.00 | 11/15/2031 | 126000 | 127640 |
| Light & Wonder International, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.25 | 10/1/2033 | 281000 | 280029 |
| Light & Wonder International, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.25 | 11/15/2029 | 245000 | 251142 |
| Light & Wonder International, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.50 | 9/1/2031 | 337000 | 349825 |
| Lindblad Expeditions LLC, Sr. Scd. Bonds<sup>(a)</sup> <br>| 7.00 | 9/15/2030 | 225000 | 229244 |
| Live Nation Entertainment, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.75 | 10/15/2027 | 326000 | 325093 |
| Live Nation Entertainment, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 3.75 | 1/15/2028 | 101000 | 98806 |
| Live Nation Entertainment, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.50 | 5/15/2027 | 331000 | 333893 |
| M/I Homes, Inc., Gtd. Notes | 3.95 | 2/15/2030 | 40000 | 38069 |
| M/I Homes, Inc., Gtd. Notes | 4.95 | 2/1/2028 | 184000 | 183390 |
| MajorDrive Holdings IV LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.38 | 6/1/2029 | 96000 | 75609 |
| Marriott Ownership Resorts, Inc., Gtd. Notes | 4.75 | 1/15/2028 | 57000 | 56354 |
| Marriott Ownership Resorts, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.50 | 10/1/2033 | 227000 | 223621 |
| Mattamy Group Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.63 | 3/1/2030 | 183000 | 177619 |
| Mattamy Group Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.25 | 12/15/2027 | 305000 | 304025 |
| Melco Resorts Finance Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.38 | 12/4/2029 | 198000 | 194234 |
| Melco Resorts Finance Ltd., Sr. Unscd. Notes | 5.63 | 7/17/2027 | 131000 | 130741 |
| Melco Resorts Finance Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.75 | 7/21/2028 | 415000 | 414141 |
| Melco Resorts Finance Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.50 | 9/24/2033 | 182000 | 182861 |
| Melco Resorts Finance Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.63 | 4/17/2032 | 300000 | 315565 |
| Merlin Entertainments Group US Holdings, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.38 | 2/15/2031 | 87000 | 73146 |
| MGM China Holdings Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.75 | 2/1/2027 | 240000 | 239096 |
| MGM Resorts International, Gtd. Notes | 4.75 | 10/15/2028 | 81000 | 80502 |

---

**11**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Consumer Discretionary — 9.2% (continued)** | **Consumer Discretionary — 9.2% (continued)** | **Consumer Discretionary — 9.2% (continued)** | **Consumer Discretionary — 9.2% (continued)** | **Consumer Discretionary — 9.2% (continued)** |
| MGM Resorts International, Gtd. Notes | 5.50 | 4/15/2027 | 120000 | 120637 |
| MGM Resorts International, Gtd. Notes | 6.13 | 9/15/2029 | 158000 | 160854 |
| MGM Resorts International, Gtd. Notes<sup>(b)</sup> <br>| 6.50 | 4/15/2032 | 119000 | 120848 |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 4.88 | 5/1/2029 | 80000 | 77674 |
| Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, Gtd. <br> Notes<sup>(a)</sup> <br>| 13.25 | 12/15/2029 | 44000 | 49981 |
| Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, Scd. <br> Notes<sup>(a)</sup> <br>| 11.88 | 4/15/2031 | 260000 | 272474 |
| Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, Sr. <br> Scd. Notes<sup>(a)</sup> <br>| 8.25 | 4/15/2030 | 145000 | 150449 |
| Motion Bondco DAC, Gtd. Notes<sup>(a)</sup> <br>| 6.63 | 11/15/2027 | 80000 | 77391 |
| Motion Finco Sarl, Sr. Scd. Notes<sup>(a)</sup> <br>| 8.38 | 2/15/2032 | 156000 | 132080 |
| NCL Corp. Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.25 | 3/1/2030 | 69000 | 70098 |
| NCL Corp. Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.25 | 9/15/2033 | 215000 | 217254 |
| NCL Corp. Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.75 | 2/1/2032 | 441000 | 453293 |
| NCL Corp. Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.75 | 2/15/2029 | 120000 | 128226 |
| NCL Corp., Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.88 | 1/15/2031 | 402000 | 401994 |
| NCL Finance Ltd., Gtd. Notes<sup>(a)</sup> <br>| 6.13 | 3/15/2028 | 115000 | 117458 |
| Odeon Finco PLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 12.75 | 11/1/2027 | 198000 | 204726 |
| Ontario Gaming GTA LP/OTG Co-Issuer, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.00 | 8/1/2030 | 103000 | 101608 |
| Penn Entertainment, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.63 | 1/15/2027 | 65000 | 64996 |
| Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., Gtd. <br> Notes<sup>(a)</sup> <br>| 5.63 | 9/1/2029 | 226000 | 135046 |
| Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., Gtd. <br> Notes<sup>(a)</sup> <br>| 5.88 | 9/1/2031 | 218000 | 121320 |
| RB Global Holdings, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.75 | 3/15/2031 | 459000 | 479983 |
| RB Global Holdings, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.75 | 3/15/2028 | 230000 | 235040 |
| Resideo Funding, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.50 | 7/15/2032 | 267000 | 273159 |
| Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., Sr. Scd. <br> Bonds<sup>(a)</sup> <br>| 6.63 | 2/1/2033 | 199000 | 201154 |
| Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.25 | 10/15/2030 | 170000 | 171314 |
| Sabre GLBL, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.63 | 6/1/2027 | 201000 | 202474 |
| Sabre GLBL, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 10.75 | 11/15/2029 | 261000 | 247947 |
| Sabre GLBL, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 11.13 | 7/15/2030 | 495000 | 467910 |
| Scientific Games Holdings LP/Scientific Games US FinCo, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.63 | 3/1/2030 | 204000 | 186211 |
| SeaWorld Parks & Entertainment, Inc., Gtd. Notes<sup>(a),(b)</sup> <br>| 5.25 | 8/15/2029 | 111000 | 108943 |
| Shea Homes LP/Shea Homes Funding Corp., Sr. Unscd. Notes | 4.75 | 2/15/2028 | 101000 | 100015 |
| Shea Homes LP/Shea Homes Funding Corp., Sr. Unscd. Notes | 4.75 | 4/1/2029 | 110000 | 107716 |
| Six Flags Entertainment Corp., Gtd. Notes<sup>(a)</sup> <br>| 5.50 | 4/15/2027 | 85000 | 84637 |
| Six Flags Entertainment Corp., Gtd. Notes<sup>(a),(b)</sup> <br>| 7.25 | 5/15/2031 | 132000 | 132261 |
| Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management <br> Corp., Gtd. Notes<br>| 5.25 | 7/15/2029 | 75000 | 72119 |
| Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management <br> Corp., Gtd. Notes<br>| 5.38 | 4/15/2027 | 107000 | 106560 |
| Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management <br> Corp., Gtd. Notes<br>| 6.50 | 10/1/2028 | 9000 | 9023 |
| Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada's Wonderland <br> Co., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.63 | 5/1/2032 | 115000 | 116638 |
| Somnigroup International, Inc., Gtd. Notes<sup>(a)</sup> <br>| 3.88 | 10/15/2031 | 276000 | 255000 |
| Somnigroup International, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.00 | 4/15/2029 | 276000 | 265744 |
| Speedway Motorsports LLC/Speedway Funding II, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.88 | 11/1/2027 | 20000 | 19879 |

---

**12**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Consumer Discretionary — 9.2% (continued)** | **Consumer Discretionary — 9.2% (continued)** | **Consumer Discretionary — 9.2% (continued)** | **Consumer Discretionary — 9.2% (continued)** | **Consumer Discretionary — 9.2% (continued)** |
| Station Casinos LLC, Gtd. Notes<sup>(a)</sup> <br>| 4.50 | 2/15/2028 | 225000 | 221536 |
| Station Casinos LLC, Gtd. Notes<sup>(a)</sup> <br>| 4.63 | 12/1/2031 | 90000 | 84392 |
| Station Casinos LLC, Gtd. Notes<sup>(a)</sup> <br>| 6.63 | 3/15/2032 | 145000 | 147352 |
| STL Holding Co. LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.75 | 2/15/2029 | 266000 | 278799 |
| Studio City Co. Ltd., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.00 | 2/15/2027 | 110000 | 110538 |
| Studio City Finance Ltd., Gtd. Notes<sup>(a)</sup> <br>| 5.00 | 1/15/2029 | 415000 | 396828 |
| Studio City Finance Ltd., Gtd. Notes<sup>(a)</sup> <br>| 6.50 | 1/15/2028 | 466000 | 465432 |
| The New Home Company, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.50 | 11/1/2030 | 47000 | 48799 |
| The New Home Company, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 9.25 | 10/1/2029 | 254000 | 266686 |
| Thor Industries, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.00 | 10/15/2029 | 255000 | 242945 |
| Travel + Leisure Co., Sr. Scd. Notes<sup>(a)</sup> <br>| 4.63 | 3/1/2030 | 106000 | 102823 |
| Travel + Leisure Co., Sr. Scd. Notes | 6.00 | 4/1/2027 | 241000 | 243842 |
| Travel + Leisure Co., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.13 | 9/1/2033 | 240000 | 242552 |
| Tri Pointe Homes, Inc., Gtd. Notes | 5.25 | 6/1/2027 | 93000 | 93175 |
| Tri Pointe Homes, Inc., Gtd. Notes | 5.70 | 6/15/2028 | 310000 | 313046 |
| Vail Resorts, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.63 | 7/15/2030 | 181000 | 183163 |
| Velocity Vehicle Group LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.00 | 6/1/2029 | 75000 | 73574 |
| Viking Cruises Ltd., Gtd. Notes<sup>(a)</sup> <br>| 9.13 | 7/15/2031 | 72000 | 77142 |
| Viking Cruises Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.88 | 10/15/2033 | 440000 | 447134 |
| Viking Cruises Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.00 | 2/15/2029 | 184000 | 185135 |
| VOC Escrow Ltd., Sr. Scd. Notes<sup>(a)</sup> <br>| 5.00 | 2/15/2028 | 238000 | 237528 |
| Voyager Parent LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 9.25 | 7/1/2032 | 508000 | 532936 |
| Warnermedia Holdings, Inc., Gtd. Notes | 3.76 | 3/15/2027 | 226000 | 223498 |
| Warnermedia Holdings, Inc., Gtd. Notes | 4.05 | 3/15/2029 | 268000 | 260335 |
| Warnermedia Holdings, Inc., Gtd. Notes | 4.28 | 3/15/2032 | 125000 | 109137 |
| Warnermedia Holdings, Inc., Gtd. Notes<sup>(b)</sup> <br>| 4.28 | 3/15/2032 | 509000 | 466654 |
| Warnermedia Holdings, Inc., Gtd. Notes | 5.05 | 3/15/2042 | 1000000 | 802399 |
| Warnermedia Holdings, Inc., Gtd. Notes | 5.14 | 3/15/2052 | 274000 | 208925 |
| Whirlpool Corp., Sr. Unscd. Notes | 2.40 | 5/15/2031 | 90000 | 74893 |
| Whirlpool Corp., Sr. Unscd. Notes | 4.50 | 6/1/2046 | 35000 | 26495 |
| Whirlpool Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>| 4.60 | 5/15/2050 | 170000 | 126796 |
| Whirlpool Corp., Sr. Unscd. Notes | 4.70 | 5/14/2032 | 91000 | 83370 |
| Whirlpool Corp., Sr. Unscd. Notes | 4.75 | 2/26/2029 | 221000 | 217452 |
| Whirlpool Corp., Sr. Unscd. Notes | 5.15 | 3/1/2043 | 122000 | 101926 |
| Whirlpool Corp., Sr. Unscd. Notes | 5.50 | 3/1/2033 | 119000 | 112241 |
| Whirlpool Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>| 5.75 | 3/1/2034 | 34000 | 32426 |
| Whirlpool Corp., Sr. Unscd. Notes | 6.13 | 6/15/2030 | 121000 | 119910 |
| Whirlpool Corp., Sr. Unscd. Notes | 6.50 | 6/15/2033 | 119000 | 116129 |
| Windsor Holdings III LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 8.50 | 6/15/2030 | 226000 | 238531 |
| Winnebago Industries, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.25 | 7/15/2028 | 131000 | 130715 |
| Wyndham Hotels & Resorts, Inc., Gtd. Notes<sup>(a),(b)</sup> <br>| 4.38 | 8/15/2028 | 260000 | 255343 |
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., Gtd. Notes<sup>(a)</sup> <br>| 5.25 | 5/15/2027 | 373000 | 373671 |
| Wynn Macau Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.13 | 12/15/2029 | 165000 | 162449 |
| Wynn Macau Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.50 | 10/1/2027 | 100000 | 99909 |
| Wynn Macau Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.63 | 8/26/2028 | 354000 | 353390 |
| Wynn Macau Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.75 | 2/15/2034 | 295000 | 297957 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Gtd. Notes<sup>(a)</sup> <br>| 5.13 | 10/1/2029 | 99000 | 99033 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.25 | 3/15/2033 | 215000 | 218747 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Gtd. Notes<sup>(a)</sup> <br>| 7.13 | 2/15/2031 | 228000 | 244663 |
|  |  |  |  | **37205738** |

---

**13**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Consumer Durables & Apparel — .6%** | **Consumer Durables & Apparel — .6%** | **Consumer Durables & Apparel — .6%** | **Consumer Durables & Apparel — .6%** | **Consumer Durables & Apparel — .6%** |
| Beach Acquisition Bidco LLC, Sr. Unscd. Notes<sup>(a),(c)</sup> <br>| 10.00 | 7/15/2033 | 704000 | 757233 |
| Champ Acquisition Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.38 | 12/1/2031 | 110000 | 117165 |
| Crocs, Inc., Gtd. Notes<sup>(a),(b)</sup> <br>| 4.13 | 8/15/2031 | 19000 | 17469 |
| Crocs, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.25 | 3/15/2029 | 175000 | 167967 |
| Hanesbrands, Inc., Gtd. Notes<sup>(a)</sup> <br>| 9.00 | 2/15/2031 | 231000 | 243908 |
| Kontoor Brands, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.13 | 11/15/2029 | 240000 | 228326 |
| S&S Holdings LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 8.38 | 10/1/2031 | 260000 | 248517 |
| Under Armour, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.25 | 7/15/2030 | 216000 | 213225 |
| VF Corp., Sr. Unscd. Notes | 2.80 | 4/23/2027 | 174000 | 169453 |
| VF Corp., Sr. Unscd. Notes | 2.95 | 4/23/2030 | 186000 | 163288 |
| VF Corp., Sr. Unscd. Notes | 6.45 | 11/1/2037 | 42000 | 39336 |
| Wolverine World Wide, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.00 | 8/15/2029 | 3000 | 2746 |
|  |  |  |  | **2368633** |
| **Consumer Staples — .8%** | **Consumer Staples — .8%** | **Consumer Staples — .8%** | **Consumer Staples — .8%** | **Consumer Staples — .8%** |
| ACCO Brands Corp., Gtd. Notes<sup>(a)</sup> <br>| 4.25 | 3/15/2029 | 99000 | 88042 |
| CD&R Smokey Buyer, Inc./Radio Systems Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 9.50 | 10/15/2029 | 153000 | 107530 |
| Central Garden & Pet Co., Gtd. Notes | 5.13 | 2/1/2028 | 5000 | 4989 |
| Edgewell Personal Care Co., Gtd. Notes<sup>(a)</sup> <br>| 4.13 | 4/1/2029 | 132000 | 125447 |
| Edgewell Personal Care Co., Gtd. Notes<sup>(a)</sup> <br>| 5.50 | 6/1/2028 | 317000 | 316733 |
| Kronos Acquisition Holdings, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.25 | 6/30/2031 | 112000 | 83555 |
| Kronos Acquisition Holdings, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 10.75 | 6/30/2032 | 100000 | 51683 |
| Newell Brands, Inc., Sr. Unscd. Notes | 6.38 | 9/15/2027 | 94000 | 94073 |
| Newell Brands, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>| 6.38 | 5/15/2030 | 89000 | 84550 |
| Newell Brands, Inc., Sr. Unscd. Notes | 6.63 | 9/15/2029 | 106000 | 103615 |
| Newell Brands, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>| 6.63 | 5/15/2032 | 112000 | 105535 |
| Newell Brands, Inc., Sr. Unscd. Notes | 7.38 | 4/1/2036 | 92000 | 86643 |
| Newell Brands, Inc., Sr. Unscd. Notes | 7.50 | 4/1/2046 | 167000 | 138554 |
| Newell Brands, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.50 | 6/1/2028 | 239000 | 245947 |
| Opal Bidco SAS, Sr. Scd. Bonds<sup>(a)</sup> <br>| 6.50 | 3/31/2032 | 304000 | 313169 |
| Perrigo Finance Unlimited Co., Gtd. Bonds | 4.90 | 12/15/2044 | 65000 | 53912 |
| Perrigo Finance Unlimited Co., Gtd. Notes | 4.90 | 6/15/2030 | 143000 | 139976 |
| Perrigo Finance Unlimited Co., Gtd. Notes | 6.13 | 9/30/2032 | 194000 | 196032 |
| Prestige Brands, Inc., Gtd. Notes<sup>(a)</sup> <br>| 3.75 | 4/1/2031 | 270000 | 250689 |
| Prestige Brands, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.13 | 1/15/2028 | 340000 | 338869 |
| SWF Holdings I Corp., Scd. Notes<sup>(a)</sup> <br>| 6.50 | 10/6/2029 | 40000 | 19560 |
| SWF Holdings I Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.50 | 10/1/2029 | 131000 | 47099 |
| The Scotts Miracle-Gro Company, Gtd. Notes | 4.00 | 4/1/2031 | 56000 | 51910 |
| The Scotts Miracle-Gro Company, Gtd. Notes | 4.38 | 2/1/2032 | 44000 | 40721 |
|  |  |  |  | **3088833** |
| **Diversified Financials — 6.3%** | **Diversified Financials — 6.3%** | **Diversified Financials — 6.3%** | **Diversified Financials — 6.3%** | **Diversified Financials — 6.3%** |
| Ally Financial, Inc., Sub. Notes | 6.65 | 1/17/2040 | 132000 | 132540 |
| Aretec Group, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 10.00 | 8/15/2030 | 270000 | 293621 |
| Aretec Group, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.50 | 4/1/2029 | 11000 | 11070 |
| Atlanticus Holdings Corp., Gtd. Notes<sup>(a)</sup> <br>| 9.75 | 9/1/2030 | 109000 | 105925 |
| Avation Group S Pte Ltd., Gtd. Notes<sup>(a)</sup> <br>| 8.50 | 5/15/2031 | 36000 | 35331 |
| Azorra Finance Ltd., Gtd. Notes<sup>(a)</sup> <br>| 7.25 | 1/15/2031 | 110000 | 115266 |
| Azorra Finance Ltd., Gtd. Notes<sup>(a)</sup> <br>| 7.75 | 4/15/2030 | 314000 | 331246 |
| BlackRock TCP Capital Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>| 6.95 | 5/30/2029 | 130000 | 131966 |
| Bread Financial Holdings, Inc., Gtd. Notes<sup>(a)</sup> <br>| 9.75 | 3/15/2029 | 255000 | 272163 |
| Bread Financial Holdings, Inc., Sub. Notes<sup>(a)</sup> <br>| 8.38 | 6/15/2035 | 108000 | 110252 |

---

**14**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Diversified Financials — 6.3% (continued)** | **Diversified Financials — 6.3% (continued)** | **Diversified Financials — 6.3% (continued)** | **Diversified Financials — 6.3% (continued)** | **Diversified Financials — 6.3% (continued)** |
| Burford Capital Global Finance LLC, Gtd. Notes<sup>(a)</sup> <br>| 6.25 | 4/15/2028 | 355000 | 353546 |
| Burford Capital Global Finance LLC, Gtd. Notes<sup>(a)</sup> <br>| 6.88 | 4/15/2030 | 395000 | 392947 |
| Burford Capital Global Finance LLC, Gtd. Notes<sup>(a)</sup> <br>| 7.50 | 7/15/2033 | 150000 | 148189 |
| Burford Capital Global Finance LLC, Gtd. Notes<sup>(a)</sup> <br>| 9.25 | 7/1/2031 | 435000 | 450216 |
| Cobra AcquisitionCo LLC, Gtd. Notes<sup>(a)</sup> <br>| 6.38 | 11/1/2029 | 113000 | 95769 |
| Cobra AcquisitionCo LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 12.25 | 11/1/2029 | 76000 | 76437 |
| Coinbase Global, Inc., Gtd. Notes<sup>(a)</sup> <br>| 3.38 | 10/1/2028 | 345000 | 328838 |
| Coinbase Global, Inc., Gtd. Notes<sup>(a)</sup> <br>| 3.63 | 10/1/2031 | 267000 | 238700 |
| Compass Group Diversified Holdings LLC, Gtd. Notes<sup>(a)</sup> <br>| 5.25 | 4/15/2029 | 318478 | 288631 |
| Compass Group Diversified Holdings LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.00 | 1/15/2032 | 30524 | 26877 |
| Credit Acceptance Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.63 | 3/15/2030 | 274000 | 273565 |
| Credit Acceptance Corp., Gtd. Notes<sup>(a)</sup> <br>| 9.25 | 12/15/2028 | 165000 | 173029 |
| CrossCountry Intermediate HoldCo LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.50 | 10/1/2030 | 204000 | 205990 |
| Encore Capital Group, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.63 | 4/15/2031 | 106000 | 105168 |
| Encore Capital Group, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.50 | 5/15/2030 | 71000 | 74763 |
| Encore Capital Group, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 9.25 | 4/1/2029 | 148000 | 156052 |
| Enova International, Inc., Gtd. Notes<sup>(a)</sup> <br>| 9.13 | 8/1/2029 | 125000 | 131018 |
| Enova International, Inc., Gtd. Notes<sup>(a)</sup> <br>| 11.25 | 12/15/2028 | 219000 | 232488 |
| EZCORP, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.38 | 4/1/2032 | 214000 | 226294 |
| Finance of America Funding LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 7.88 | 11/30/2026 | 59000 | 53460 |
| Focus Financial Partners LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 6.75 | 9/15/2031 | 300000 | 309468 |
| Freedom Mortgage Holdings LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.88 | 4/1/2033 | 98000 | 100672 |
| Freedom Mortgage Holdings LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.38 | 4/1/2032 | 141000 | 147401 |
| Freedom Mortgage Holdings LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 9.13 | 5/15/2031 | 336000 | 357100 |
| Freedom Mortgage Holdings LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 9.25 | 2/1/2029 | 439000 | 461040 |
| GGAM Finance Ltd., Gtd. Notes<sup>(a)</sup> <br>| 6.88 | 4/15/2029 | 90000 | 93375 |
| GGAM Finance Ltd., Gtd. Notes<sup>(a)</sup> <br>| 8.00 | 2/15/2027 | 185000 | 189455 |
| GGAM Finance Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.88 | 3/15/2030 | 100000 | 101587 |
| GGAM Finance Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.00 | 6/15/2028 | 121000 | 128456 |
| Global Aircraft Leasing Co. Ltd., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.75 | 9/1/2027 | 460000 | 472956 |
| goeasy Ltd., Gtd. Notes<sup>(a)</sup> <br>| 6.88 | 5/15/2030 | 183000 | 179957 |
| goeasy Ltd., Gtd. Notes<sup>(a)</sup> <br>| 6.88 | 2/15/2031 | 135000 | 131940 |
| goeasy Ltd., Gtd. Notes<sup>(a)</sup> <br>| 9.25 | 12/1/2028 | 354000 | 366832 |
| goeasy Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.38 | 10/1/2030 | 101000 | 100770 |
| goeasy Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.63 | 7/1/2029 | 249000 | 251081 |
| Hightower Holding LLC, Gtd. Notes<sup>(a)</sup> <br>| 6.75 | 4/15/2029 | 126000 | 126184 |
| Hightower Holding LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 9.13 | 1/31/2030 | 80000 | 85729 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp., Sr. Scd. Notes | 4.38 | 2/1/2029 | 234000 | 201360 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp., Sr. Scd. Notes | 5.25 | 5/15/2027 | 367000 | 360672 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp., Sr. Scd. Notes | 9.00 | 6/15/2030 | 216000 | 207854 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp., Sr. Scd. Notes | 9.75 | 1/15/2029 | 248000 | 249131 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 10.00 | 11/15/2029 | 287000 | 288092 |
| Jane Street Group/JSG Finance, Inc., Sr. Scd. Bonds<sup>(a)</sup> <br>| 6.75 | 5/1/2033 | 467000 | 486921 |
| Jane Street Group/JSG Finance, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.13 | 11/1/2032 | 308000 | 313432 |
| Jane Street Group/JSG Finance, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.13 | 4/30/2031 | 314000 | 329435 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.00 | 8/15/2028 | 479000 | 453638 |
| Jefferson Capital Holdings LLC, Gtd. Notes<sup>(a)</sup> <br>| 8.25 | 5/15/2030 | 185000 | 191752 |
| Jefferson Capital Holdings LLC, Gtd. Notes<sup>(a)</sup> <br>| 9.50 | 2/15/2029 | 330000 | 348055 |
| LD Holdings Group LLC, Gtd. Notes<sup>(a)</sup> <br>| 6.13 | 4/1/2028 | 121000 | 112931 |
| LD Holdings Group LLC, Gtd. Notes<sup>(a)</sup> <br>| 8.75 | 11/1/2027 | 90000 | 88737 |

---

**15**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Diversified Financials — 6.3% (continued)** | **Diversified Financials — 6.3% (continued)** | **Diversified Financials — 6.3% (continued)** | **Diversified Financials — 6.3% (continued)** | **Diversified Financials — 6.3% (continued)** |
| LFS Topco LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.75 | 7/15/2030 | 123000 | 120460 |
| Midcap Financial Issuer Trust, Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.63 | 1/15/2030 | 304000 | 287371 |
| Midcap Financial Issuer Trust, Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.50 | 5/1/2028 | 453000 | 444900 |
| Navient Corp., Sr. Unscd. Notes | 4.88 | 3/15/2028 | 146000 | 142840 |
| Navient Corp., Sr. Unscd. Notes | 5.00 | 3/15/2027 | 139000 | 138216 |
| Navient Corp., Sr. Unscd. Notes | 5.50 | 3/15/2029 | 198000 | 194278 |
| Navient Corp., Sr. Unscd. Notes | 5.63 | 8/1/2033 | 208000 | 187834 |
| Navient Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>| 7.88 | 6/15/2032 | 142000 | 146785 |
| Navient Corp., Sr. Unscd. Notes | 9.38 | 7/25/2030 | 94000 | 103321 |
| Navient Corp., Sr. Unscd. Notes | 11.50 | 3/15/2031 | 180000 | 201422 |
| OneMain Finance Corp., Gtd. Notes | 3.50 | 1/15/2027 | 174000 | 171158 |
| OneMain Finance Corp., Gtd. Notes | 3.88 | 9/15/2028 | 150000 | 144781 |
| OneMain Finance Corp., Gtd. Notes | 4.00 | 9/15/2030 | 288000 | 267794 |
| OneMain Finance Corp., Gtd. Notes | 5.38 | 11/15/2029 | 52000 | 51576 |
| OneMain Finance Corp., Gtd. Notes | 6.13 | 5/15/2030 | 199000 | 201310 |
| OneMain Finance Corp., Gtd. Notes | 6.50 | 3/15/2033 | 272000 | 271607 |
| OneMain Finance Corp., Gtd. Notes | 6.63 | 1/15/2028 | 254000 | 260023 |
| OneMain Finance Corp., Gtd. Notes | 6.63 | 5/15/2029 | 299000 | 307743 |
| OneMain Finance Corp., Gtd. Notes | 6.75 | 3/15/2032 | 173000 | 175556 |
| OneMain Finance Corp., Gtd. Notes | 7.13 | 11/15/2031 | 268000 | 277582 |
| OneMain Finance Corp., Gtd. Notes | 7.13 | 9/15/2032 | 74000 | 76372 |
| OneMain Finance Corp., Gtd. Notes | 7.50 | 5/15/2031 | 254000 | 265372 |
| OneMain Finance Corp., Gtd. Notes | 7.88 | 3/15/2030 | 165000 | 173813 |
| Osaic Holdings, Inc., Gtd. Notes<sup>(a)</sup> <br>| 8.00 | 8/1/2033 | 115000 | 118029 |
| Osaic Holdings, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.75 | 8/1/2032 | 75000 | 77454 |
| Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.38 | 2/1/2027 | 260000 | 258228 |
| PennyMac Financial Services, Inc., Gtd. Bonds<sup>(a)</sup> <br>| 6.88 | 5/15/2032 | 305000 | 318365 |
| PennyMac Financial Services, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.25 | 2/15/2029 | 335000 | 325401 |
| PennyMac Financial Services, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.75 | 9/15/2031 | 172000 | 171650 |
| PennyMac Financial Services, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.75 | 2/15/2034 | 227000 | 232566 |
| PennyMac Financial Services, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.88 | 2/15/2033 | 246000 | 254654 |
| PennyMac Financial Services, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.13 | 11/15/2030 | 224000 | 234205 |
| PennyMac Financial Services, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.88 | 12/15/2029 | 308000 | 327262 |
| PHH Escrow Issuer LLC/PHH Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 9.88 | 11/1/2029 | 156000 | 156549 |
| Phoenix Aviation Capital Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 9.25 | 7/15/2030 | 156000 | 164395 |
| Planet Financial Group LLC, Gtd. Notes<sup>(a)</sup> <br>| 10.50 | 12/15/2029 | 360000 | 374287 |
| PRA Group, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.00 | 10/1/2029 | 335000 | 304763 |
| PRA Group, Inc., Gtd. Notes<sup>(a)</sup> <br>| 8.38 | 2/1/2028 | 237000 | 240486 |
| PRA Group, Inc., Gtd. Notes<sup>(a)</sup> <br>| 8.88 | 1/31/2030 | 295000 | 299721 |
| Prospect Capital Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>| 3.36 | 11/15/2026 | 60000 | 58156 |
| Prospect Capital Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>| 3.44 | 10/15/2028 | 218000 | 196098 |
| Provident Funding Associates LP/PFG Finance Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 9.75 | 9/15/2029 | 205000 | 215901 |
| RFNA LP, Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.88 | 2/15/2030 | 101000 | 100512 |
| Rocket Cos., Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.13 | 8/1/2030 | 540000 | 557359 |
| Rocket Cos., Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.38 | 8/1/2033 | 520000 | 542216 |
| Rocket Cos., Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.50 | 8/1/2029 | 287000 | 297653 |
| Rocket Cos., Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.13 | 2/1/2032 | 275000 | 288547 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., Gtd. Notes<sup>(a)</sup> <br>| 3.63 | 3/1/2029 | 34000 | 32663 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., Gtd. Notes<sup>(a)</sup> <br>| 3.88 | 3/1/2031 | 207000 | 194553 |
| Stonex Escrow Issuer LLC, Scd. Notes<sup>(a)</sup> <br>| 6.88 | 7/15/2032 | 160000 | 165275 |

---

**16**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Diversified Financials — 6.3% (continued)** | **Diversified Financials — 6.3% (continued)** | **Diversified Financials — 6.3% (continued)** | **Diversified Financials — 6.3% (continued)** | **Diversified Financials — 6.3% (continued)** |
| StoneX Group, Inc., Scd. Notes<sup>(a)</sup> <br>| 7.88 | 3/1/2031 | 344000 | 364707 |
| TrueNoord Capital DAC, Gtd. Notes<sup>(a)</sup> <br>| 8.75 | 3/1/2030 | 122000 | 128559 |
| United Wholesale Mortgage LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.50 | 4/15/2029 | 150000 | 147692 |
| United Wholesale Mortgage LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.75 | 6/15/2027 | 325000 | 325429 |
| UWM Holdings LLC, Gtd. Notes<sup>(a)</sup> <br>| 6.25 | 3/15/2031 | 292000 | 291603 |
| UWM Holdings LLC, Gtd. Notes<sup>(a)</sup> <br>| 6.63 | 2/1/2030 | 210000 | 214112 |
| Vericast Corp., Scd. Notes<sup>(a)</sup> <br>| 12.50 | 12/15/2027 | 15000 | 15371 |
| VFH Parent LLC/Valor Co-Issuer, Inc., Sr. Scd. Bonds<sup>(a)</sup> <br>| 7.50 | 6/15/2031 | 194000 | 203029 |
|  |  |  |  | **25616934** |
| **Electronic Components — .6%** | **Electronic Components — .6%** | **Electronic Components — .6%** | **Electronic Components — .6%** | **Electronic Components — .6%** |
| Coherent Corp., Gtd. Notes<sup>(a)</sup> <br>| 5.00 | 12/15/2029 | 137000 | 135638 |
| Energizer Holdings, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.38 | 3/31/2029 | 122000 | 117136 |
| Energizer Holdings, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.75 | 6/15/2028 | 65000 | 63957 |
| Energizer Holdings, Inc., Gtd. Notes<sup>(a),(b)</sup> <br>| 6.00 | 9/15/2033 | 31000 | 30011 |
| EnerSys, Gtd. Notes<sup>(a)</sup> <br>| 4.38 | 12/15/2027 | 103000 | 101760 |
| EnerSys, Gtd. Notes<sup>(a)</sup> <br>| 6.63 | 1/15/2032 | 273000 | 280619 |
| Imola Merger Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 4.75 | 5/15/2029 | 735000 | 725677 |
| Sensata Technologies BV, Gtd. Notes<sup>(a)</sup> <br>| 4.00 | 4/15/2029 | 170000 | 165645 |
| Sensata Technologies BV, Gtd. Notes<sup>(a)</sup> <br>| 5.88 | 9/1/2030 | 78000 | 78898 |
| Sensata Technologies, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.63 | 7/15/2032 | 84000 | 87483 |
| TTM Technologies, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.00 | 3/1/2029 | 48000 | 46370 |
| WESCO Distribution, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.38 | 3/15/2029 | 198000 | 204268 |
| WESCO Distribution, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.38 | 3/15/2033 | 245000 | 255948 |
| WESCO Distribution, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.25 | 6/15/2028 | 175000 | 177405 |
|  |  |  |  | **2470815** |
| **Energy — 11.6%** | **Energy — 11.6%** | **Energy — 11.6%** | **Energy — 11.6%** | **Energy — 11.6%** |
| Aethon United BR LP/Aethon United Finance Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.50 | 10/1/2029 | 330000 | 342439 |
| Antero Midstream Partners LP/Antero Midstream Finance Corp., Gtd. Notes<sup>(a)</sup> <br>| 5.38 | 6/15/2029 | 215000 | 214987 |
| Antero Midstream Partners LP/Antero Midstream Finance Corp., Gtd. Notes<sup>(a)</sup> <br>| 5.75 | 1/15/2028 | 143000 | 143001 |
| Antero Midstream Partners LP/Antero Midstream Finance Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.63 | 2/1/2032 | 219000 | 226680 |
| Antero Midstream Partners LP/Antero Midstream Finance Corp., Sr. Unscd. <br> Bonds<sup>(a)</sup> <br>| 5.75 | 10/15/2033 | 150000 | 149823 |
| Archrock Partners LP/Archrock Partners Finance Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.25 | 4/1/2028 | 28000 | 28088 |
| Archrock Partners LP/Archrock Partners Finance Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.63 | 9/1/2032 | 255000 | 262192 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.88 | 6/30/2029 | 88000 | 87735 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.63 | 10/15/2032 | 181000 | 184562 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.63 | 7/15/2033 | 189000 | 191985 |
| Baytex Energy Corp., Gtd. Notes<sup>(a)</sup> <br>| 7.38 | 3/15/2032 | 200000 | 197022 |
| Baytex Energy Corp., Gtd. Notes<sup>(a)</sup> <br>| 8.50 | 4/30/2030 | 341000 | 349158 |
| BKV Upstream Midstream LLC, Gtd. Notes<sup>(a)</sup> <br>| 7.50 | 10/15/2030 | 138000 | 138138 |
| Bristow Group, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.88 | 3/1/2028 | 241000 | 240936 |
| Buckeye Partners LP, Sr. Unscd. Notes | 3.95 | 12/1/2026 | 182000 | 180417 |
| Buckeye Partners LP, Sr. Unscd. Notes | 4.13 | 12/1/2027 | 128000 | 126458 |
| Buckeye Partners LP, Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.50 | 3/1/2028 | 196000 | 194066 |
| Buckeye Partners LP, Sr. Unscd. Notes | 5.60 | 10/15/2044 | 124000 | 114180 |
| Buckeye Partners LP, Sr. Unscd. Notes | 5.85 | 11/15/2043 | 140000 | 131451 |
| Buckeye Partners LP, Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.75 | 2/1/2030 | 199000 | 207982 |
| Buckeye Partners LP, Sr. Unscd. Notes | 6.75 | 8/15/2033 | 108000 | 110398 |
| Buckeye Partners LP, Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.88 | 7/1/2029 | 276000 | 286704 |
| California Resources Corp., Gtd. Notes<sup>(a)</sup> <br>| 8.25 | 6/15/2029 | 665000 | 691655 |

---

**17**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Energy — 11.6% (continued)** | **Energy — 11.6% (continued)** | **Energy — 11.6% (continued)** | **Energy — 11.6% (continued)** | **Energy — 11.6% (continued)** |
| California Resources Corp., Sr. Unscd. Notes<sup>(a),(b)</sup> <br>| 7.00 | 1/15/2034 | 117000 | 116471 |
| Calumet Specialty Products Partners LP/Calumet Finance Corp., Gtd. Notes<sup>(a)</sup> <br>| 8.13 | 1/15/2027 | 66400 | 65811 |
| Calumet Specialty Products Partners LP/Calumet Finance Corp., Gtd. Notes<sup>(a)</sup> <br>| 9.75 | 7/15/2028 | 61000 | 59779 |
| Caturus Energy LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.50 | 2/15/2030 | 172000 | 175488 |
| CHC Group LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 11.75 | 9/1/2030 | 305000 | 284734 |
| Chord Energy Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.00 | 10/1/2030 | 398000 | 398923 |
| Chord Energy Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.75 | 3/15/2033 | 486000 | 496306 |
| Civitas Resources, Inc., Gtd. Notes<sup>(a)</sup> <br>| 8.38 | 7/1/2028 | 400000 | 413110 |
| Civitas Resources, Inc., Gtd. Notes<sup>(a)</sup> <br>| 8.63 | 11/1/2030 | 319000 | 329751 |
| Civitas Resources, Inc., Gtd. Notes<sup>(a)</sup> <br>| 8.75 | 7/1/2031 | 368000 | 378120 |
| Civitas Resources, Inc., Gtd. Notes<sup>(a)</sup> <br>| 9.63 | 6/15/2033 | 254000 | 272247 |
| CNX Midstream Partners LP, Gtd. Notes<sup>(a)</sup> <br>| 4.75 | 4/15/2030 | 32000 | 30648 |
| CNX Resources Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.00 | 1/15/2029 | 393000 | 395059 |
| CNX Resources Corp., Gtd. Notes<sup>(a)</sup> <br>| 7.25 | 3/1/2032 | 339000 | 353457 |
| CNX Resources Corp., Gtd. Notes<sup>(a)</sup> <br>| 7.38 | 1/15/2031 | 287000 | 296818 |
| Comstock Resources, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.88 | 1/15/2030 | 135000 | 128469 |
| Comstock Resources, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.75 | 3/1/2029 | 463000 | 458678 |
| Comstock Resources, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.75 | 3/1/2029 | 211000 | 208926 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 5.50 | 6/15/2031 | 400000 | 396203 |
| Crescent Energy Finance LLC, Gtd. Notes<sup>(a)</sup> <br>| 7.38 | 1/15/2033 | 304000 | 287145 |
| Crescent Energy Finance LLC, Gtd. Notes<sup>(a)</sup> <br>| 7.63 | 4/1/2032 | 410000 | 397256 |
| Crescent Energy Finance LLC, Gtd. Notes<sup>(a),(b)</sup> <br>| 8.38 | 1/15/2034 | 345000 | 337870 |
| CVR Energy, Inc., Gtd. Bonds<sup>(a)</sup> <br>| 5.75 | 2/15/2028 | 104000 | 102860 |
| CVR Energy, Inc., Gtd. Notes<sup>(a)</sup> <br>| 8.50 | 1/15/2029 | 261000 | 267667 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp., Gtd. Notes<sup>(a)</sup> <br>| 7.13 | 6/1/2028 | 301000 | 302315 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp., Gtd. Notes<sup>(a)</sup> <br>| 7.38 | 6/30/2033 | 184000 | 186706 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp., Gtd. Notes<sup>(a)</sup> <br>| 8.63 | 3/15/2029 | 571000 | 595470 |
| Diamond Foreign Asset Co./Diamond Finance LLC, Scd. Notes<sup>(a)</sup> <br>| 8.50 | 10/1/2030 | 100000 | 106032 |
| Enerflex Ltd., Sr. Scd. Notes<sup>(a)</sup> <br>| 9.00 | 10/15/2027 | 141000 | 144253 |
| Energy Transfer LP, Jr. Sub. Notes | 6.50 | 2/15/2056 | 658000 | 654855 |
| Energy Transfer LP, Jr. Sub. Notes | 6.75 | 2/15/2056 | 334000 | 334741 |
| Energy Transfer LP, Jr. Sub. Notes | 7.13 | 10/1/2054 | 198000 | 204940 |
| Energy Transfer LP, Jr. Sub. Notes | 8.00 | 5/15/2054 | 478000 | 510056 |
| EnQuest PLC, Gtd. Notes<sup>(a)</sup> <br>| 11.63 | 11/1/2027 | 115000 | 116535 |
| Excelerate Energy LP, Gtd. Bonds<sup>(a)</sup> <br>| 8.00 | 5/15/2030 | 278000 | 292837 |
| FORESEA Holding SA, Sr. Scd. Notes<sup>(a)</sup> <br>| 7.50 | 6/15/2030 | 53000 | 51847 |
| Genesis Energy LP/Genesis Energy Finance Corp., Gtd. Notes | 7.75 | 2/1/2028 | 275000 | 276769 |
| Genesis Energy LP/Genesis Energy Finance Corp., Gtd. Notes | 7.88 | 5/15/2032 | 172000 | 177188 |
| Genesis Energy LP/Genesis Energy Finance Corp., Gtd. Notes | 8.00 | 5/15/2033 | 206000 | 213210 |
| Genesis Energy LP/Genesis Energy Finance Corp., Gtd. Notes | 8.25 | 1/15/2029 | 146000 | 152516 |
| Genesis Energy LP/Genesis Energy Finance Corp., Gtd. Notes | 8.88 | 4/15/2030 | 104000 | 109791 |
| Global Marine, Inc., Gtd. Notes | 7.00 | 6/1/2028 | 57000 | 54473 |
| Global Partners LP/GLP Finance Corp., Gtd. Notes | 6.88 | 1/15/2029 | 80000 | 80919 |
| Global Partners LP/GLP Finance Corp., Gtd. Notes<sup>(a)</sup> <br>| 7.13 | 7/1/2033 | 132000 | 134113 |
| Global Partners LP/GLP Finance Corp., Gtd. Notes<sup>(a)</sup> <br>| 8.25 | 1/15/2032 | 161000 | 168478 |
| Greenfire Resources Ltd., Sr. Scd. Notes<sup>(a)</sup> <br>| 12.00 | 10/1/2028 | 268000 | 282283 |
| Gulfport Energy Operating Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.75 | 9/1/2029 | 268000 | 273839 |
| Harvest Midstream I LP, Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.50 | 9/1/2028 | 329000 | 333162 |
| Harvest Midstream I LP, Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.50 | 5/15/2032 | 181000 | 187479 |
| Helix Energy Solutions Group, Inc., Gtd. Notes<sup>(a)</sup> <br>| 9.75 | 3/1/2029 | 326000 | 344417 |

---

**18**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Energy — 11.6% (continued)** | **Energy — 11.6% (continued)** | **Energy — 11.6% (continued)** | **Energy — 11.6% (continued)** | **Energy — 11.6% (continued)** |
| Hess Midstream Operations LP, Gtd. Notes<sup>(a)</sup> <br>| 5.88 | 3/1/2028 | 56000 | 57083 |
| Hilcorp Energy I LP/Hilcorp Finance Co., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.75 | 2/1/2029 | 195000 | 191124 |
| Hilcorp Energy I LP/Hilcorp Finance Co., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.00 | 4/15/2030 | 30000 | 29248 |
| Hilcorp Energy I LP/Hilcorp Finance Co., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.00 | 2/1/2031 | 50000 | 47524 |
| Hilcorp Energy I LP/Hilcorp Finance Co., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.25 | 11/1/2028 | 120000 | 120191 |
| Hilcorp Energy I LP/Hilcorp Finance Co., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.25 | 4/15/2032 | 30000 | 28467 |
| Hilcorp Energy I LP/Hilcorp Finance Co., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.88 | 5/15/2034 | 109000 | 103522 |
| Hilcorp Energy I LP/Hilcorp Finance Co., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.25 | 2/15/2035 | 282000 | 271425 |
| Hilcorp Energy I LP/Hilcorp Finance Co., Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.38 | 11/1/2033 | 70000 | 72417 |
| Howard Midstream Energy Partners LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.63 | 1/15/2034 | 149000 | 153577 |
| Howard Midstream Energy Partners LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.38 | 7/15/2032 | 10000 | 10485 |
| Ithaca Energy North Sea PLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.13 | 10/15/2029 | 323000 | 339340 |
| ITT Holdings LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.50 | 8/1/2029 | 543000 | 526514 |
| Kinetik Holdings LP, Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.63 | 12/15/2028 | 170000 | 174371 |
| Kodiak Gas Services LLC, Gtd. Notes<sup>(a)</sup> <br>| 6.50 | 10/1/2033 | 136000 | 139361 |
| Kodiak Gas Services LLC, Gtd. Notes<sup>(a)</sup> <br>| 6.75 | 10/1/2035 | 143000 | 147271 |
| Kodiak Gas Services LLC, Gtd. Notes<sup>(a)</sup> <br>| 7.25 | 2/15/2029 | 253000 | 262515 |
| Kraken Oil & Gas Partners LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.63 | 8/15/2029 | 234000 | 228961 |
| Long Ridge Energy LLC, Sr. Scd. Bonds<sup>(a)</sup> <br>| 8.75 | 2/15/2032 | 119000 | 123037 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.88 | 12/1/2032 | 76000 | 77269 |
| Martin Midstream Partners LP/Martin Midstream Finance Corp., Scd. Notes<sup>(a)</sup> <br>| 11.50 | 2/15/2028 | 283000 | 291166 |
| Matador Resources Co., Gtd. Notes<sup>(a)</sup> <br>| 6.25 | 4/15/2033 | 294000 | 294170 |
| Matador Resources Co., Gtd. Notes<sup>(a)</sup> <br>| 6.50 | 4/15/2032 | 585000 | 590201 |
| Matador Resources Co., Gtd. Notes<sup>(a)</sup> <br>| 6.88 | 4/15/2028 | 290000 | 295537 |
| MEG Energy Corp., Gtd. Notes<sup>(a)</sup> <br>| 5.88 | 2/1/2029 | 67000 | 67039 |
| Moss Creek Resources Holdings, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.25 | 9/1/2031 | 424000 | 410112 |
| Murphy Oil Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>| 6.00 | 10/1/2032 | 50000 | 49316 |
| Nabors Industries Ltd., Gtd. Notes<sup>(a)</sup> <br>| 7.50 | 1/15/2028 | 51000 | 51215 |
| Nabors Industries, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.38 | 5/15/2027 | 279000 | 282553 |
| Nabors Industries, Inc., Gtd. Notes<sup>(a),(b)</sup> <br>| 8.88 | 8/15/2031 | 110000 | 104588 |
| Nabors Industries, Inc., Gtd. Notes<sup>(a)</sup> <br>| 9.13 | 1/31/2030 | 215000 | 225919 |
| NFE Financing LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 12.00 | 11/15/2029 | 617000 | 145909 |
| NGL Energy Operating LLC/NGL Energy Finance Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.13 | 2/15/2029 | 380000 | 388534 |
| NGL Energy Operating LLC/NGL Energy Finance Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.38 | 2/15/2032 | 312000 | 318936 |
| Nine Energy Service, Inc., Sr. Scd. Notes | 13.00 | 2/1/2028 | 90000 | 42012 |
| Noble Finance II LLC, Gtd. Notes<sup>(a)</sup> <br>| 8.00 | 4/15/2030 | 550000 | 570344 |
| Northern Oil & Gas, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.88 | 10/15/2033 | 208000 | 202432 |
| Northern Oil & Gas, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.75 | 6/15/2031 | 328000 | 334119 |
| Northriver Midstream Finance LP, Sr. Scd. Notes<sup>(a)</sup> <br>| 6.75 | 7/15/2032 | 56000 | 57038 |
| NuStar Logistics LP, Gtd. Notes | 6.38 | 10/1/2030 | 90000 | 93736 |
| Oceaneering International, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>| 6.00 | 2/1/2028 | 181000 | 182724 |
| Oceaneering International, Inc., Sr. Unscd. Notes | 6.00 | 2/1/2028 | 312000 | 313694 |
| Parkland Corp., Gtd. Notes<sup>(a)</sup> <br>| 4.50 | 10/1/2029 | 127000 | 122824 |
| Parkland Corp., Gtd. Notes<sup>(a)</sup> <br>| 4.63 | 5/1/2030 | 162000 | 156811 |
| Parkland Corp., Gtd. Notes<sup>(a)</sup> <br>| 5.88 | 7/15/2027 | 86000 | 86005 |
| Parkland Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.63 | 8/15/2032 | 140000 | 142493 |
| PBF Holding Co. LLC/PBF Finance Corp., Gtd. Notes | 6.00 | 2/15/2028 | 249000 | 246886 |
| PBF Holding Co. LLC/PBF Finance Corp., Gtd. Notes<sup>(a)</sup> <br>| 7.88 | 9/15/2030 | 312000 | 313565 |
| PBF Holding Co. LLC/PBF Finance Corp., Gtd. Notes<sup>(a)</sup> <br>| 9.88 | 3/15/2030 | 284000 | 300903 |
| Permian Resources Operating LLC, Gtd. Notes<sup>(a)</sup> <br>| 5.88 | 7/1/2029 | 300000 | 300028 |

---

**19**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Energy — 11.6% (continued)** | **Energy — 11.6% (continued)** | **Energy — 11.6% (continued)** | **Energy — 11.6% (continued)** | **Energy — 11.6% (continued)** |
| Permian Resources Operating LLC, Gtd. Notes<sup>(a)</sup> <br>| 6.25 | 2/1/2033 | 110000 | 112009 |
| Permian Resources Operating LLC, Gtd. Notes<sup>(a)</sup> <br>| 7.00 | 1/15/2032 | 361000 | 374572 |
| Permian Resources Operating LLC, Gtd. Notes<sup>(a)</sup> <br>| 8.00 | 4/15/2027 | 270000 | 273759 |
| Petrofac Ltd., Sr. Scd. Notes<sup>(a),(d)</sup> <br>| 9.75 | 11/15/2026 | 120000 | 9984 |
| Prairie Acquiror LP, Sr. Scd. Notes<sup>(a)</sup> <br>| 9.00 | 8/1/2029 | 134000 | 137951 |
| Precision Drilling Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.88 | 1/15/2029 | 395000 | 397196 |
| Puma International Financing SA, Gtd. Notes<sup>(a)</sup> <br>| 7.75 | 4/25/2029 | 557000 | 576237 |
| Range Resources Corp., Gtd. Notes<sup>(a)</sup> <br>| 4.75 | 2/15/2030 | 200000 | 195760 |
| Range Resources Corp., Gtd. Notes | 8.25 | 1/15/2029 | 140000 | 142864 |
| Rockies Express Pipeline LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.80 | 5/15/2030 | 59000 | 57724 |
| Rockies Express Pipeline LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.95 | 7/15/2029 | 81000 | 80178 |
| Rockies Express Pipeline LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.75 | 3/15/2033 | 140000 | 146672 |
| Rockies Express Pipeline LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.88 | 4/15/2040 | 5000 | 5150 |
| Saturn Oil & Gas, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 9.63 | 6/15/2029 | 84000 | 84832 |
| Seadrill Finance Ltd., Scd. Notes<sup>(a)</sup> <br>| 8.38 | 8/1/2030 | 250000 | 255704 |
| SESI LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 7.88 | 9/30/2030 | 114000 | 112069 |
| SM Energy Co., Sr. Unscd. Notes | 6.50 | 7/15/2028 | 124000 | 124904 |
| SM Energy Co., Sr. Unscd. Notes | 6.63 | 1/15/2027 | 133000 | 133044 |
| SM Energy Co., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.75 | 8/1/2029 | 338000 | 337246 |
| SM Energy Co., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.00 | 8/1/2032 | 231000 | 225913 |
| South Bow Canadian Infrastructure Holdings Ltd., Gtd. Notes | 7.50 | 3/1/2055 | 90000 | 96280 |
| South Bow Canadian Infrastructure Holdings Ltd., Gtd. Notes | 7.63 | 3/1/2055 | 130000 | 135421 |
| Star Holding LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 8.75 | 8/1/2031 | 38000 | 36773 |
| Summit Midstream Holdings LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 8.63 | 10/31/2029 | 270000 | 274730 |
| Sunnova Energy Corp., Gtd. Notes<sup>(a),(d)</sup> <br>| 5.88 | 9/1/2026 | 384000 | 1987 |
| Sunnova Energy Corp., Gtd. Notes<sup>(a),(d)</sup> <br>| 11.75 | 10/1/2028 | 130000 | 793 |
| Sunoco LP, Gtd. Notes<sup>(a)</sup> <br>| 5.63 | 3/15/2031 | 294000 | 294152 |
| Sunoco LP, Gtd. Notes<sup>(a)</sup> <br>| 5.88 | 3/15/2034 | 184000 | 183973 |
| Sunoco LP, Gtd. Notes<sup>(a)</sup> <br>| 6.25 | 7/1/2033 | 266000 | 271648 |
| Sunoco LP, Gtd. Notes<sup>(a)</sup> <br>| 7.00 | 5/1/2029 | 145000 | 150652 |
| Sunoco LP, Gtd. Notes<sup>(a)</sup> <br>| 7.25 | 5/1/2032 | 201000 | 211865 |
| Sunoco LP/Sunoco Finance Corp., Gtd. Notes | 4.50 | 5/15/2029 | 130000 | 127424 |
| Sunoco LP/Sunoco Finance Corp., Gtd. Notes | 4.50 | 4/30/2030 | 193000 | 186986 |
| Sunoco LP/Sunoco Finance Corp., Gtd. Notes | 5.88 | 3/15/2028 | 43000 | 43109 |
| Sunoco LP/Sunoco Finance Corp., Gtd. Notes | 6.00 | 4/15/2027 | 56000 | 56070 |
| Sunoco LP/Sunoco Finance Corp., Gtd. Notes<sup>(a)</sup> <br>| 7.00 | 9/15/2028 | 34000 | 35037 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Gtd. Notes<sup>(a)</sup> <br>| 5.50 | 1/15/2028 | 240000 | 238811 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.00 | 12/31/2030 | 223000 | 221189 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.00 | 9/1/2031 | 168000 | 165118 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.75 | 3/15/2034 | 207556 | 206095 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.38 | 2/15/2029 | 395000 | 407121 |
| Talos Production, Inc., Scd. Notes<sup>(a)</sup> <br>| 9.00 | 2/1/2029 | 303000 | 311702 |
| Talos Production, Inc., Scd. Notes<sup>(a)</sup> <br>| 9.38 | 2/1/2031 | 187000 | 191405 |
| TerraForm Power Operating LLC, Gtd. Notes<sup>(a)</sup> <br>| 4.75 | 1/15/2030 | 499000 | 478690 |
| TerraForm Power Operating LLC, Gtd. Notes<sup>(a)</sup> <br>| 5.00 | 1/31/2028 | 444000 | 442515 |
| TGNR Intermediate Holdings LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.50 | 10/15/2029 | 93000 | 90165 |
| TGS ASA, Sr. Scd. Bonds<sup>(a)</sup> <br>| 8.50 | 1/15/2030 | 264000 | 272927 |
| Tidewater, Inc., Gtd. Notes<sup>(a)</sup> <br>| 9.13 | 7/15/2030 | 525000 | 560277 |
| TransMontaigne Partners LLC, Gtd. Notes<sup>(a)</sup> <br>| 8.50 | 6/15/2030 | 197000 | 206297 |
| Transocean Aquila Ltd., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.00 | 9/30/2028 | 52785 | 54273 |

---

**20**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Energy — 11.6% (continued)** | **Energy — 11.6% (continued)** | **Energy — 11.6% (continued)** | **Energy — 11.6% (continued)** | **Energy — 11.6% (continued)** |
| Transocean International Ltd., Gtd. Notes | 6.80 | 3/15/2038 | 150000 | 131265 |
| Transocean International Ltd., Gtd. Notes | 7.50 | 4/15/2031 | 86000 | 82046 |
| Transocean International Ltd., Gtd. Notes<sup>(a)</sup> <br>| 8.25 | 5/15/2029 | 181000 | 182004 |
| Transocean International Ltd., Gtd. Notes<sup>(a)</sup> <br>| 8.50 | 5/15/2031 | 132000 | 130893 |
| Transocean International Ltd., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.88 | 10/15/2032 | 31000 | 31977 |
| Transocean International Ltd., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.75 | 2/15/2030 | 123188 | 129188 |
| Transocean Titan Financing Ltd., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.38 | 2/1/2028 | 73667 | 75774 |
| Trident Energy Finance PLC, Gtd. Notes<sup>(a)</sup> <br>| 12.50 | 11/30/2029 | 166000 | 170038 |
| USA Compression Partners LP/USA Compression Finance Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.25 | 10/1/2033 | 206000 | 206782 |
| USA Compression Partners LP/USA Compression Finance Corp., Gtd. Notes<sup>(a)</sup> <br>| 7.13 | 3/15/2029 | 232000 | 239621 |
| Valaris Ltd., Scd. Notes<sup>(a)</sup> <br>| 8.38 | 4/30/2030 | 369000 | 384803 |
| Venture Global Calcasieu Pass LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 3.88 | 8/15/2029 | 164000 | 155340 |
| Venture Global Calcasieu Pass LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 3.88 | 11/1/2033 | 117000 | 103432 |
| Venture Global Calcasieu Pass LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 4.13 | 8/15/2031 | 190000 | 175735 |
| Venture Global Calcasieu Pass LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 6.25 | 1/15/2030 | 160000 | 163157 |
| Venture Global LNG, Inc., Sr. Scd. Notes<sup>(a),(b)</sup> <br>| 7.00 | 1/15/2030 | 311000 | 314642 |
| Venture Global LNG, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.13 | 6/1/2028 | 914000 | 941556 |
| Venture Global LNG, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.38 | 6/1/2031 | 432000 | 443484 |
| Venture Global LNG, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 9.50 | 2/1/2029 | 824000 | 887194 |
| Venture Global LNG, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 9.88 | 2/1/2032 | 570000 | 608651 |
| Venture Global Plaquemines LNG LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 6.50 | 1/15/2034 | 626000 | 655737 |
| Venture Global Plaquemines LNG LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 6.75 | 1/15/2036 | 600000 | 635690 |
| Venture Global Plaquemines LNG LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 7.50 | 5/1/2033 | 445000 | 490006 |
| Venture Global Plaquemines LNG LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 7.75 | 5/1/2035 | 308000 | 347543 |
| Vermilion Energy, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.88 | 5/1/2030 | 224000 | 213125 |
| Vermilion Energy, Inc., Sr. Unscd. Notes<sup>(a),(b)</sup> <br>| 7.25 | 2/15/2033 | 282000 | 259956 |
| Viridien, Sr. Scd. Notes<sup>(a)</sup> <br>| 10.00 | 10/15/2030 | 75000 | 78554 |
| Vital Energy, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.88 | 4/15/2032 | 95000 | 89921 |
| Vital Energy, Inc., Gtd. Notes | 9.75 | 10/15/2030 | 32000 | 32892 |
| W&T Offshore, Inc., Scd. Notes<sup>(a)</sup> <br>| 10.75 | 2/1/2029 | 31000 | 29204 |
| WBI Operating LLC, Gtd. Notes<sup>(a)</sup> <br>| 6.25 | 10/15/2030 | 240000 | 239973 |
| WBI Operating LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.50 | 10/15/2033 | 125000 | 125076 |
| Weatherford International Ltd., Gtd. Notes<sup>(a)</sup> <br>| 6.75 | 10/15/2033 | 344000 | 351549 |
| Wildfire Intermediate Holdings LLC, Sr. Unscd. Bonds<sup>(a)</sup> <br>| 7.50 | 10/15/2029 | 203000 | 202838 |
|  |  |  |  | **46872487** |
| **Environmental Control — .6%** | **Environmental Control — .6%** | **Environmental Control — .6%** | **Environmental Control — .6%** | **Environmental Control — .6%** |
| Clean Harbors, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.13 | 7/15/2029 | 132000 | 131309 |
| Clean Harbors, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.75 | 10/15/2033 | 206000 | 210504 |
| Clean Harbors, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.38 | 2/1/2031 | 261000 | 267422 |
| Enviri Corp., Gtd. Notes<sup>(a)</sup> <br>| 5.75 | 7/31/2027 | 7000 | 6939 |
| GFL Environmental, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.00 | 8/1/2028 | 132000 | 129141 |
| GFL Environmental, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.38 | 8/15/2029 | 98000 | 95731 |
| GFL Environmental, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.75 | 6/15/2029 | 188000 | 186108 |
| GFL Environmental, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.75 | 1/15/2031 | 288000 | 300904 |
| Luna 1.5 Sarl, Sr. Unscd. Notes<sup>(a),(c)</sup> <br>| 12.00 | 7/1/2032 | 204000 | 212190 |
| Madison IAQ LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 4.13 | 6/30/2028 | 33000 | 32314 |
| Madison IAQ LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.88 | 6/30/2029 | 318000 | 311660 |
| Reworld Holding Corp., Gtd. Notes<sup>(a)</sup> <br>| 4.88 | 12/1/2029 | 280000 | 262847 |

---

**21**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Environmental Control — .6% (continued)** | **Environmental Control — .6% (continued)** | **Environmental Control — .6% (continued)** | **Environmental Control — .6% (continued)** | **Environmental Control — .6% (continued)** |
| Waste Pro USA, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.00 | 2/1/2033 | 288000 | 299919 |
| Wrangler Holdco Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.63 | 4/1/2032 | 115000 | 119968 |
|  |  |  |  | **2566956** |
| **Food Products — 2.5%** | **Food Products — 2.5%** | **Food Products — 2.5%** | **Food Products — 2.5%** | **Food Products — 2.5%** |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, Gtd. <br> Notes<sup>(a)</sup> <br>| 3.50 | 3/15/2029 | 330000 | 314873 |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, Gtd. <br> Notes<sup>(a)</sup> <br>| 4.63 | 1/15/2027 | 635000 | 633487 |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, Gtd. <br> Notes<sup>(a)</sup> <br>| 4.88 | 2/15/2030 | 324000 | 319943 |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, Gtd. <br> Notes<sup>(a)</sup> <br>| 5.88 | 2/15/2028 | 260000 | 260272 |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, Gtd. <br> Notes<sup>(a)</sup> <br>| 6.25 | 3/15/2033 | 98000 | 100820 |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, Gtd. <br> Notes<sup>(a)</sup> <br>| 6.50 | 2/15/2028 | 313000 | 318866 |
| Albertsons Cos., Inc/Safeway, Inc./New Albertsons LP/Albertsons LLC, Sr. Unscd. <br> Notes<sup>(a)</sup> <br>| 5.50 | 3/31/2031 | 132000 | 133118 |
| Albertsons Cos., Inc/Safeway, Inc./New Albertsons LP/Albertsons LLC, Sr. Unscd. <br> Notes<sup>(a)</sup> <br>| 5.75 | 3/31/2034 | 221000 | 222047 |
| B&G Foods, Inc., Gtd. Notes<sup>(b)</sup> <br>| 5.25 | 9/15/2027 | 105000 | 101034 |
| B&G Foods, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.00 | 9/15/2028 | 145000 | 136429 |
| C&S Group Enterprises LLC, Gtd. Notes<sup>(a)</sup> <br>| 5.00 | 12/15/2028 | 140000 | 127796 |
| Chobani Holdco II LLC, Sr. Unscd. Notes<sup>(a),(c)</sup> <br>| 8.75 | 10/1/2029 | 228627 | 242198 |
| Chobani LLC/Chobani Finance Corp., Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 4.63 | 11/15/2028 | 25000 | 24861 |
| Chobani LLC/Chobani Finance Corp., Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.63 | 7/1/2029 | 47000 | 48971 |
| Fiesta Purchaser, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.88 | 3/1/2031 | 150000 | 158545 |
| Froneri Lux FinCo Sarl, Sr. Scd. Notes<sup>(a)</sup> <br>| 6.00 | 8/1/2032 | 172000 | 173429 |
| KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., Sr. Scd. <br> Notes<sup>(a)</sup> <br>| 9.00 | 2/15/2029 | 309000 | 323703 |
| Lamb Weston Holdings, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.13 | 1/31/2030 | 177000 | 170907 |
| Lamb Weston Holdings, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.38 | 1/31/2032 | 140000 | 133458 |
| Lamb Weston Holdings, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.88 | 5/15/2028 | 137000 | 137131 |
| Land O'Lakes Capital Trust I, Ltd. Gtd. Debs.<sup>(a)</sup> <br>| 7.45 | 3/15/2028 | 275000 | 284031 |
| Performance Food Group, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.25 | 8/1/2029 | 475000 | 463535 |
| Performance Food Group, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.50 | 10/15/2027 | 501000 | 500988 |
| Performance Food Group, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.13 | 9/15/2032 | 514000 | 527830 |
| Post Holdings, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.63 | 4/15/2030 | 714000 | 692299 |
| Post Holdings, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.50 | 12/15/2029 | 504000 | 504530 |
| Post Holdings, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.25 | 10/15/2034 | 175000 | 177274 |
| Post Holdings, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.38 | 3/1/2033 | 617000 | 626531 |
| Post Holdings, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.25 | 2/15/2032 | 295000 | 303287 |
| Post Holdings, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.50 | 9/15/2031 | 532000 | 500187 |
| Safeway, Inc., Sr. Unscd. Debs. | 7.25 | 2/1/2031 | 80000 | 86564 |
| Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, <br> Inc./Simmons Feed, Scd. Notes<sup>(a)</sup> <br>| 4.63 | 3/1/2029 | 200000 | 191641 |
| TreeHouse Foods, Inc., Gtd. Notes | 4.00 | 9/1/2028 | 211000 | 205861 |
| United Natural Foods, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.75 | 10/15/2028 | 98000 | 97995 |
| US Foods, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.63 | 6/1/2030 | 155000 | 152108 |
| US Foods, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.75 | 2/15/2029 | 179000 | 177141 |
| US Foods, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.88 | 9/15/2028 | 161000 | 166095 |

---

**22**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Food Products — 2.5% (continued)** | **Food Products — 2.5% (continued)** | **Food Products — 2.5% (continued)** | **Food Products — 2.5% (continued)** | **Food Products — 2.5% (continued)** |
| US Foods, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.25 | 1/15/2032 | 155000 | 162687 |
| Viking Baked Goods Acquisition Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.63 | 11/1/2031 | 295000 | 296144 |
|  |  |  |  | **10198616** |
| **Food Service — .2%** | **Food Service — .2%** | **Food Service — .2%** | **Food Service — .2%** | **Food Service — .2%** |
| Aramark Services, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.00 | 2/1/2028 | 388000 | 387321 |
| TKC Holdings, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.88 | 5/15/2028 | 70000 | 70643 |
| TKC Holdings, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 10.50 | 5/15/2029 | 250000 | 257019 |
|  |  |  |  | **714983** |
| **Forest Products & Paper — .1%** | **Forest Products & Paper — .1%** | **Forest Products & Paper — .1%** | **Forest Products & Paper — .1%** | **Forest Products & Paper — .1%** |
| Ahlstrom Holding 3 Oy, Sr. Scd. Bonds<sup>(a)</sup> <br>| 4.88 | 2/4/2028 | 25000 | 24319 |
| Domtar Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.75 | 10/1/2028 | 223000 | 169684 |
| Magnera Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 4.75 | 11/15/2029 | 83000 | 69235 |
| Magnera Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.25 | 11/15/2031 | 218000 | 188270 |
| Mercer International, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 12.88 | 10/1/2028 | 114000 | 94999 |
|  |  |  |  | **546507** |
| **Health Care — 6.5%** | **Health Care — 6.5%** | **Health Care — 6.5%** | **Health Care — 6.5%** | **Health Care — 6.5%** |
| 1261229 BC Ltd., Sr. Scd. Notes<sup>(a)</sup> <br>| 10.00 | 4/15/2032 | 1432000 | 1498318 |
| Acadia Healthcare Co., Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.00 | 4/15/2029 | 84000 | 82227 |
| Acadia Healthcare Co., Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.50 | 7/1/2028 | 91000 | 90379 |
| Acadia Healthcare Co., Inc., Gtd. Notes<sup>(a),(b)</sup> <br>| 7.38 | 3/15/2033 | 48000 | 49680 |
| AdaptHealth LLC, Gtd. Notes<sup>(a)</sup> <br>| 4.63 | 8/1/2029 | 141000 | 133838 |
| AdaptHealth LLC, Gtd. Notes<sup>(a)</sup> <br>| 5.13 | 3/1/2030 | 121000 | 115844 |
| AdaptHealth LLC, Gtd. Notes<sup>(a)</sup> <br>| 6.13 | 8/1/2028 | 96000 | 95970 |
| AHP Health Partners, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.75 | 7/15/2029 | 41000 | 40837 |
| Amneal Pharmaceuticals LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 6.88 | 8/1/2032 | 8000 | 8384 |
| Avantor Funding, Inc., Gtd. Notes<sup>(a)</sup> <br>| 3.88 | 11/1/2029 | 174000 | 165233 |
| Avantor Funding, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.63 | 7/15/2028 | 225000 | 221314 |
| Bausch + Lomb Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.38 | 10/1/2028 | 405000 | 423225 |
| Bausch Health Americas, Inc., Gtd. Notes<sup>(a)</sup> <br>| 8.50 | 1/31/2027 | 199000 | 198060 |
| Bausch Health Cos., Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.00 | 1/30/2028 | 142000 | 124964 |
| Bausch Health Cos., Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.00 | 2/15/2029 | 135000 | 105101 |
| Bausch Health Cos., Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.25 | 1/30/2030 | 244000 | 175805 |
| Bausch Health Cos., Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.25 | 2/15/2031 | 136000 | 91640 |
| Bausch Health Cos., Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.25 | 2/15/2029 | 247000 | 200988 |
| Bausch Health Cos., Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.00 | 1/15/2028 | 48000 | 44116 |
| Bausch Health Cos., Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.25 | 5/30/2029 | 105000 | 85823 |
| Bausch Health Cos., Inc., Scd. Notes<sup>(a)</sup> <br>| 14.00 | 10/15/2030 | 115000 | 116612 |
| Bausch Health Cos., Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 4.88 | 6/1/2028 | 461000 | 421466 |
| Bausch Health Cos., Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 11.00 | 9/30/2028 | 558000 | 587249 |
| Cheplapharm Arzneimittel GmbH, Sr. Scd. Notes<sup>(a)</sup> <br>| 5.50 | 1/15/2028 | 22000 | 21569 |
| CHS/Community Health Systems, Inc., Scd. Notes<sup>(a)</sup> <br>| 6.13 | 4/1/2030 | 264000 | 221716 |
| CHS/Community Health Systems, Inc., Scd. Notes<sup>(a)</sup> <br>| 6.88 | 4/15/2029 | 276000 | 250003 |
| CHS/Community Health Systems, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 4.75 | 2/15/2031 | 292000 | 260708 |
| CHS/Community Health Systems, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 5.25 | 5/15/2030 | 292000 | 273694 |
| CHS/Community Health Systems, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.00 | 1/15/2029 | 169000 | 167318 |
| CHS/Community Health Systems, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 9.75 | 1/15/2034 | 267000 | 282630 |
| CHS/Community Health Systems, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 10.88 | 1/15/2032 | 458000 | 493362 |
| Concentra Health Services, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.88 | 7/15/2032 | 74000 | 77242 |
| CVS Health Corp., Jr. Sub. Notes | 6.75 | 12/10/2054 | 344000 | 357686 |
| CVS Health Corp., Jr. Sub. Notes | 7.00 | 3/10/2055 | 1150000 | 1208607 |

---

**23**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Health Care — 6.5% (continued)** | **Health Care — 6.5% (continued)** | **Health Care — 6.5% (continued)** | **Health Care — 6.5% (continued)** | **Health Care — 6.5% (continued)** |
| DaVita, Inc., Gtd. Notes<sup>(a)</sup> <br>| 3.75 | 2/15/2031 | 552000 | 507190 |
| DaVita, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.63 | 6/1/2030 | 799000 | 771003 |
| DaVita, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.75 | 7/15/2033 | 269000 | 278994 |
| DaVita, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.88 | 9/1/2032 | 334000 | 346063 |
| DENTSPLY SIRONA, Inc., Jr. Sub. Notes | 8.38 | 9/12/2055 | 397000 | 409119 |
| Elanco Animal Health, Inc., Sr. Unscd. Notes | 6.65 | 8/28/2028 | 40000 | 41737 |
| Embecta Corp., Sr. Scd. Notes<sup>(a),(b)</sup> <br>| 5.00 | 2/15/2030 | 67000 | 63546 |
| Embecta Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.75 | 2/15/2030 | 194000 | 191791 |
| Emergent BioSolutions, Inc., Gtd. Notes<sup>(a)</sup> <br>| 3.88 | 8/15/2028 | 93000 | 82349 |
| Encompass Health Corp., Gtd. Notes | 4.50 | 2/1/2028 | 474000 | 470435 |
| Encompass Health Corp., Gtd. Notes | 4.63 | 4/1/2031 | 193000 | 188352 |
| Encompass Health Corp., Gtd. Notes | 4.75 | 2/1/2030 | 379000 | 374592 |
| Endo Finance Holdings, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.50 | 4/15/2031 | 275000 | 291497 |
| Global Medical Response, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.38 | 10/1/2032 | 301000 | 315025 |
| Grifols SA, Gtd. Notes<sup>(a)</sup> <br>| 4.75 | 10/15/2028 | 183000 | 176867 |
| HAH Group Holding Co. LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 9.75 | 10/1/2031 | 63000 | 59748 |
| HealthEquity, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.50 | 10/1/2029 | 132000 | 128516 |
| Heartland Dental LLC/Heartland Dental Finance Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 10.50 | 4/30/2028 | 44000 | 46368 |
| HLF Financing Sarl LLC/Herbalife International, Inc., Gtd. Notes<sup>(a),(b)</sup> <br>| 4.88 | 6/1/2029 | 48000 | 42325 |
| HLF Financing Sarl LLC/Herbalife International, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 12.25 | 4/15/2029 | 508000 | 551696 |
| Hologic, Inc., Gtd. Notes<sup>(a)</sup> <br>| 3.25 | 2/15/2029 | 207000 | 204297 |
| Horizon Mutual Holdings, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.20 | 11/15/2034 | 180000 | 176308 |
| IQVIA, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.00 | 5/15/2027 | 277000 | 276990 |
| IQVIA, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.25 | 6/1/2032 | 294000 | 305996 |
| IQVIA, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.50 | 5/15/2030 | 26000 | 26975 |
| Jazz Securities DAC, Sr. Scd. Notes<sup>(a)</sup> <br>| 4.38 | 1/15/2029 | 110000 | 107746 |
| Kedrion SpA, Sr. Scd. Notes<sup>(a)</sup> <br>| 6.50 | 9/1/2029 | 156000 | 152986 |
| LifePoint Health, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.38 | 1/15/2029 | 144000 | 139473 |
| LifePoint Health, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.38 | 2/15/2032 | 295000 | 318625 |
| LifePoint Health, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 9.88 | 8/15/2030 | 322000 | 347776 |
| LifePoint Health, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 11.00 | 10/15/2030 | 663000 | 730895 |
| LifePoint Health, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 10.00 | 6/1/2032 | 175000 | 186113 |
| Medline Borrower LP, Sr. Scd. Notes<sup>(a)</sup> <br>| 3.88 | 4/1/2029 | 1212000 | 1177440 |
| Medline Borrower LP, Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.25 | 10/1/2029 | 385000 | 383390 |
| Medline Borrower LP/Medline Co-Issuer, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.25 | 4/1/2029 | 280000 | 288122 |
| Molina Healthcare, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 3.88 | 5/15/2032 | 67000 | 60463 |
| Molina Healthcare, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.38 | 6/15/2028 | 224000 | 218629 |
| Molina Healthcare, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.25 | 1/15/2033 | 267000 | 268517 |
| MPH Acquisition Holdings LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 5.75 | 12/31/2030 | 233000 | 211644 |
| Option Care Health, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.38 | 10/31/2029 | 115000 | 111159 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV, Gtd. Notes<sup>(a)</sup> <br>| 7.88 | 5/15/2034 | 123000 | 96183 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV, Sr. Scd. Notes<sup>(a)</sup> <br>| 4.13 | 4/30/2028 | 510000 | 484864 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV, Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.13 | 4/30/2031 | 343000 | 263351 |
| Owens & Minor, Inc., Gtd. Notes<sup>(a),(b)</sup> <br>| 4.50 | 3/31/2029 | 44000 | 33639 |
| Owens & Minor, Inc., Gtd. Notes<sup>(a),(b)</sup> <br>| 6.63 | 4/1/2030 | 86000 | 65459 |
| Paradigm Parent LLC and Paradigm Parent Co-Issuer, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.75 | 4/17/2032 | 243000 | 230760 |
| Pediatrix Medical Group, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.38 | 2/15/2030 | 41000 | 40752 |
| Prime Healthcare Services, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 9.38 | 9/1/2029 | 279000 | 293586 |
| Radiology Partners, Inc., Scd. Notes<sup>(a),(c)</sup> <br>| 9.78 | 2/15/2030 | 220360 | 215816 |
| Radiology Partners, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.50 | 7/15/2032 | 347000 | 361336 |

---

**24**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Health Care — 6.5% (continued)** | **Health Care — 6.5% (continued)** | **Health Care — 6.5% (continued)** | **Health Care — 6.5% (continued)** | **Health Care — 6.5% (continued)** |
| Sotera Health Holdings LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 7.38 | 6/1/2031 | 203000 | 213506 |
| Star Parent, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 9.00 | 10/1/2030 | 410000 | 437800 |
| Surgery Center Holdings, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.25 | 4/15/2032 | 165000 | 170050 |
| Team Health Holdings, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.38 | 6/30/2028 | 147000 | 148651 |
| Teleflex, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.25 | 6/1/2028 | 185000 | 180972 |
| Teleflex, Inc., Gtd. Notes | 4.63 | 11/15/2027 | 166000 | 165073 |
| Tenet Healthcare Corp., Gtd. Notes | 6.13 | 10/1/2028 | 541000 | 541630 |
| Tenet Healthcare Corp., Scd. Notes | 6.25 | 2/1/2027 | 220000 | 220359 |
| Tenet Healthcare Corp., Sr. Scd. Notes | 4.25 | 6/1/2029 | 248000 | 242172 |
| Tenet Healthcare Corp., Sr. Scd. Notes | 4.38 | 1/15/2030 | 329000 | 321109 |
| Tenet Healthcare Corp., Sr. Scd. Notes | 4.63 | 6/15/2028 | 180000 | 179268 |
| Tenet Healthcare Corp., Sr. Scd. Notes | 5.13 | 11/1/2027 | 308000 | 307938 |
| Tenet Healthcare Corp., Sr. Scd. Notes | 6.13 | 6/15/2030 | 353000 | 359468 |
| Tenet Healthcare Corp., Sr. Scd. Notes | 6.75 | 5/15/2031 | 344000 | 356883 |
| Tenet Healthcare Corp., Sr. Unscd. Notes | 6.88 | 11/15/2031 | 70000 | 76074 |
| The Toledo Hospital, Scd. Bonds, Ser. B | 5.33 | 11/15/2028 | 203000 | 207647 |
| US Acute Care Solutions LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 9.75 | 5/15/2029 | 101000 | 102715 |
| Varex Imaging Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.88 | 10/15/2027 | 225000 | 229508 |
|  |  |  |  | **26268934** |
| **Industrial — 2.6%** | **Industrial — 2.6%** | **Industrial — 2.6%** | **Industrial — 2.6%** | **Industrial — 2.6%** |
| AECOM, Gtd. Notes<sup>(a)</sup> <br>| 6.00 | 8/1/2033 | 272000 | 279353 |
| Amsted Industries, Inc., Sr. Unscd. Bonds<sup>(a)</sup> <br>| 6.38 | 3/15/2033 | 152000 | 157239 |
| Arcosa, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.38 | 4/15/2029 | 120000 | 116615 |
| Arcosa, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.88 | 8/15/2032 | 433000 | 452287 |
| Artera Services LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 8.50 | 2/15/2031 | 117000 | 100749 |
| ASG Finance DAC, Gtd. Notes<sup>(a)</sup> <br>| 9.75 | 5/15/2029 | 267000 | 256976 |
| ATS Corp., Gtd. Notes<sup>(a)</sup> <br>| 4.13 | 12/15/2028 | 32000 | 30863 |
| Axon Enterprise, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.13 | 3/15/2030 | 244000 | 251541 |
| Axon Enterprise, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.25 | 3/15/2033 | 216000 | 224010 |
| Brand Industrial Services, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 10.38 | 8/1/2030 | 279000 | 268488 |
| Brundage-Bone Concrete Pumping Holdings, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.50 | 2/1/2032 | 66000 | 66627 |
| BWX Technologies, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.13 | 6/30/2028 | 110000 | 107511 |
| BWX Technologies, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.13 | 4/15/2029 | 146000 | 142368 |
| Calderys Financing LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 11.25 | 6/1/2028 | 145000 | 153360 |
| Chart Industries, Inc., Gtd. Notes<sup>(a)</sup> <br>| 9.50 | 1/1/2031 | 75000 | 80207 |
| Chart Industries, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.50 | 1/1/2030 | 604000 | 629714 |
| Clue Opco LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 9.50 | 10/15/2031 | 230000 | 234048 |
| Dycom Industries, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.50 | 4/15/2029 | 160000 | 156687 |
| Enpro, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.13 | 6/1/2033 | 173000 | 177457 |
| Esab Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.25 | 4/15/2029 | 171000 | 175032 |
| FTAI Aviation Investors LLC, Gtd. Notes<sup>(a)</sup> <br>| 5.50 | 5/1/2028 | 429000 | 429130 |
| FTAI Aviation Investors LLC, Gtd. Notes<sup>(a)</sup> <br>| 5.88 | 4/15/2033 | 183000 | 184557 |
| FTAI Aviation Investors LLC, Gtd. Notes<sup>(a)</sup> <br>| 7.00 | 5/1/2031 | 214000 | 224023 |
| FTAI Aviation Investors LLC, Gtd. Notes<sup>(a)</sup> <br>| 7.00 | 6/15/2032 | 267000 | 279873 |
| FTAI Aviation Investors LLC, Gtd. Notes<sup>(a)</sup> <br>| 7.88 | 12/1/2030 | 116000 | 123223 |
| Global Infrastructure Solutions, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.63 | 6/1/2029 | 330000 | 330039 |
| Global Infrastructure Solutions, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.50 | 4/15/2032 | 327000 | 342433 |
| GrafTech Finance, Inc., Scd. Notes<sup>(a)</sup> <br>| 4.63 | 12/23/2029 | 100000 | 73798 |
| GrafTech Global Enterprises, Inc., Scd. Notes<sup>(a)</sup> <br>| 9.88 | 12/23/2029 | 107000 | 94502 |
| Great Lakes Dredge & Dock Corp., Gtd. Notes<sup>(a)</sup> <br>| 5.25 | 6/1/2029 | 219000 | 211673 |

---

**25**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Industrial — 2.6% (continued)** | **Industrial — 2.6% (continued)** | **Industrial — 2.6% (continued)** | **Industrial — 2.6% (continued)** | **Industrial — 2.6% (continued)** |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 9.00 | 2/15/2029 | 420000 | 433974 |
| INNOVATE Corp., Sr. Scd. Notes<sup>(a),(c)</sup> <br>| 10.50 | 2/1/2027 | 69000 | 60815 |
| Interface, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.50 | 12/1/2028 | 70000 | 69923 |
| LSB Industries, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.25 | 10/15/2028 | 88000 | 86932 |
| Maxam Prill Sarl, Sr. Scd. Bonds<sup>(a)</sup> <br>| 7.75 | 7/15/2030 | 159000 | 162351 |
| Maxim Crane Works Holdings Capital LLC, Scd. Notes<sup>(a)</sup> <br>| 11.50 | 9/1/2028 | 180000 | 191088 |
| Mueller Water Products, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.00 | 6/15/2029 | 87000 | 83943 |
| Pitney Bowes, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.88 | 3/15/2027 | 121000 | 121595 |
| Pitney Bowes, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.25 | 3/15/2029 | 80000 | 80774 |
| Railworks Holdings LP/Railworks Rally, Inc., Scd. Notes<sup>(a)</sup> <br>| 8.25 | 11/15/2028 | 60000 | 60199 |
| SPX FLOW, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.75 | 4/1/2030 | 258000 | 263869 |
| Steelcase, Inc., Sr. Unscd. Notes | 5.13 | 1/18/2029 | 130000 | 127291 |
| Stena International SA, Sr. Scd. Notes<sup>(a)</sup> <br>| 7.25 | 1/15/2031 | 200000 | 203809 |
| Stena International SA, Sr. Scd. Notes<sup>(a)</sup> <br>| 7.63 | 2/15/2031 | 288000 | 295701 |
| Terex Corp., Gtd. Notes<sup>(a)</sup> <br>| 5.00 | 5/15/2029 | 115000 | 112877 |
| Terex Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.25 | 10/15/2032 | 100000 | 101542 |
| TK Elevator US Newco, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 5.25 | 7/15/2027 | 681000 | 680096 |
| TopBuild Corp., Gtd. Notes<sup>(a)</sup> <br>| 5.63 | 1/31/2034 | 155000 | 155591 |
| Trinity Industries, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.75 | 7/15/2028 | 65000 | 67363 |
| Tutor Perini Corp., Gtd. Notes<sup>(a)</sup> <br>| 11.88 | 4/30/2029 | 70000 | 78095 |
| Vertiv Group Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 4.13 | 11/15/2028 | 98000 | 96551 |
| Weekley Homes LLC/Weekley Finance Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.88 | 9/15/2028 | 115000 | 112340 |
| Xerox Corp., Scd. Notes<sup>(a),(b)</sup> <br>| 13.50 | 4/15/2031 | 98000 | 94786 |
| Xerox Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 10.25 | 10/15/2030 | 111000 | 113492 |
| Xerox Corp., Sr. Unscd. Notes | 4.80 | 3/1/2035 | 51000 | 15486 |
| Xerox Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>| 6.75 | 12/15/2039 | 78000 | 28835 |
| Xerox Holdings Corp., Gtd. Notes<sup>(a)</sup> <br>| 5.50 | 8/15/2028 | 148000 | 71020 |
| Xerox Holdings Corp., Gtd. Notes<sup>(a)</sup> <br>| 8.88 | 11/30/2029 | 98000 | 42830 |
| Zebra Technologies Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.50 | 6/1/2032 | 125000 | 129629 |
|  |  |  |  | **10497180** |
| **Information Technology — 2.7%** | **Information Technology — 2.7%** | **Information Technology — 2.7%** | **Information Technology — 2.7%** | **Information Technology — 2.7%** |
| AthenaHealth Group, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.50 | 2/15/2030 | 795000 | 778750 |
| Capstone Borrower, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.00 | 6/15/2030 | 251000 | 256297 |
| Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.00 | 6/15/2029 | 108000 | 90636 |
| Central Parent, Inc./CDK Global, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.25 | 6/15/2029 | 142000 | 117532 |
| Cloud Software Group, Inc., Scd. Notes<sup>(a)</sup> <br>| 9.00 | 9/30/2029 | 1787000 | 1847725 |
| Cloud Software Group, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.50 | 3/31/2029 | 1119000 | 1127580 |
| Cloud Software Group, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.63 | 8/15/2033 | 258000 | 258692 |
| Cloud Software Group, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.25 | 6/30/2032 | 510000 | 536103 |
| Consensus Cloud Solutions, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.00 | 10/15/2026 | 5000 | 4996 |
| Consensus Cloud Solutions, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.50 | 10/15/2028 | 190000 | 189710 |
| CoreLogic, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 4.50 | 5/1/2028 | 264000 | 254827 |
| CoreWeave, Inc., Gtd. Notes<sup>(a)</sup> <br>| 9.00 | 2/1/2031 | 635000 | 637127 |
| CoreWeave, Inc., Gtd. Notes<sup>(a)</sup> <br>| 9.25 | 6/1/2030 | 664000 | 669513 |
| Dye & Durham Ltd., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.63 | 4/15/2029 | 120000 | 113500 |
| Elastic NV, Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.13 | 7/15/2029 | 224000 | 216150 |
| Ellucian Holdings, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.50 | 12/1/2029 | 240000 | 243130 |
| Fair Isaac Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.00 | 6/15/2028 | 64000 | 62558 |
| Fair Isaac Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.00 | 5/15/2033 | 326000 | 332865 |
| Open Text Corp., Gtd. Notes<sup>(a)</sup> <br>| 3.88 | 2/15/2028 | 205000 | 199493 |

---

**26**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Information Technology — 2.7% (continued)** | **Information Technology — 2.7% (continued)** | **Information Technology — 2.7% (continued)** | **Information Technology — 2.7% (continued)** | **Information Technology — 2.7% (continued)** |
| Open Text Corp., Gtd. Notes<sup>(a)</sup> <br>| 3.88 | 12/1/2029 | 304000 | 287667 |
| Open Text Holdings, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.13 | 2/15/2030 | 315000 | 301047 |
| Open Text Holdings, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.13 | 12/1/2031 | 175000 | 162930 |
| Pagaya US Holdings Co. LLC, Gtd. Notes<sup>(a)</sup> <br>| 8.88 | 8/1/2030 | 130000 | 117327 |
| Playtika Holding Corp., Gtd. Notes<sup>(a)</sup> <br>| 4.25 | 3/15/2029 | 200000 | 180616 |
| PTC, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.00 | 2/15/2028 | 146000 | 143669 |
| Rackspace Finance LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 3.50 | 5/15/2028 | 107000 | 42781 |
| RingCentral, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.50 | 8/15/2030 | 146000 | 155657 |
| Rocket Software, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.50 | 2/15/2029 | 220000 | 214220 |
| SS&C Technologies, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.50 | 9/30/2027 | 519000 | 519021 |
| SS&C Technologies, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.50 | 6/1/2032 | 105000 | 108800 |
| Twilio, Inc., Gtd. Notes | 3.63 | 3/15/2029 | 147000 | 141296 |
| Twilio, Inc., Gtd. Notes | 3.88 | 3/15/2031 | 106000 | 100329 |
| UKG, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.88 | 2/1/2031 | 475000 | 488860 |
| West Technology Group LLC, Scd. Notes<sup>(a)</sup> <br>| 8.50 | 4/10/2027 | 135000 | 16395 |
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp., Gtd. Notes<sup>(a)</sup> <br>| 3.88 | 2/1/2029 | 109000 | 102792 |
|  |  |  |  | **11020591** |
| **Insurance — 2.3%** | **Insurance — 2.3%** | **Insurance — 2.3%** | **Insurance — 2.3%** | **Insurance — 2.3%** |
| Acrisure LLC/Acrisure Finance, Inc., Sr. Scd. Bonds<sup>(a)</sup> <br>| 6.75 | 7/1/2032 | 150000 | 153927 |
| Acrisure LLC/Acrisure Finance, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 4.25 | 2/15/2029 | 167000 | 160383 |
| Acrisure LLC/Acrisure Finance, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.50 | 11/6/2030 | 314000 | 325084 |
| Acrisure LLC/Acrisure Finance, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.00 | 8/1/2029 | 105000 | 103947 |
| Acrisure LLC/Acrisure Finance, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.25 | 2/1/2029 | 337000 | 351224 |
| Acrisure LLC/Acrisure Finance, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.50 | 6/15/2029 | 215000 | 225693 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Sr. Scd. Notes<sup>(a)</sup> <br>| 4.25 | 10/15/2027 | 96000 | 94526 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Sr. Scd. Notes<sup>(a)</sup> <br>| 6.50 | 10/1/2031 | 260000 | 267037 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Sr. Scd. Notes<sup>(a)</sup> <br>| 6.75 | 4/15/2028 | 336000 | 341974 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Sr. Scd. Notes<sup>(a)</sup> <br>| 7.00 | 1/15/2031 | 349000 | 360835 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.88 | 11/1/2029 | 131000 | 130704 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.75 | 10/15/2027 | 245000 | 245827 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.38 | 10/1/2032 | 200000 | 206709 |
| American National Group, Inc., Jr. Sub. Notes | 7.00 | 12/1/2055 | 150000 | 153327 |
| AmWINS Group, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.38 | 2/15/2029 | 110000 | 112110 |
| AmWINS Group, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.88 | 6/30/2029 | 220000 | 212443 |
| Amynta Agency Borrower, Inc. and Amynta Warranty Borrower, Inc., Sr. Unscd. <br> Notes<sup>(a)</sup> <br>| 7.50 | 7/15/2033 | 100000 | 103074 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset <br> Investor 2 LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.88 | 11/1/2029 | 205000 | 211202 |
| Ardonagh Finco Ltd., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.75 | 2/15/2031 | 385000 | 402611 |
| Ardonagh Group Finance Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.88 | 2/15/2032 | 489000 | 510003 |
| Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings <br> Finance, Sr. Scd. Notes<sup>(a)</sup> <br>| 7.13 | 5/15/2031 | 159000 | 163256 |
| Broadstreet Partners Group LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.88 | 4/15/2029 | 186000 | 185223 |
| Fidelis Insurance Holdings Ltd., Sub. Notes | 7.75 | 6/15/2055 | 57000 | 61471 |
| Genworth Holdings, Inc., Gtd. Notes | 6.50 | 6/15/2034 | 100000 | 103083 |
| Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance <br> LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 7.25 | 2/15/2031 | 129000 | 132885 |
| Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance <br> LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.13 | 2/15/2032 | 230000 | 237322 |
| HUB International Ltd., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.25 | 6/15/2030 | 800000 | 835589 |
| HUB International Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.63 | 12/1/2029 | 211000 | 210407 |

---

**27**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Insurance — 2.3% (continued)** | **Insurance — 2.3% (continued)** | **Insurance — 2.3% (continued)** | **Insurance — 2.3% (continued)** | **Insurance — 2.3% (continued)** |
| HUB International Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.38 | 1/31/2032 | 631000 | 654237 |
| Jones Deslauriers Insurance Management, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.50 | 3/15/2030 | 87000 | 91497 |
| Jones Deslauriers Insurance Management, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.88 | 10/1/2033 | 118000 | 116951 |
| Liberty Mutual Group, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.30 | 2/1/2061 | 82000 | 52532 |
| Panther Escrow Issuer LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 7.13 | 6/1/2031 | 719000 | 743098 |
| Ryan Specialty LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 4.38 | 2/1/2030 | 110000 | 107291 |
| Ryan Specialty LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 5.88 | 8/1/2032 | 439000 | 446424 |
| The Nassau Companies of New York, Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.88 | 7/15/2030 | 164000 | 167360 |
| USI, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.50 | 1/15/2032 | 238000 | 246601 |
| Wilton RE Ltd., Sub. Notes<sup>(a),(e)</sup> <br>| 6.00 | 10/22/2030 | 210000 | 208044 |
|  |  |  |  | **9435911** |
| **Internet Software & Services — 2.0%** | **Internet Software & Services — 2.0%** | **Internet Software & Services — 2.0%** | **Internet Software & Services — 2.0%** | **Internet Software & Services — 2.0%** |
| ANGI Group LLC, Gtd. Notes<sup>(a)</sup> <br>| 3.88 | 8/15/2028 | 102000 | 94178 |
| Arches Buyer, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 4.25 | 6/1/2028 | 270000 | 263911 |
| Arches Buyer, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.13 | 12/1/2028 | 257000 | 250984 |
| Cablevision Lightpath LLC, Sr. Scd. Notes<sup>(a),(b)</sup> <br>| 3.88 | 9/15/2027 | 104000 | 101812 |
| Cablevision Lightpath LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.63 | 9/15/2028 | 130000 | 128195 |
| Cars.com, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.38 | 11/1/2028 | 50000 | 49841 |
| Cogent Communications Group LLC/Cogent Finance, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.00 | 6/15/2027 | 136000 | 135656 |
| Cogent Communications Group LLC/Cogent Finance, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.00 | 6/15/2027 | 100000 | 99633 |
| Cogent Communications Group LLC/Cogent Finance, Inc., Sr. Scd. Bonds<sup>(a),(b)</sup> <br>| 6.50 | 7/1/2032 | 97000 | 92712 |
| Gen Digital, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.25 | 4/1/2033 | 214000 | 220154 |
| Gen Digital, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.75 | 9/30/2027 | 432000 | 438811 |
| Gen Digital, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.13 | 9/30/2030 | 200000 | 206400 |
| Getty Images, Inc., Gtd. Notes<sup>(a)</sup> <br>| 9.75 | 3/1/2027 | 110000 | 106106 |
| Getty Images, Inc., Sr. Scd. Bonds<sup>(a)</sup> <br>| 11.25 | 2/21/2030 | 103000 | 102239 |
| Getty Images, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 10.50 | 11/15/2030 | 132000 | 133095 |
| Go Daddy Operating Co. LLC/GD Finance Co., Inc., Gtd. Notes<sup>(a)</sup> <br>| 3.50 | 3/1/2029 | 378000 | 360291 |
| Go Daddy Operating Co. LLC/GD Finance Co., Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.25 | 12/1/2027 | 194000 | 193868 |
| ION Platform Finance US, Inc./ION Platform Finance Sarl, Sr. Scd. Notes<sup>(a)</sup> <br>| 5.00 | 5/1/2028 | 300000 | 279854 |
| ION Platform Finance US, Inc./ION Platform Finance Sarl, Sr. Scd. Notes<sup>(a)</sup> <br>| 5.75 | 5/15/2028 | 211000 | 201389 |
| ION Platform Finance US, Inc./ION Platform Finance Sarl, Sr. Scd. Notes<sup>(a)</sup> <br>| 8.75 | 5/1/2029 | 397000 | 402945 |
| ION Platform Finance US, Inc./ION Platform Finance Sarl, Sr. Scd. Notes<sup>(a),(b)</sup> <br>| 9.00 | 8/1/2029 | 133000 | 134682 |
| ION Platform Finance US, Inc./ION Platform Finance Sarl, Sr. Scd. Notes<sup>(a)</sup> <br>| 9.50 | 5/30/2029 | 455000 | 464733 |
| Match Group Holdings II LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 3.63 | 10/1/2031 | 84000 | 76152 |
| Match Group Holdings II LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.13 | 8/1/2030 | 235000 | 221410 |
| Match Group Holdings II LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.63 | 6/1/2028 | 150000 | 147859 |
| Match Group Holdings II LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.63 | 2/15/2029 | 208000 | 207417 |
| Match Group Holdings II LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.13 | 9/15/2033 | 353000 | 356092 |
| Newfold Digital Holdings Group, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 11.75 | 10/15/2028 | 145000 | 95673 |
| Newfold Digital Holdings Group, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.00 | 2/15/2029 | 142000 | 83692 |
| Rakuten Group, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 9.75 | 4/15/2029 | 558000 | 625197 |
| Rakuten Group, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 11.25 | 2/15/2027 | 615000 | 664822 |
| Rakuten Group, Inc., Sub. Bonds<sup>(a),(b),(e)</sup> <br>| 6.25 | 4/22/2031 | 196000 | 189378 |
| Rakuten Group, Inc., Sub. Bonds<sup>(a),(e)</sup> <br>| 8.13 | 12/15/2029 | 241000 | 251316 |
| Snap, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.88 | 3/1/2033 | 255000 | 261033 |
| Wayfair LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 7.25 | 10/31/2029 | 183000 | 189245 |
| Wayfair LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 7.75 | 9/15/2030 | 141000 | 148812 |
| Ziff Davis, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.63 | 10/15/2030 | 124000 | 116677 |
|  |  |  |  | **8096264** |

---

**28**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Materials — 2.4%** | **Materials — 2.4%** | **Materials — 2.4%** | **Materials — 2.4%** | **Materials — 2.4%** |
| Advanced Drainage Systems, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.00 | 9/30/2027 | 268000 | 267169 |
| Advanced Drainage Systems, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.38 | 6/15/2030 | 209000 | 212812 |
| Alliance Resource Operating Partners LP/Alliance Resource Finance Corp., Gtd. <br> Notes<sup>(a)</sup> <br>| 8.63 | 6/15/2029 | 302000 | 319624 |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, <br> Sr. Scd. Notes<sup>(a)</sup> <br>| 3.25 | 9/1/2028 | 81000 | 77321 |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, <br> Sr. Scd. Notes<sup>(a)</sup> <br>| 6.00 | 6/15/2027 | 512000 | 512946 |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, <br> Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.00 | 9/1/2029 | 310000 | 289336 |
| Ball Corp., Gtd. Notes | 2.88 | 8/15/2030 | 64000 | 58525 |
| Ball Corp., Gtd. Notes | 5.50 | 9/15/2033 | 231000 | 233669 |
| Ball Corp., Gtd. Notes | 6.88 | 3/15/2028 | 129000 | 131243 |
| Cascades, Inc./Cascades USA, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.38 | 1/15/2028 | 240000 | 239283 |
| Cascades, Inc./Cascades USA, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.75 | 7/15/2030 | 325000 | 332350 |
| Clearwater Paper Corp., Gtd. Notes<sup>(a)</sup> <br>| 4.75 | 8/15/2028 | 75000 | 70413 |
| Clydesdale Acquisition Holdings, Inc., Gtd. Notes<sup>(a)</sup> <br>| 8.75 | 4/15/2030 | 577000 | 578493 |
| Clydesdale Acquisition Holdings, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.63 | 4/15/2029 | 158000 | 158650 |
| Clydesdale Acquisition Holdings, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.75 | 4/15/2032 | 460000 | 461529 |
| Clydesdale Acquisition Holdings, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.88 | 1/15/2030 | 151000 | 152696 |
| Conuma Resources Ltd., Sr. Scd. Notes<sup>(a)</sup> <br>| 13.13 | 5/1/2028 | 66000 | 65411 |
| Conuma Resources Ltd., Sr. Scd. Notes<sup>(a)</sup> <br>| 13.13 | 5/1/2028 | 50000 | 49686 |
| Coronado Finance Pty Ltd., Sr. Scd. Notes<sup>(a),(b)</sup> <br>| 9.25 | 10/1/2029 | 150000 | 138559 |
| Crown Americas LLC, Gtd. Notes<sup>(a)</sup> <br>| 5.88 | 6/1/2033 | 233000 | 236412 |
| Crown Cork & Seal Co., Inc., Gtd. Debs. | 7.38 | 12/15/2026 | 90000 | 92450 |
| Graham Packaging Co., Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.13 | 8/15/2028 | 267000 | 265930 |
| Iris Holdings, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 10.00 | 12/15/2028 | 126000 | 109182 |
| LABL, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 5.88 | 11/1/2028 | 101000 | 72818 |
| LABL, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.63 | 10/1/2031 | 262000 | 168763 |
| LABL, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 9.50 | 11/1/2028 | 54000 | 40309 |
| LABL, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.25 | 11/1/2029 | 92000 | 44815 |
| LABL, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 10.50 | 7/15/2027 | 170000 | 110945 |
| Mauser Packaging Solutions Holding Co., Scd. Notes<sup>(a)</sup> <br>| 9.25 | 4/15/2027 | 470000 | 464319 |
| Mauser Packaging Solutions Holding Co., Sr. Scd. Bonds<sup>(a)</sup> <br>| 7.88 | 4/15/2027 | 1220000 | 1223868 |
| OI European Group BV, Gtd. Notes<sup>(a)</sup> <br>| 4.75 | 2/15/2030 | 30000 | 28302 |
| Owens-Brockway Glass Container, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.25 | 5/15/2031 | 65000 | 63708 |
| Owens-Brockway Glass Container, Inc., Gtd. Notes<sup>(a),(b)</sup> <br>| 7.38 | 6/1/2032 | 55000 | 53798 |
| Park-Ohio Industries, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.50 | 8/1/2030 | 34000 | 34677 |
| Sealed Air Corp., Gtd. Notes<sup>(a)</sup> <br>| 4.00 | 12/1/2027 | 143000 | 140874 |
| Sealed Air Corp., Gtd. Notes<sup>(a)</sup> <br>| 5.00 | 4/15/2029 | 135000 | 134050 |
| Sealed Air Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.50 | 7/15/2032 | 30000 | 31040 |
| Sealed Air Corp./Sealed Air Corp. US, Gtd. Notes<sup>(a)</sup> <br>| 6.13 | 2/1/2028 | 105000 | 106246 |
| Sealed Air Corp./Sealed Air Corp. US, Gtd. Notes<sup>(a)</sup> <br>| 7.25 | 2/15/2031 | 80000 | 83831 |
| Silgan Holdings, Inc., Gtd. Notes | 4.13 | 2/1/2028 | 93000 | 91218 |
| SunCoke Energy, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 4.88 | 6/30/2029 | 268000 | 250295 |
| TMS International Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.25 | 4/15/2029 | 162000 | 159639 |
| Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo US LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 9.50 | 5/15/2030 | 370000 | 346953 |
| Trident TPI Holdings, Inc., Gtd. Notes<sup>(a)</sup> <br>| 12.75 | 12/31/2028 | 226000 | 241305 |
| TriMas Corp., Gtd. Notes<sup>(a)</sup> <br>| 4.13 | 4/15/2029 | 112000 | 108304 |
| Trivium Packaging Finance BV, Scd. Bonds<sup>(a)</sup> <br>| 12.25 | 1/15/2031 | 182000 | 190267 |
| Trivium Packaging Finance BV, Sr. Scd. Bonds<sup>(a)</sup> <br>| 8.25 | 7/15/2030 | 162000 | 167735 |

---

**29**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Materials — 2.4% (continued)** | **Materials — 2.4% (continued)** | **Materials — 2.4% (continued)** | **Materials — 2.4% (continued)** | **Materials — 2.4% (continued)** |
| Vallourec SACA, Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.50 | 4/15/2032 | 202000 | 214720 |
| Warrior Met Coal, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.88 | 12/1/2028 | 100000 | 101854 |
|  |  |  |  | **9728342** |
| **Media — 6.8%** | **Media — 6.8%** | **Media — 6.8%** | **Media — 6.8%** | **Media — 6.8%** |
| AMC Networks, Inc., Gtd. Notes<sup>(b)</sup> <br>| 4.25 | 2/15/2029 | 91000 | 78195 |
| AMC Networks, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 10.25 | 1/15/2029 | 70000 | 73514 |
| Beasley Mezzanine Holdings LLC, Scd. Notes<sup>(a)</sup> <br>| 9.20 | 8/1/2028 | 60000 | 22797 |
| Belo Corp., Gtd. Debs. | 7.25 | 9/15/2027 | 305000 | 317955 |
| Belo Corp., Gtd. Debs. | 7.75 | 6/1/2027 | 258000 | 269204 |
| Block Communications, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.88 | 3/1/2028 | 95000 | 89220 |
| Cable One, Inc., Gtd. Notes<sup>(a),(b)</sup> <br>| 4.00 | 11/15/2030 | 61000 | 48200 |
| CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.25 | 2/1/2031 | 882000 | 799123 |
| CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.25 | 1/15/2034 | 559000 | 469613 |
| CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.50 | 8/15/2030 | 760000 | 711025 |
| CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes | 4.50 | 5/1/2032 | 795000 | 707321 |
| CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.50 | 6/1/2033 | 411000 | 356818 |
| CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.75 | 3/1/2030 | 831000 | 788811 |
| CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.75 | 2/1/2032 | 285000 | 257998 |
| CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.00 | 2/1/2028 | 548000 | 542475 |
| CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.13 | 5/1/2027 | 766000 | 761635 |
| CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.38 | 6/1/2029 | 345000 | 341013 |
| CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.38 | 9/1/2029 | 346000 | 349337 |
| CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.38 | 3/1/2031 | 363000 | 368613 |
| CSC Holdings LLC, Gtd. Notes<sup>(a)</sup> <br>| 3.38 | 2/15/2031 | 220000 | 133061 |
| CSC Holdings LLC, Gtd. Notes<sup>(a)</sup> <br>| 4.13 | 12/1/2030 | 235000 | 144761 |
| CSC Holdings LLC, Gtd. Notes<sup>(a)</sup> <br>| 4.50 | 11/15/2031 | 340000 | 208383 |
| CSC Holdings LLC, Gtd. Notes<sup>(a)</sup> <br>| 5.38 | 2/1/2028 | 202000 | 167394 |
| CSC Holdings LLC, Gtd. Notes<sup>(a)</sup> <br>| 5.50 | 4/15/2027 | 266000 | 247380 |
| CSC Holdings LLC, Gtd. Notes<sup>(a)</sup> <br>| 6.50 | 2/1/2029 | 361000 | 248229 |
| CSC Holdings LLC, Gtd. Notes<sup>(a)</sup> <br>| 11.25 | 5/15/2028 | 200000 | 175199 |
| CSC Holdings LLC, Gtd. Notes<sup>(a)</sup> <br>| 11.75 | 1/31/2029 | 419000 | 330343 |
| CSC Holdings LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.63 | 12/1/2030 | 482000 | 171693 |
| CSC Holdings LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.00 | 11/15/2031 | 100000 | 35005 |
| CSC Holdings LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.75 | 1/15/2030 | 434000 | 162754 |
| CSC Holdings LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.50 | 4/1/2028 | 195000 | 133230 |
| Cumulus Media New Holdings, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.00 | 7/1/2029 | 78000 | 21897 |
| Directv Financing LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 8.88 | 2/1/2030 | 133000 | 132321 |
| Directv Financing LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 8.88 | 2/1/2030 | 506000 | 503337 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 5.88 | 8/15/2027 | 616000 | 615605 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 10.00 | 2/15/2031 | 783000 | 782984 |
| Discovery Communications LLC, Gtd. Notes | 3.63 | 5/15/2030 | 217000 | 201257 |
| Discovery Communications LLC, Gtd. Notes | 3.95 | 3/20/2028 | 253000 | 248175 |
| Discovery Communications LLC, Gtd. Notes | 4.13 | 5/15/2029 | 139000 | 134615 |
| Discovery Communications LLC, Gtd. Notes | 5.00 | 9/20/2037 | 110000 | 93566 |
| Discovery Communications LLC, Gtd. Notes | 6.35 | 6/1/2040 | 128000 | 115396 |
| DISH DBS Corp., Gtd. Notes | 5.13 | 6/1/2029 | 445000 | 384298 |
| DISH DBS Corp., Gtd. Notes | 7.38 | 7/1/2028 | 291000 | 271865 |
| DISH DBS Corp., Sr. Scd. Bonds<sup>(a)</sup> <br>| 5.25 | 12/1/2026 | 772000 | 759594 |
| DISH DBS Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 5.75 | 12/1/2028 | 735000 | 705449 |
| DISH Network Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 11.75 | 11/15/2027 | 882000 | 928089 |

---

**30**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Media — 6.8% (continued)** | **Media — 6.8% (continued)** | **Media — 6.8% (continued)** | **Media — 6.8% (continued)** | **Media — 6.8% (continued)** |
| Gray Media, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.75 | 10/15/2030 | 240000 | 170544 |
| Gray Media, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.38 | 11/15/2031 | 262000 | 182230 |
| Gray Media, Inc., Scd. Notes<sup>(a)</sup> <br>| 9.63 | 7/15/2032 | 186000 | 186919 |
| Gray Media, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.25 | 8/15/2033 | 191000 | 187224 |
| Gray Media, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 10.50 | 7/15/2029 | 230000 | 247716 |
| iHeartCommunications, Inc., Scd. Notes<sup>(a)</sup> <br>| 10.88 | 5/1/2030 | 203000 | 146250 |
| iHeartCommunications, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 4.75 | 1/15/2028 | 75000 | 68250 |
| iHeartCommunications, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.00 | 1/15/2031 | 55000 | 43750 |
| iHeartCommunications, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.75 | 8/15/2030 | 224100 | 188151 |
| iHeartCommunications, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 9.13 | 5/1/2029 | 240500 | 221757 |
| LCPR Senior Secured Financing DAC, Sr. Scd. Notes<sup>(a)</sup> <br>| 5.13 | 7/15/2029 | 187000 | 112945 |
| LCPR Senior Secured Financing DAC, Sr. Scd. Notes<sup>(a)</sup> <br>| 6.75 | 10/15/2027 | 391000 | 244411 |
| McGraw-Hill Education, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 5.75 | 8/1/2028 | 134000 | 133741 |
| McGraw-Hill Education, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.38 | 9/1/2031 | 124000 | 127233 |
| McGraw-Hill Education, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.00 | 8/1/2029 | 246000 | 248054 |
| Midcontinent Communications, Sr. Unscd. Bonds<sup>(a)</sup> <br>| 8.00 | 8/15/2032 | 166000 | 169234 |
| Nexstar Media, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.75 | 11/1/2028 | 407000 | 400554 |
| Nexstar Media, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.63 | 7/15/2027 | 474000 | 473629 |
| Paramount Global, Gtd. Notes | 6.25 | 2/28/2057 | 335000 | 327484 |
| Paramount Global, Gtd. Notes | 6.38 | 3/30/2062 | 731000 | 720647 |
| Scripps Escrow II, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 3.88 | 1/15/2029 | 56000 | 50616 |
| Scripps Escrow II, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.38 | 1/15/2031 | 153000 | 106410 |
| Sinclair Television Group, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.50 | 3/1/2030 | 101000 | 85772 |
| Sinclair Television Group, Inc., Scd. Notes<sup>(a)</sup> <br>| 9.75 | 2/15/2033 | 90000 | 98561 |
| Sinclair Television Group, Inc., Sr. Scd. Bonds<sup>(a)</sup> <br>| 8.13 | 2/15/2033 | 250000 | 255068 |
| Sinclair Television Group, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 4.38 | 12/31/2032 | 119000 | 87173 |
| Sirius XM Radio LLC, Gtd. Notes<sup>(a),(b)</sup> <br>| 3.88 | 9/1/2031 | 262000 | 237755 |
| Sirius XM Radio LLC, Gtd. Notes<sup>(a)</sup> <br>| 4.00 | 7/15/2028 | 453000 | 440376 |
| Sirius XM Radio LLC, Gtd. Notes<sup>(a)</sup> <br>| 4.13 | 7/1/2030 | 176000 | 165724 |
| Sirius XM Radio LLC, Gtd. Notes<sup>(a)</sup> <br>| 5.00 | 8/1/2027 | 481000 | 480355 |
| Sirius XM Radio LLC, Gtd. Notes<sup>(a)</sup> <br>| 5.50 | 7/1/2029 | 203000 | 203211 |
| Sunrise FinCo I BV, Sr. Scd. Notes<sup>(a)</sup> <br>| 4.88 | 7/15/2031 | 298000 | 284499 |
| TEGNA, Inc., Gtd. Notes | 4.63 | 3/15/2028 | 270000 | 267220 |
| TEGNA, Inc., Gtd. Notes<sup>(b)</sup> <br>| 5.00 | 9/15/2029 | 300000 | 297453 |
| Telenet Finance Luxembourg Notes Sarl, Sr. Scd. Notes<sup>(a)</sup> <br>| 5.50 | 3/1/2028 | 400000 | 396732 |
| The EW Scripps Company, Scd. Notes<sup>(a)</sup> <br>| 9.88 | 8/15/2030 | 242000 | 229598 |
| Univision Communications, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 4.50 | 5/1/2029 | 416000 | 391096 |
| Univision Communications, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.38 | 6/30/2030 | 103000 | 103468 |
| Univision Communications, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.00 | 8/15/2028 | 590000 | 607701 |
| Univision Communications, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.50 | 7/31/2031 | 454000 | 465049 |
| Univision Communications, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 9.38 | 8/1/2032 | 454000 | 479169 |
| Urban One, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.38 | 2/1/2028 | 92000 | 46828 |
| Versant Media Group, Inc., Sr. Scd. Bonds<sup>(a)</sup> <br>| 7.25 | 1/30/2031 | 236000 | 240930 |
| Virgin Media Finance PLC, Gtd. Notes<sup>(a)</sup> <br>| 5.00 | 7/15/2030 | 162000 | 144546 |
| Virgin Media Secured Finance PLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 4.50 | 8/15/2030 | 284000 | 263999 |
| Virgin Media Secured Finance PLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 5.50 | 5/15/2029 | 464000 | 455254 |
| Virgin Media Vendor Financing Notes IV DAC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.00 | 7/15/2028 | 128000 | 125251 |
| VZ Secured Financing BV, Sr. Scd. Bonds<sup>(a)</sup> <br>| 5.00 | 1/15/2032 | 250000 | 227341 |
| VZ Secured Financing BV, Sr. Scd. Notes<sup>(a)</sup> <br>| 7.50 | 1/15/2033 | 125000 | 127520 |

---

**31**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Media — 6.8% (continued)** | **Media — 6.8% (continued)** | **Media — 6.8% (continued)** | **Media — 6.8% (continued)** | **Media — 6.8% (continued)** |
| Ziggo Bond Co. BV, Gtd. Notes<sup>(a)</sup> <br>| 5.13 | 2/28/2030 | 48000 | 42380 |
| Ziggo BV, Sr. Scd. Notes<sup>(a)</sup> <br>| 4.88 | 1/15/2030 | 233000 | 219821 |
|  |  |  |  | **27636346** |
| **Metals & Mining — 1.7%** | **Metals & Mining — 1.7%** | **Metals & Mining — 1.7%** | **Metals & Mining — 1.7%** | **Metals & Mining — 1.7%** |
| Alcoa Nederland Holding BV, Gtd. Notes<sup>(a)</sup> <br>| 4.13 | 3/31/2029 | 45000 | 43789 |
| Alcoa Nederland Holding BV, Gtd. Notes<sup>(a)</sup> <br>| 7.13 | 3/15/2031 | 220000 | 232677 |
| Algoma Steel, Inc., Scd. Notes<sup>(a)</sup> <br>| 9.13 | 4/15/2029 | 25000 | 20486 |
| Alumina Pty Ltd., Gtd. Bonds<sup>(a)</sup> <br>| 6.38 | 9/15/2032 | 150000 | 155192 |
| Alumina Pty Ltd., Gtd. Notes<sup>(a)</sup> <br>| 6.13 | 3/15/2030 | 125000 | 128148 |
| Arsenal AIC Parent LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 8.00 | 10/1/2030 | 219000 | 232722 |
| Arsenal AIC Parent LLC, Unscd. Notes<sup>(a)</sup> <br>| 11.50 | 10/1/2031 | 175000 | 194490 |
| Big River Steel LLC/BRS Finance Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.63 | 1/31/2029 | 196000 | 196298 |
| Capstone Copper Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.75 | 3/31/2033 | 255000 | 264024 |
| Carpenter Technology Corp., Sr. Unscd. Notes | 6.38 | 7/15/2028 | 105000 | 105315 |
| Carpenter Technology Corp., Sr. Unscd. Notes | 7.63 | 3/15/2030 | 175000 | 180349 |
| Century Aluminum Co., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.88 | 8/1/2032 | 90000 | 92384 |
| Champion Iron Canada, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.88 | 7/15/2032 | 419000 | 439111 |
| Cleveland-Cliffs, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.88 | 3/1/2031 | 91000 | 85889 |
| Cleveland-Cliffs, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.75 | 4/15/2030 | 103000 | 105303 |
| Cleveland-Cliffs, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.88 | 11/1/2029 | 120000 | 123303 |
| Cleveland-Cliffs, Inc., Gtd. Notes<sup>(a),(b)</sup> <br>| 7.00 | 3/15/2032 | 188000 | 192221 |
| Cleveland-Cliffs, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.38 | 5/1/2033 | 121000 | 125171 |
| Cleveland-Cliffs, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.50 | 9/15/2031 | 120000 | 125729 |
| Cleveland-Cliffs, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.63 | 1/15/2034 | 108000 | 112246 |
| Coeur Mining, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.13 | 2/15/2029 | 25000 | 24742 |
| Compass Minerals International, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.00 | 7/1/2030 | 213000 | 221697 |
| Constellium SE, Gtd. Notes<sup>(a)</sup> <br>| 3.75 | 4/15/2029 | 94000 | 89756 |
| Fortescue Treasury Pty Ltd., Gtd. Notes<sup>(a)</sup> <br>| 4.38 | 4/1/2031 | 136000 | 131700 |
| Hecla Mining Co., Gtd. Notes | 7.25 | 2/15/2028 | 32000 | 32217 |
| Infrabuild Australia Pty Ltd., Sr. Scd. Notes<sup>(a)</sup> <br>| 14.50 | 11/15/2028 | 222000 | 238442 |
| JW Aluminum Continuous Cast Co., Sr. Scd. Notes<sup>(a)</sup> <br>| 10.25 | 4/1/2030 | 121000 | 124275 |
| Kaiser Aluminum Corp., Gtd. Notes<sup>(a)</sup> <br>| 4.50 | 6/1/2031 | 197000 | 188042 |
| Kaiser Aluminum Corp., Gtd. Notes<sup>(a)</sup> <br>| 4.63 | 3/1/2028 | 92000 | 92000 |
| Kaiser Aluminum Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.88 | 3/1/2034 | 64000 | 63831 |
| Mineral Resources Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.00 | 4/1/2031 | 194000 | 200883 |
| Mineral Resources Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.00 | 11/1/2027 | 141000 | 143818 |
| Mineral Resources Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.50 | 5/1/2030 | 154000 | 160254 |
| Mineral Resources Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 9.25 | 10/1/2028 | 466000 | 488711 |
| New Gold, Inc., Sr. Unscd. Bonds<sup>(a)</sup> <br>| 6.88 | 4/1/2032 | 130000 | 135721 |
| Novelis Corp., Gtd. Notes<sup>(a)</sup> <br>| 3.88 | 8/15/2031 | 221000 | 202462 |
| Novelis Corp., Gtd. Notes<sup>(a)</sup> <br>| 4.75 | 1/30/2030 | 431000 | 416079 |
| Novelis Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.38 | 8/15/2033 | 247000 | 250446 |
| Novelis Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.88 | 1/30/2030 | 121000 | 125598 |
| Taseko Mines Ltd., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.25 | 5/1/2030 | 43000 | 45482 |
| United States Steel Corp., Sr. Unscd. Bonds | 6.65 | 6/1/2037 | 144000 | 150208 |
| United States Steel Corp., Sr. Unscd. Notes | 6.88 | 3/1/2029 | 158000 | 159065 |
|  |  |  |  | **6840276** |
| **Real Estate — 4.3%** | **Real Estate — 4.3%** | **Real Estate — 4.3%** | **Real Estate — 4.3%** | **Real Estate — 4.3%** |
| Anywhere Real Estate Group LLC/Anywhere Co.-Issuer Corp., Scd. Notes<sup>(a)</sup> <br>| 7.00 | 4/15/2030 | 104000 | 104844 |
| Anywhere Real Estate Group LLC/Realogy Co.-Issuer Corp., Gtd. Notes<sup>(a)</sup> <br>| 5.25 | 4/15/2030 | 252000 | 231059 |

---

**32**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Real Estate — 4.3% (continued)** | **Real Estate — 4.3% (continued)** | **Real Estate — 4.3% (continued)** | **Real Estate — 4.3% (continued)** | **Real Estate — 4.3% (continued)** |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., Gtd. Notes<sup>(a)</sup> <br>| 5.75 | 1/15/2029 | 143000 | 136847 |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., Scd. Notes<sup>(a)</sup> <br>| 9.75 | 4/15/2030 | 150000 | 163279 |
| Apollo Commercial Real Estate Finance, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 4.63 | 6/15/2029 | 54000 | 51963 |
| Arbor Realty SR, Inc., Gtd. Notes, Ser. QIB<sup>(a)</sup> <br>| 5.00 | 12/30/2028 | 252000 | 237025 |
| Arbor Realty SR, Inc., Gtd. Notes, Ser. QIB<sup>(a)</sup> <br>| 8.50 | 10/15/2027 | 214000 | 219883 |
| Arbor Realty SR, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.88 | 7/15/2030 | 318000 | 323468 |
| Arbor Realty Trust, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.50 | 3/15/2027 | 262000 | 254029 |
| Blackstone Mortgage Trust, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 3.75 | 1/15/2027 | 127000 | 124420 |
| Blackstone Mortgage Trust, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.75 | 12/1/2029 | 121000 | 127433 |
| Brandywine Operating Partnership LP, Gtd. Notes | 3.95 | 11/15/2027 | 24000 | 23628 |
| Brandywine Operating Partnership LP, Gtd. Notes | 4.55 | 10/1/2029 | 121000 | 116239 |
| Brandywine Operating Partnership LP, Gtd. Notes | 6.13 | 1/15/2031 | 127000 | 127618 |
| Brandywine Operating Partnership LP, Gtd. Notes | 8.30 | 3/15/2028 | 140000 | 149599 |
| Brandywine Operating Partnership LP, Gtd. Notes | 8.88 | 4/12/2029 | 165000 | 179353 |
| Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco <br> LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 4.50 | 4/1/2027 | 234000 | 230421 |
| Cushman & Wakefield US Borrower LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 6.75 | 5/15/2028 | 335000 | 337333 |
| Cushman & Wakefield US Borrower LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 8.88 | 9/1/2031 | 73000 | 78172 |
| Diversified Healthcare Trust, Gtd. Notes | 4.38 | 3/1/2031 | 185000 | 162384 |
| Diversified Healthcare Trust, Sr. Scd. Notes<sup>(a)</sup> <br>| 7.25 | 10/15/2030 | 125000 | 126250 |
| Diversified Healthcare Trust, Sr. Unscd. Notes | 4.75 | 2/15/2028 | 107000 | 101992 |
| EF Holdco/EF Cayman Hold/Ellington Fin REIT Cayman/TRS/EF Cayman Non-<br> MTM, Gtd. Notes<sup>(a)</sup> <br>| 7.38 | 9/30/2030 | 56000 | 56212 |
| Five Point Operating Co. LP, Gtd. Notes<sup>(a)</sup> <br>| 8.00 | 10/1/2030 | 155000 | 158559 |
| Hudson Pacific Properties LP, Gtd. Notes<sup>(b)</sup> <br>| 3.25 | 1/15/2030 | 145000 | 124067 |
| Hudson Pacific Properties LP, Gtd. Notes | 3.95 | 11/1/2027 | 232000 | 222150 |
| Hudson Pacific Properties LP, Gtd. Notes<sup>(b)</sup> <br>| 4.65 | 4/1/2029 | 170000 | 156635 |
| Hudson Pacific Properties LP, Gtd. Notes | 5.95 | 2/15/2028 | 146000 | 142703 |
| Hunt Cos., Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 5.25 | 4/15/2029 | 250000 | 243251 |
| Iron Mountain Information Management Services, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.00 | 7/15/2032 | 281000 | 271876 |
| Iron Mountain, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.50 | 2/15/2031 | 565000 | 542788 |
| Iron Mountain, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.88 | 9/15/2027 | 233000 | 232303 |
| Iron Mountain, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.88 | 9/15/2029 | 310000 | 305929 |
| Iron Mountain, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.00 | 7/15/2028 | 151000 | 150076 |
| Iron Mountain, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.25 | 3/15/2028 | 246000 | 245856 |
| Iron Mountain, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.25 | 7/15/2030 | 606000 | 603492 |
| Iron Mountain, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.63 | 7/15/2032 | 279000 | 279121 |
| Iron Mountain, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.25 | 1/15/2033 | 407000 | 416865 |
| Iron Mountain, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.00 | 2/15/2029 | 266000 | 274097 |
| Kennedy-Wilson, Inc., Gtd. Notes | 4.75 | 3/1/2029 | 114000 | 107696 |
| Kennedy-Wilson, Inc., Gtd. Notes | 4.75 | 2/1/2030 | 216000 | 199395 |
| Kennedy-Wilson, Inc., Gtd. Notes<sup>(b)</sup> <br>| 5.00 | 3/1/2031 | 81000 | 74769 |
| Millrose Properties, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.25 | 9/15/2032 | 269000 | 270284 |
| Millrose Properties, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.38 | 8/1/2030 | 330000 | 334695 |
| MPT Operating Partnership LP/MPT Finance Corp., Gtd. Notes | 3.50 | 3/15/2031 | 298000 | 211414 |
| MPT Operating Partnership LP/MPT Finance Corp., Gtd. Notes | 4.63 | 8/1/2029 | 179000 | 146489 |
| MPT Operating Partnership LP/MPT Finance Corp., Gtd. Notes | 5.00 | 10/15/2027 | 251000 | 241504 |
| MPT Operating Partnership LP/MPT Finance Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.50 | 2/15/2032 | 480000 | 504429 |
| Office Properties Income Trust, Sr. Scd. Notes<sup>(a),(d)</sup> <br>| 3.25 | 3/15/2027 | 87358 | 68185 |
| Office Properties Income Trust, Sr. Scd. Notes<sup>(a),(d)</sup> <br>| 9.00 | 3/31/2029 | 81000 | 82716 |

---

**33**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Real Estate — 4.3% (continued)** | **Real Estate — 4.3% (continued)** | **Real Estate — 4.3% (continued)** | **Real Estate — 4.3% (continued)** | **Real Estate — 4.3% (continued)** |
| Office Properties Income Trust, Sr. Scd. Notes<sup>(a),(d)</sup> <br>| 9.00 | 9/30/2029 | 127000 | 91829 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-<br> Issuer, Gtd. Notes<sup>(a)</sup> <br>| 7.00 | 2/1/2030 | 130000 | 133215 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-<br> Issuer, Sr. Scd. Notes<sup>(a)</sup> <br>| 4.88 | 5/15/2029 | 324000 | 314808 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-<br> Issuer, Sr. Scd. Notes<sup>(a)</sup> <br>| 5.88 | 10/1/2028 | 14000 | 13980 |
| Pebblebrook Hotel LP/PEB Finance Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.38 | 10/15/2029 | 105000 | 106058 |
| RHP Hotel Properties LP/RHP Finance Corp., Gtd. Notes<sup>(a)</sup> <br>| 4.50 | 2/15/2029 | 205000 | 201633 |
| RHP Hotel Properties LP/RHP Finance Corp., Gtd. Notes | 4.75 | 10/15/2027 | 313000 | 312143 |
| RHP Hotel Properties LP/RHP Finance Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.50 | 4/1/2032 | 349000 | 358926 |
| RHP Hotel Properties LP/RHP Finance Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.50 | 6/15/2033 | 175000 | 180701 |
| RHP Hotel Properties LP/RHP Finance Corp., Gtd. Notes<sup>(a)</sup> <br>| 7.25 | 7/15/2028 | 130000 | 134052 |
| Rithm Capital Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.00 | 4/1/2029 | 272000 | 277676 |
| Rithm Capital Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.00 | 7/15/2030 | 98000 | 99352 |
| RLJ Lodging Trust LP, Sr. Scd. Notes<sup>(a)</sup> <br>| 4.00 | 9/15/2029 | 104000 | 97837 |
| SBA Communications Corp., Sr. Unscd. Notes | 3.13 | 2/1/2029 | 400000 | 378093 |
| SBA Communications Corp., Sr. Unscd. Notes | 3.88 | 2/15/2027 | 378000 | 373722 |
| Service Properties Trust, Gtd. Notes | 5.50 | 12/15/2027 | 135000 | 131649 |
| Service Properties Trust, Gtd. Notes | 8.38 | 6/15/2029 | 175000 | 174127 |
| Service Properties Trust, Gtd. Notes | 8.88 | 6/15/2032 | 105000 | 103477 |
| Service Properties Trust, Sr. Scd. Notes<sup>(a),(f)</sup> <br>| 0.00 | 9/30/2027 | 76000 | 67087 |
| Service Properties Trust, Sr. Scd. Notes<sup>(a)</sup> <br>| 8.63 | 11/15/2031 | 235000 | 247761 |
| Service Properties Trust, Sr. Unscd. Notes | 3.95 | 1/15/2028 | 80000 | 74282 |
| Service Properties Trust, Sr. Unscd. Notes | 4.38 | 2/15/2030 | 78000 | 65605 |
| Service Properties Trust, Sr. Unscd. Notes | 4.95 | 2/15/2027 | 19000 | 18951 |
| Service Properties Trust, Sr. Unscd. Notes | 4.95 | 10/1/2029 | 85000 | 73439 |
| Starwood Property Trust, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.25 | 10/15/2028 | 144000 | 144599 |
| Starwood Property Trust, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.38 | 1/15/2027 | 103000 | 102136 |
| Starwood Property Trust, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.75 | 1/15/2031 | 118000 | 119743 |
| Starwood Property Trust, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.00 | 4/15/2030 | 157000 | 160376 |
| Starwood Property Trust, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.50 | 7/1/2030 | 137000 | 142587 |
| Starwood Property Trust, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.50 | 10/15/2030 | 146000 | 152024 |
| Starwood Property Trust, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.25 | 4/1/2029 | 210000 | 221159 |
| The Howard Hughes Corp., Gtd. Notes<sup>(a)</sup> <br>| 4.13 | 2/1/2029 | 410000 | 394060 |
| The Howard Hughes Corp., Gtd. Notes<sup>(a)</sup> <br>| 4.38 | 2/1/2031 | 379000 | 356428 |
| The Howard Hughes Corp., Gtd. Notes<sup>(a)</sup> <br>| 5.38 | 8/1/2028 | 454000 | 453439 |
| Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, Gtd. Notes<sup>(a)</sup> <br>| 6.00 | 1/15/2030 | 146000 | 130900 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, Gtd. Notes<sup>(a)</sup> <br>| 6.50 | 2/15/2029 | 337000 | 315229 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, Gtd. Notes<sup>(a)</sup> <br>| 8.63 | 6/15/2032 | 131000 | 122585 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 4.75 | 4/15/2028 | 114000 | 111391 |
| XHR LP, Gtd. Notes<sup>(a)</sup> <br>| 6.63 | 5/15/2030 | 193000 | 197131 |
| XHR LP, Sr. Scd. Notes<sup>(a)</sup> <br>| 4.88 | 6/1/2029 | 90000 | 87974 |
|  |  |  |  | **17516959** |
| **Retailing — 4.6%** | **Retailing — 4.6%** | **Retailing — 4.6%** | **Retailing — 4.6%** | **Retailing — 4.6%** |
| 1011778 BC ULC/New Red Finance, Inc., Scd. Notes<sup>(a)</sup> <br>| 4.00 | 10/15/2030 | 635000 | 600438 |
| 1011778 BC ULC/New Red Finance, Inc., Scd. Notes<sup>(a)</sup> <br>| 4.38 | 1/15/2028 | 225000 | 222132 |
| 1011778 BC ULC/New Red Finance, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 3.50 | 2/15/2029 | 50000 | 48152 |
| 1011778 BC ULC/New Red Finance, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 3.88 | 1/15/2028 | 389000 | 381954 |
| 1011778 BC ULC/New Red Finance, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.13 | 6/15/2029 | 128000 | 131517 |
| Academy Ltd., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.00 | 11/15/2027 | 192000 | 192288 |

---

**34**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Retailing — 4.6% (continued)** | **Retailing — 4.6% (continued)** | **Retailing — 4.6% (continued)** | **Retailing — 4.6% (continued)** | **Retailing — 4.6% (continued)** |
| Advance Auto Parts, Inc., Gtd. Notes | 3.90 | 4/15/2030 | 40000 | 36768 |
| Advance Auto Parts, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.00 | 8/1/2030 | 357000 | 361309 |
| Advance Auto Parts, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.38 | 8/1/2033 | 240000 | 242963 |
| Arko Corp., Gtd. Notes<sup>(a)</sup> <br>| 5.13 | 11/15/2029 | 83000 | 69552 |
| Asbury Automotive Group, Inc., Gtd. Notes | 4.50 | 3/1/2028 | 71000 | 70355 |
| Asbury Automotive Group, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.63 | 11/15/2029 | 246000 | 238917 |
| Asbury Automotive Group, Inc., Gtd. Notes | 4.75 | 3/1/2030 | 124000 | 121115 |
| Asbury Automotive Group, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.00 | 2/15/2032 | 57000 | 54847 |
| Bath & Body Works, Inc., Gtd. Notes | 5.25 | 2/1/2028 | 50000 | 50270 |
| Bath & Body Works, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.63 | 10/1/2030 | 123000 | 126215 |
| Bath & Body Works, Inc., Gtd. Notes | 6.75 | 7/1/2036 | 96000 | 99348 |
| Bath & Body Works, Inc., Gtd. Notes | 6.88 | 11/1/2035 | 138000 | 144217 |
| Bath & Body Works, Inc., Gtd. Notes | 7.50 | 6/15/2029 | 30000 | 30727 |
| Bath & Body Works, Inc., Sr. Unscd. Debs. | 6.95 | 3/1/2033 | 105000 | 108732 |
| Bath & Body Works, Inc., Sr. Unscd. Notes | 7.60 | 7/15/2037 | 66000 | 68829 |
| BCPE Flavor Debt Merger Sub LLC and BCPE Flavor Issuer, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 9.50 | 7/1/2032 | 169000 | 170493 |
| Bloomin' Brands, Inc./OSI Restaurant Partners LLC, Gtd. Notes<sup>(a),(b)</sup> <br>| 5.13 | 4/15/2029 | 43000 | 38034 |
| BlueLinx Holdings, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.00 | 11/15/2029 | 140000 | 137498 |
| Brinker International, Inc., Gtd. Notes<sup>(a)</sup> <br>| 8.25 | 7/15/2030 | 149000 | 157919 |
| Carvana Co., Sr. Scd. Notes<sup>(a),(c)</sup> <br>| 9.00 | 6/1/2030 | 799550 | 835545 |
| Carvana Co., Sr. Scd. Notes<sup>(a),(c)</sup> <br>| 9.00 | 6/1/2031 | 557672 | 621007 |
| EG Global Finance PLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 12.00 | 11/30/2028 | 330000 | 361560 |
| Ferrellgas LP/Ferrellgas Finance Corp., Gtd. Notes<sup>(a)</sup> <br>| 9.25 | 1/15/2031 | 58000 | 58575 |
| Ferrellgas LP/Ferrellgas Finance Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.88 | 4/1/2029 | 150000 | 142522 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.75 | 1/15/2030 | 247000 | 228969 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., Sr. Scd. <br> Notes<sup>(a)</sup> <br>| 4.63 | 1/15/2029 | 246000 | 235301 |
| FirstCash, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.88 | 3/1/2032 | 183000 | 190045 |
| Global Auto Holdings Ltd./AAG FH UK Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.38 | 1/15/2029 | 85000 | 80761 |
| Global Auto Holdings Ltd./AAG FH UK Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.75 | 1/15/2032 | 97000 | 91836 |
| Global Auto Holdings Ltd./AAG FH UK Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 11.50 | 8/15/2029 | 112000 | 115708 |
| GPS Hospitality Holding Co. LLC/GPS Finco, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.00 | 8/15/2028 | 119000 | 65787 |
| Group 1 Automotive, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.00 | 8/15/2028 | 54000 | 52399 |
| Group 1 Automotive, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.38 | 1/15/2030 | 144000 | 147089 |
| Ken Garff Automotive LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.88 | 9/15/2028 | 102000 | 100058 |
| KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, Gtd. Notes<sup>(a)</sup> <br>| 4.75 | 6/1/2027 | 381000 | 380362 |
| Kohl's Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 10.00 | 6/1/2030 | 128000 | 139022 |
| Kohl's Corp., Sr. Unscd. Notes | 5.13 | 5/1/2031 | 101000 | 78811 |
| Kohl's Corp., Sr. Unscd. Notes | 5.55 | 7/17/2045 | 80000 | 51907 |
| LBM Acquisition LLC, Gtd. Notes<sup>(a)</sup> <br>| 6.25 | 1/15/2029 | 144000 | 131385 |
| LBM Acquisition LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 9.50 | 6/15/2031 | 340000 | 355871 |
| LCM Investments Holdings II LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.88 | 5/1/2029 | 213000 | 207497 |
| LCM Investments Holdings II LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.25 | 8/1/2031 | 37000 | 38924 |
| Liberty Interactive LLC, Sr. Unscd. Debs. | 8.25 | 2/1/2030 | 153000 | 12406 |
| Lithia Motors, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.50 | 10/1/2030 | 255000 | 255501 |
| Lithia Motors, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 3.88 | 6/1/2029 | 148000 | 141394 |
| Macy's Retail Holdings LLC, Gtd. Notes | 4.30 | 2/15/2043 | 65000 | 46852 |
| Macy's Retail Holdings LLC, Gtd. Notes | 5.13 | 1/15/2042 | 40000 | 32326 |
| Macy's Retail Holdings LLC, Gtd. Notes<sup>(a)</sup> <br>| 6.13 | 3/15/2032 | 110000 | 110486 |
| Macy's Retail Holdings LLC, Gtd. Notes | 6.38 | 3/15/2037 | 25000 | 23285 |

---

**35**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Retailing — 4.6% (continued)** | **Retailing — 4.6% (continued)** | **Retailing — 4.6% (continued)** | **Retailing — 4.6% (continued)** | **Retailing — 4.6% (continued)** |
| Macy's Retail Holdings LLC, Gtd. Notes<sup>(a)</sup> <br>| 6.70 | 7/15/2034 | 200000 | 187983 |
| Macy's Retail Holdings LLC, Gtd. Notes<sup>(a)</sup> <br>| 7.38 | 8/1/2033 | 268000 | 282480 |
| Murphy Oil USA, Inc., Gtd. Notes | 5.63 | 5/1/2027 | 82000 | 82033 |
| Nordstrom, Inc., Sr. Scd. Notes | 4.00 | 3/15/2027 | 160000 | 157674 |
| Nordstrom, Inc., Sr. Scd. Notes | 4.25 | 8/1/2031 | 45000 | 41161 |
| Nordstrom, Inc., Sr. Scd. Notes | 5.00 | 1/15/2044 | 93000 | 70389 |
| Nordstrom, Inc., Sr. Scd. Notes | 6.95 | 3/15/2028 | 160000 | 166238 |
| Park River Holdings, Inc., Scd. Notes<sup>(a)</sup> <br>| 8.75 | 12/31/2030 | 188588 | 187745 |
| Park River Holdings, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.00 | 3/15/2031 | 184000 | 189367 |
| Patrick Industries, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.75 | 5/1/2029 | 96000 | 94441 |
| Patrick Industries, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.38 | 11/1/2032 | 311000 | 316736 |
| Penske Automotive Group, Inc., Gtd. Notes | 3.75 | 6/15/2029 | 168000 | 160806 |
| PetSmart LLC/PetSmart Finance Corp., Gtd. Notes<sup>(a)</sup> <br>| 10.00 | 9/15/2033 | 235000 | 236350 |
| PetSmart LLC/PetSmart Finance Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.50 | 9/15/2032 | 594000 | 593836 |
| QVC, Inc., Sr. Scd. Notes | 5.45 | 8/15/2034 | 81000 | 35543 |
| QVC, Inc., Sr. Scd. Notes | 5.95 | 3/15/2043 | 80000 | 36122 |
| QVC, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.88 | 4/15/2029 | 148000 | 68286 |
| QXO Building Products, Inc., Sr. Scd. Bonds<sup>(a)</sup> <br>| 6.75 | 4/30/2032 | 587000 | 608879 |
| Raising Cane's Restaurants LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 9.38 | 5/1/2029 | 30000 | 31379 |
| Saks Global Enterprises LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 11.00 | 12/15/2029 | 46000 | 10436 |
| Saks Global Enterprises LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 11.00 | 12/15/2029 | 110000 | 47484 |
| Saks Global Enterprises LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 11.00 | 12/15/2029 | 250000 | 110064 |
| SGUS LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 11.00 | 12/15/2029 | 245000 | 212023 |
| Sonic Automotive, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.88 | 11/15/2031 | 76000 | 72436 |
| Specialty Building Products Holdings LLC/SBP Finance Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.75 | 10/15/2029 | 40000 | 40215 |
| Staples, Inc., Scd. Notes<sup>(a)</sup> <br>| 12.75 | 1/15/2030 | 290000 | 223662 |
| Staples, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 10.75 | 9/1/2029 | 792000 | 772692 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp., Sr. Unscd. <br> Notes<sup>(a)</sup> <br>| 5.00 | 6/1/2031 | 160000 | 152163 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp., Sr. Unscd. Notes | 5.88 | 3/1/2027 | 80000 | 79990 |
| Superior Plus LP/Superior General Partner, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.50 | 3/15/2029 | 109000 | 105717 |
| The Gap, Inc., Gtd. Notes<sup>(a)</sup> <br>| 3.63 | 10/1/2029 | 184000 | 173021 |
| The Gap, Inc., Gtd. Notes<sup>(a)</sup> <br>| 3.88 | 10/1/2031 | 165000 | 150858 |
| The Michaels Companies, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 5.25 | 5/1/2028 | 166000 | 154978 |
| The Michaels Companies, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.88 | 5/1/2029 | 342000 | 301460 |
| Victoria's Secret & Co., Gtd. Notes<sup>(a)</sup> <br>| 4.63 | 7/15/2029 | 68000 | 65068 |
| Victra Holdings LLC/Victra Finance Corp., Sr. Scd. Notes<sup>(a),(b)</sup> <br>| 8.75 | 9/15/2029 | 147000 | 156017 |
| White Cap Buyer LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.88 | 10/15/2028 | 145000 | 145000 |
| White Cap Supply Holdings LLC, Gtd. Notes<sup>(a)</sup> <br>| 7.38 | 11/15/2030 | 179000 | 181123 |
| Yum! Brands, Inc., Sr. Unscd. Notes | 3.63 | 3/15/2031 | 634000 | 595165 |
| Yum! Brands, Inc., Sr. Unscd. Notes | 4.63 | 1/31/2032 | 604000 | 589347 |
| Yum! Brands, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.75 | 1/15/2030 | 518000 | 516401 |
| Yum! Brands, Inc., Sr. Unscd. Notes | 5.35 | 11/1/2043 | 95000 | 93059 |
| Yum! Brands, Inc., Sr. Unscd. Notes | 5.38 | 4/1/2032 | 600000 | 605757 |
| Yum! Brands, Inc., Sr. Unscd. Notes | 6.88 | 11/15/2037 | 95000 | 106191 |
|  |  |  |  | **18445555** |
| **Semiconductors & Semiconductor Equipment — .3%** | **Semiconductors & Semiconductor Equipment — .3%** | **Semiconductors & Semiconductor Equipment — .3%** | **Semiconductors & Semiconductor Equipment — .3%** | **Semiconductors & Semiconductor Equipment — .3%** |
| Amkor Technology, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.88 | 10/1/2033 | 50000 | 50889 |
| ams-OSRAM AG, Sr. Unscd. Notes<sup>(a)</sup> <br>| 12.25 | 3/30/2029 | 124000 | 133701 |
| Entegris, Inc., Gtd. Notes<sup>(a)</sup> <br>| 3.63 | 5/1/2029 | 77000 | 73256 |

---

**36**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Semiconductors & Semiconductor Equipment — .3% (continued)** | **Semiconductors & Semiconductor Equipment — .3% (continued)** | **Semiconductors & Semiconductor Equipment — .3% (continued)** | **Semiconductors & Semiconductor Equipment — .3% (continued)** | **Semiconductors & Semiconductor Equipment — .3% (continued)** |
| Entegris, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.38 | 4/15/2028 | 78000 | 76615 |
| Entegris, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.95 | 6/15/2030 | 262000 | 265756 |
| Kioxia Holdings Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.25 | 7/24/2030 | 307000 | 317098 |
| Kioxia Holdings Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.63 | 7/24/2033 | 238000 | 248547 |
| Synaptics, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.00 | 6/15/2029 | 20000 | 19210 |
|  |  |  |  | **1185072** |
| **Technology Hardware & Equipment — 1.3%** | **Technology Hardware & Equipment — 1.3%** | **Technology Hardware & Equipment — 1.3%** | **Technology Hardware & Equipment — 1.3%** | **Technology Hardware & Equipment — 1.3%** |
| Ahead DB Holdings LLC, Gtd. Notes<sup>(a)</sup> <br>| 6.63 | 5/1/2028 | 156000 | 157292 |
| Amentum Holdings, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.25 | 8/1/2032 | 320000 | 332976 |
| ASGN, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.63 | 5/15/2028 | 389000 | 381978 |
| CACI International, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.38 | 6/15/2033 | 545000 | 566624 |
| Conduent Business Services LLC/Conduent State & Local Solutions, Inc., Sr. Scd. <br> Notes<sup>(a)</sup> <br>| 6.00 | 11/1/2029 | 117000 | 109225 |
| Crane NXT Co., Sr. Unscd. Notes | 4.20 | 3/15/2048 | 100000 | 71475 |
| Diebold Nixdorf, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.75 | 3/31/2030 | 134000 | 142428 |
| Fortress Intermediate 3, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.50 | 6/1/2031 | 131000 | 136662 |
| Insight Enterprises, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.63 | 5/15/2032 | 136000 | 139106 |
| KBR, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.75 | 9/30/2028 | 311000 | 305860 |
| McAfee Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.38 | 2/15/2030 | 400000 | 368004 |
| NCR Atleos Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 9.50 | 4/1/2029 | 363000 | 391913 |
| NCR Voyix Corp., Gtd. Notes<sup>(a)</sup> <br>| 5.00 | 10/1/2028 | 197000 | 195723 |
| NCR Voyix Corp., Gtd. Notes<sup>(a)</sup> <br>| 5.13 | 4/15/2029 | 65000 | 64366 |
| Science Applications International Corp., Gtd. Notes<sup>(a)</sup> <br>| 4.88 | 4/1/2028 | 130000 | 128921 |
| Science Applications International Corp., Gtd. Notes<sup>(a)</sup> <br>| 5.88 | 11/1/2033 | 90000 | 89756 |
| Seagate Data Storage Technology Pte Ltd., Gtd. Notes<sup>(a)</sup> <br>| 4.09 | 6/1/2029 | 120000 | 116725 |
| Seagate Data Storage Technology Pte Ltd., Gtd. Notes<sup>(a)</sup> <br>| 4.13 | 1/15/2031 | 200000 | 188173 |
| Seagate Data Storage Technology Pte Ltd., Gtd. Notes<sup>(a),(b)</sup> <br>| 5.75 | 12/1/2034 | 72000 | 73756 |
| Seagate Data Storage Technology Pte Ltd., Gtd. Notes<sup>(a)</sup> <br>| 5.88 | 7/15/2030 | 70000 | 71941 |
| Seagate Data Storage Technology Pte Ltd., Gtd. Notes<sup>(a)</sup> <br>| 8.25 | 12/15/2029 | 250000 | 265562 |
| Seagate Data Storage Technology Pte Ltd., Gtd. Notes<sup>(a)</sup> <br>| 8.50 | 7/15/2031 | 300000 | 319483 |
| Seagate Data Storage Technology Pte Ltd., Gtd. Notes<sup>(a)</sup> <br>| 9.63 | 12/1/2032 | 378000 | 430884 |
| Unisys Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 10.63 | 1/15/2031 | 176000 | 186921 |
| Virtusa Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.13 | 12/15/2028 | 219000 | 210089 |
|  |  |  |  | **5445843** |
| **Telecommunication Services — 5.7%** | **Telecommunication Services — 5.7%** | **Telecommunication Services — 5.7%** | **Telecommunication Services — 5.7%** | **Telecommunication Services — 5.7%** |
| Altice Financing SA, Sr. Scd. Bonds<sup>(a)</sup> <br>| 5.75 | 8/15/2029 | 625000 | 454661 |
| Altice Financing SA, Sr. Scd. Notes<sup>(a)</sup> <br>| 5.00 | 1/15/2028 | 360000 | 271517 |
| Altice Financing SA, Sr. Scd. Notes<sup>(a)</sup> <br>| 9.63 | 7/15/2027 | 112000 | 95996 |
| Altice France Lux 3/Altice Holdings 1, Sr. Unscd. Notes<sup>(a)</sup> <br>| 10.00 | 1/15/2033 | 263000 | 247319 |
| Altice France SA, Sr. Scd. Notes<sup>(a)</sup> <br>| 6.50 | 10/15/2031 | 62000 | 59157 |
| Altice France SA, Sr. Scd. Notes<sup>(a)</sup> <br>| 6.50 | 3/15/2032 | 518000 | 496182 |
| Altice France SA, Sr. Scd. Notes<sup>(a)</sup> <br>| 6.88 | 10/15/2030 | 237000 | 231876 |
| Altice France SA, Sr. Scd. Notes<sup>(a)</sup> <br>| 6.88 | 7/15/2032 | 384000 | 368793 |
| Altice France SA, Sr. Scd. Notes<sup>(a)</sup> <br>| 9.50 | 11/1/2029 | 272000 | 277190 |
| Bell Telephone Co. of Canada or Bell Canada, Gtd. Notes | 6.88 | 9/15/2055 | 335000 | 350259 |
| Bell Telephone Co. of Canada or Bell Canada, Gtd. Notes | 7.00 | 9/15/2055 | 310000 | 325359 |
| British Telecommunications PLC, Gtd. Notes<sup>(a)</sup> <br>| 4.25 | 11/23/2081 | 89000 | 88064 |
| CommScope LLC, Gtd. Notes<sup>(a)</sup> <br>| 7.13 | 7/1/2028 | 128000 | 128342 |
| CommScope LLC, Gtd. Notes<sup>(a)</sup> <br>| 8.25 | 3/1/2027 | 220000 | 221650 |
| CommScope LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 4.75 | 9/1/2029 | 69000 | 68828 |

---

**37**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Telecommunication Services — 5.7% (continued)** | **Telecommunication Services — 5.7% (continued)** | **Telecommunication Services — 5.7% (continued)** | **Telecommunication Services — 5.7% (continued)** | **Telecommunication Services — 5.7% (continued)** |
| CommScope LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 9.50 | 12/15/2031 | 544000 | 554085 |
| CommScope Technologies LLC, Gtd. Notes<sup>(a)</sup> <br>| 5.00 | 3/15/2027 | 238000 | 236865 |
| Connect Finco Sarl/Connect US Finco LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 9.00 | 9/15/2029 | 330000 | 349640 |
| Connect Holding II LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 10.50 | 4/3/2031 | 618000 | 604555 |
| EchoStar Corp., Sr. Scd. Notes<sup>(c)</sup> <br>| 6.75 | 11/30/2030 | 723319 | 746696 |
| EchoStar Corp., Sr. Scd. Notes | 10.75 | 11/30/2029 | 1634000 | 1799215 |
| Embarq LLC, Sr. Unscd. Notes | 8.00 | 6/1/2036 | 247000 | 112823 |
| Fibercop SpA, Sr. Scd. Notes<sup>(a)</sup> <br>| 7.20 | 7/18/2036 | 61000 | 61803 |
| Fibercop SpA, Sr. Scd. Notes<sup>(a)</sup> <br>| 7.72 | 6/4/2038 | 69000 | 70056 |
| Frontier Communications Holdings LLC, Scd. Notes | 5.88 | 11/1/2029 | 156000 | 157787 |
| Frontier Communications Holdings LLC, Scd. Notes<sup>(a)</sup> <br>| 6.00 | 1/15/2030 | 216000 | 218987 |
| Frontier Communications Holdings LLC, Scd. Notes<sup>(a)</sup> <br>| 6.75 | 5/1/2029 | 346000 | 349459 |
| Frontier Communications Holdings LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 5.00 | 5/1/2028 | 435000 | 434511 |
| Frontier Communications Holdings LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 5.88 | 10/15/2027 | 256000 | 256011 |
| Frontier Communications Holdings LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 8.63 | 3/15/2031 | 250000 | 263789 |
| Frontier Florida LLC, Sr. Unscd. Debs., Ser. E | 6.86 | 2/1/2028 | 70000 | 72770 |
| Frontier North, Inc., Sr. Unscd. Debs., Ser. G | 6.73 | 2/15/2028 | 76000 | 78442 |
| GCI LLC, Gtd. Notes<sup>(a)</sup> <br>| 4.75 | 10/15/2028 | 130000 | 126921 |
| GoTo Group, Inc., Sr. Scd. Bonds<sup>(a)</sup> <br>| 5.50 | 5/1/2028 | 62000 | 51697 |
| GoTo Group, Inc., Sr. Scd. Bonds<sup>(a)</sup> <br>| 5.50 | 5/1/2028 | 108000 | 37804 |
| Iliad Holding SAS, Sr. Scd. Notes<sup>(a)</sup> <br>| 7.00 | 10/15/2028 | 350000 | 355231 |
| Iliad Holding SAS, Sr. Scd. Notes<sup>(a)</sup> <br>| 7.00 | 4/15/2032 | 390000 | 399239 |
| Iliad Holding SAS, Sr. Scd. Notes<sup>(a)</sup> <br>| 8.50 | 4/15/2031 | 380000 | 408376 |
| Level 3 Financing, Inc., Gtd. Notes<sup>(a)</sup> <br>| 3.63 | 1/15/2029 | 124000 | 111585 |
| Level 3 Financing, Inc., Gtd. Notes<sup>(a)</sup> <br>| 3.75 | 7/15/2029 | 185000 | 164287 |
| Level 3 Financing, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.25 | 7/1/2028 | 100000 | 95120 |
| Level 3 Financing, Inc., Scd. Notes<sup>(a)</sup> <br>| 3.88 | 10/15/2030 | 95000 | 85454 |
| Level 3 Financing, Inc., Scd. Notes<sup>(a)</sup> <br>| 4.00 | 4/15/2031 | 201000 | 180081 |
| Level 3 Financing, Inc., Scd. Notes<sup>(a)</sup> <br>| 4.50 | 4/1/2030 | 123000 | 114186 |
| Level 3 Financing, Inc., Scd. Notes<sup>(a)</sup> <br>| 4.88 | 6/15/2029 | 185000 | 177550 |
| Level 3 Financing, Inc., Sr. Scd. Bonds<sup>(a)</sup> <br>| 6.88 | 6/30/2033 | 630000 | 645740 |
| Level 3 Financing, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.00 | 3/31/2034 | 727750 | 747938 |
| Lumen Technologies, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 4.13 | 4/15/2029 | 59659 | 59096 |
| Lumen Technologies, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 4.13 | 4/15/2030 | 89333 | 88365 |
| Lumen Technologies, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 10.00 | 10/15/2032 | 43550 | 44031 |
| Lumen Technologies, Inc., Sr. Unscd. Bonds, Ser. P | 7.60 | 9/15/2039 | 100000 | 99369 |
| Lumen Technologies, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.50 | 1/15/2029 | 109000 | 101164 |
| Lumen Technologies, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.38 | 6/15/2029 | 76000 | 71440 |
| Lumen Technologies, Inc., Sr. Unscd. Notes, Ser. U | 7.65 | 3/15/2042 | 94000 | 92806 |
| Rogers Communications, Inc., Sub. Notes<sup>(a)</sup> <br>| 5.25 | 3/15/2082 | 580000 | 577247 |
| Rogers Communications, Inc., Sub. Notes | 7.00 | 4/15/2055 | 675000 | 706713 |
| Rogers Communications, Inc., Sub. Notes | 7.13 | 4/15/2055 | 558000 | 597516 |
| Telecom Italia Capital SA, Gtd. Notes | 6.00 | 9/30/2034 | 105000 | 107583 |
| Telecom Italia Capital SA, Gtd. Notes | 6.38 | 11/15/2033 | 120000 | 126298 |
| Telecom Italia Capital SA, Gtd. Notes | 7.20 | 7/18/2036 | 140000 | 152725 |
| Telecom Italia Capital SA, Gtd. Notes | 7.72 | 6/4/2038 | 100000 | 111482 |
| Telesat Canada/Telesat LLC, Gtd. Notes<sup>(a)</sup> <br>| 6.50 | 10/15/2027 | 57000 | 28817 |
| Telesat Canada/Telesat LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 4.88 | 6/1/2027 | 68000 | 51821 |
| Telesat Canada/Telesat LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 5.63 | 12/6/2026 | 122000 | 93398 |
| TELUS Corp., Jr. Sub. Notes | 6.63 | 10/15/2055 | 412000 | 426164 |

---

**38**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Telecommunication Services — 5.7% (continued)** | **Telecommunication Services — 5.7% (continued)** | **Telecommunication Services — 5.7% (continued)** | **Telecommunication Services — 5.7% (continued)** | **Telecommunication Services — 5.7% (continued)** |
| TELUS Corp., Jr. Sub. Notes<sup>(b)</sup> <br>| 7.00 | 10/15/2055 | 387000 | 412084 |
| Viasat, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 5.63 | 4/15/2027 | 165000 | 164892 |
| Viasat, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.50 | 7/15/2028 | 129000 | 125159 |
| Viasat, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.50 | 5/30/2031 | 218000 | 204585 |
| Viavi Solutions, Inc., Gtd. Notes<sup>(a)</sup> <br>| 3.75 | 10/1/2029 | 115000 | 108548 |
| Vmed O2 UK Financing I PLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 6.75 | 1/15/2033 | 312000 | 312872 |
| VMED O2 UK Financing I PLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 4.25 | 1/31/2031 | 319000 | 291324 |
| VMED O2 UK Financing I PLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 4.75 | 7/15/2031 | 525000 | 486191 |
| VMED O2 UK Financing I PLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 7.75 | 4/15/2032 | 310000 | 321462 |
| Vodafone Group PLC, Jr. Sub. Notes | 4.13 | 6/4/2081 | 10000 | 9388 |
| Vodafone Group PLC, Jr. Sub. Notes | 5.13 | 6/4/2081 | 210000 | 169283 |
| Vodafone Group PLC, Jr. Sub. Notes | 7.00 | 4/4/2079 | 885000 | 934269 |
| Windstream Services LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 7.50 | 10/15/2033 | 258000 | 257459 |
| Windstream Services LLC/Windstream Escrow Finance Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 8.25 | 10/1/2031 | 496000 | 506636 |
| WULF Compute LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 7.75 | 10/15/2030 | 704000 | 731715 |
| Zegona Finance PLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 8.63 | 7/15/2029 | 571000 | 607213 |
|  |  |  |  | **22933011** |
| **Transportation — .5%** | **Transportation — .5%** | **Transportation — .5%** | **Transportation — .5%** | **Transportation — .5%** |
| Beacon Mobility Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 7.25 | 8/1/2030 | 152000 | 158281 |
| Brightline East LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 11.00 | 1/31/2030 | 213492 | 83456 |
| Carriage Purchaser, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.88 | 10/15/2029 | 83000 | 77467 |
| Danaos Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.88 | 10/15/2032 | 96000 | 94455 |
| Danaos Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.50 | 3/1/2028 | 205000 | 207188 |
| First Student Bidco, Inc./First Transit Parent, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 4.00 | 7/31/2029 | 113000 | 109253 |
| Genesee & Wyoming, Inc., Sr. Scd. Notes<sup>(a)</sup> <br>| 6.25 | 4/15/2032 | 165000 | 168260 |
| RXO, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.50 | 11/15/2027 | 64000 | 65391 |
| Seaspan Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.50 | 8/1/2029 | 327000 | 313517 |
| Star Leasing Co. LLC, Scd. Notes<sup>(a)</sup> <br>| 7.63 | 2/15/2030 | 225000 | 212891 |
| Stonepeak Nile Parent LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 7.25 | 3/15/2032 | 132000 | 139695 |
| Watco Cos. LLC/Watco Finance Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.13 | 8/1/2032 | 45000 | 46614 |
| XPO, Inc., Gtd. Notes<sup>(a)</sup> <br>| 7.13 | 2/1/2032 | 235000 | 247397 |
|  |  |  |  | **1923865** |
| **Utilities — 3.2%** | **Utilities — 3.2%** | **Utilities — 3.2%** | **Utilities — 3.2%** | **Utilities — 3.2%** |
| Algonquin Power & Utilities Corp., Jr. Sub. Notes | 4.75 | 1/18/2082 | 355000 | 348016 |
| Alpha Generation LLC, Gtd. Notes<sup>(a)</sup> <br>| 6.25 | 1/15/2034 | 208000 | 210518 |
| Alpha Generation LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.75 | 10/15/2032 | 219000 | 225095 |
| AltaGas Ltd., Jr. Sub. Notes<sup>(a)</sup> <br>| 7.20 | 10/15/2054 | 103000 | 106040 |
| AmeriGas Partners LP/AmeriGas Finance Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>| 5.75 | 5/20/2027 | 128000 | 128407 |
| AmeriGas Partners LP/AmeriGas Finance Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 9.38 | 6/1/2028 | 116000 | 120322 |
| AmeriGas Partners LP/AmeriGas Finance Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 9.50 | 6/1/2030 | 164000 | 172655 |
| Atlantica Sustainable Infrastructure Ltd., Gtd. Notes<sup>(a)</sup> <br>| 4.13 | 6/15/2028 | 57000 | 55092 |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.38 | 2/15/2032 | 281000 | 283895 |
| Calpine Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 3.75 | 3/1/2031 | 90000 | 86379 |
| Calpine Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 4.50 | 2/15/2028 | 209000 | 208359 |
| Calpine Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.63 | 2/1/2029 | 69000 | 68546 |
| Calpine Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.00 | 2/1/2031 | 288000 | 288328 |
| Calpine Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.13 | 3/15/2028 | 404000 | 403988 |
| Clearway Energy Operating LLC, Gtd. Notes<sup>(a)</sup> <br>| 3.75 | 2/15/2031 | 104000 | 96372 |
| Clearway Energy Operating LLC, Gtd. Notes<sup>(a)</sup> <br>| 4.75 | 3/15/2028 | 108000 | 107361 |
| ContourGlobal Power Holdings SA, Sr. Scd. Bonds<sup>(a)</sup> <br>| 6.75 | 2/28/2030 | 118000 | 121540 |

---

**39**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** | **Bonds and Notes — 97.5% (continued)** |
| **Utilities — 3.2% (continued)** | **Utilities — 3.2% (continued)** | **Utilities — 3.2% (continued)** | **Utilities — 3.2% (continued)** | **Utilities — 3.2% (continued)** |
| Edison International, Jr. Sub. Notes | 7.88 | 6/15/2054 | 283000 | 291534 |
| Edison International, Jr. Sub. Notes<sup>(b)</sup> <br>| 8.13 | 6/15/2053 | 260000 | 268513 |
| EUSHI Finance, Inc., Gtd. Notes | 6.25 | 4/1/2056 | 225000 | 225138 |
| EUSHI Finance, Inc., Gtd. Notes | 7.63 | 12/15/2054 | 110000 | 115642 |
| Hawaiian Electric Co., Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.00 | 10/1/2033 | 180000 | 181812 |
| Leeward Renewable Energy Operations LLC, Gtd. Notes<sup>(a)</sup> <br>| 4.25 | 7/1/2029 | 419000 | 399711 |
| Lightning Power LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 7.25 | 8/15/2032 | 528000 | 559625 |
| NRG Energy, Inc., Gtd. Notes<sup>(a)</sup> <br>| 3.38 | 2/15/2029 | 105000 | 99897 |
| NRG Energy, Inc., Gtd. Notes<sup>(a)</sup> <br>| 3.63 | 2/15/2031 | 257000 | 239999 |
| NRG Energy, Inc., Gtd. Notes<sup>(a)</sup> <br>| 3.88 | 2/15/2032 | 55000 | 51056 |
| NRG Energy, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.25 | 6/15/2029 | 77000 | 77337 |
| NRG Energy, Inc., Gtd. Notes | 5.75 | 1/15/2028 | 165000 | 165629 |
| NRG Energy, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.75 | 7/15/2029 | 277000 | 278215 |
| NRG Energy, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.00 | 2/1/2033 | 250000 | 255027 |
| NRG Energy, Inc., Gtd. Notes<sup>(a)</sup> <br>| 6.25 | 11/1/2034 | 230000 | 236899 |
| NRG Energy, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.75 | 1/15/2034 | 357000 | 359342 |
| NRG Energy, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.00 | 1/15/2036 | 650000 | 660961 |
| PacifiCorp, Jr. Sub. Notes | 7.38 | 9/15/2055 | 350000 | 367850 |
| Pattern Energy Operations LP/Pattern Energy Operations, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.50 | 8/15/2028 | 370000 | 360340 |
| PG&E Corp., Jr. Sub. Notes | 7.38 | 3/15/2055 | 527000 | 542375 |
| PG&E Corp., Sr. Scd. Notes | 5.00 | 7/1/2028 | 247000 | 245111 |
| PG&E Corp., Sr. Scd. Notes | 5.25 | 7/1/2030 | 378000 | 374165 |
| Pike Corp., Gtd. Notes<sup>(a)</sup> <br>| 5.50 | 9/1/2028 | 61000 | 60766 |
| Pike Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 8.63 | 1/31/2031 | 78000 | 83369 |
| South Jersey Industries, Inc., Jr. Sub. Notes | 5.02 | 4/15/2031 | 270000 | 233815 |
| Talen Energy Supply LLC, Gtd. Notes<sup>(a)</sup> <br>| 6.25 | 2/1/2034 | 214000 | 219697 |
| Talen Energy Supply LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 8.63 | 6/1/2030 | 145000 | 153880 |
| Talen Energy Supply LLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.50 | 2/1/2036 | 280000 | 290223 |
| The AES Corp., Jr. Sub. Notes | 6.95 | 7/15/2055 | 104000 | 101023 |
| The AES Corp., Jr. Sub. Notes | 7.60 | 1/15/2055 | 282000 | 287209 |
| Vistra Operations Co. LLC, Gtd. Notes<sup>(a)</sup> <br>| 4.38 | 5/1/2029 | 315000 | 309399 |
| Vistra Operations Co. LLC, Gtd. Notes<sup>(a)</sup> <br>| 5.00 | 7/31/2027 | 301000 | 301116 |
| Vistra Operations Co. LLC, Gtd. Notes<sup>(a)</sup> <br>| 5.63 | 2/15/2027 | 131000 | 131030 |
| Vistra Operations Co. LLC, Gtd. Notes<sup>(a)</sup> <br>| 6.88 | 4/15/2032 | 227000 | 238480 |
| Vistra Operations Co. LLC, Gtd. Notes<sup>(a)</sup> <br>| 7.75 | 10/15/2031 | 373000 | 395900 |
| XPLR Infrastructure Operating Partners LP, Gtd. Notes<sup>(a)</sup> <br>| 4.50 | 9/15/2027 | 76000 | 74344 |
| XPLR Infrastructure Operating Partners LP, Gtd. Notes<sup>(a)</sup> <br>| 8.38 | 1/15/2031 | 200000 | 209319 |
| XPLR Infrastructure Operating Partners LP, Gtd. Notes<sup>(a)</sup> <br>| 8.63 | 3/15/2033 | 231000 | 242234 |
| XPLR Infrastructure Operating Partners LP, Sr. Unscd. Notes<sup>(a),(b)</sup> <br>| 7.25 | 1/15/2029 | 103000 | 105951 |
|  |  |  |  | **12824846** |
| **Total Bonds and Notes** <br>(cost $389,791,867)<br>|  |  |  | **394341867** |

---

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

---

| | | |
|:---|:---|:---|
|  | 1-Day <br>Yield (%)<br>| Shares |
| **Investment Companies — .3%** | **Investment Companies — .3%** | **Investment Companies — .3%** |
| **Registered Investment Companies — .3%** | **Registered Investment Companies — .3%** | **Registered Investment Companies — .3%** |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares<sup>(g)</sup> <br>(cost $1,414,992)<br>| 4.04 | 1414992 |

---

**40**

------

---

| | | | |
|:---|:---|:---|:---|
| Description | 1-Day<br> Yield (%)<br>| Shares | Value ($) |
| **Investment of Cash Collateral for Securities Loaned — 1.3%** |  |  |  |
| **Registered Investment Companies — 1.3%** |  |  |  |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares<sup>(g)</sup> <br>(cost $5,146,733)<br>| 4.04 | 5146733 | **5146733** |
| **Total Investments** (cost $396,353,592) | **Total Investments** (cost $396,353,592) | **99.1%** | **400903592** |
| **Cash and Receivables (Net)** | **Cash and Receivables (Net)** | **.9%** | **3483663** |
| **Net Assets**  | **Net Assets**  | **100.0%** | **404387255** |

---

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

REIT—Real Estate Investment Trust<br>

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

<sup>(a)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2025, these securities amounted to $332,139,382 or 82.1% of net assets. 

<sup>(b)</sup> Security, or portion thereof, on loan. At October 31, 2025, the value of the fund's securities on loan was $6,789,066 and the value of the collateral was $7,251,113, consisting of cash collateral of $5,146,733 and U.S. Government & Agency securities valued at $2,104,380. In addition, the value of collateral may include pending sales that are also on loan. 

<sup>(c)</sup> Payment-in-kind security and interest may be paid in additional par.

<sup>(d)</sup> Non-income producing—security in default.

<sup>(e)</sup> Security is a perpetual bond with no specified maturity date. Maturity date shown is next reset date of the bond.

<sup>(f)</sup> Security issued with a zero coupon. Income is recognized through the accretion of discount.

<sup>(g)</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 ($) <br>10/31/2024<br>| Purchases ($)<sup>†</sup> <br>| Sales ($) | Value ($) <br>10/31/2025<br>| Dividends/ <br>Distributions ($)<br>|
| **Registered Investment Companies - .3%** | **Registered Investment Companies - .3%** | **Registered Investment Companies - .3%** | **Registered Investment Companies - .3%** | **Registered Investment Companies - .3%** | **Registered Investment Companies - .3%** |
| Dreyfus Institutional Preferred Government Money Market <br> Fund, Institutional Shares - .3%<br>| 2002458 | 68390558 | (68978024) | 1414992 | 93385 |
| **Investment of Cash Collateral for Securities Loaned - 1.3%** | **Investment of Cash Collateral for Securities Loaned - 1.3%** | **Investment of Cash Collateral for Securities Loaned - 1.3%** | **Investment of Cash Collateral for Securities Loaned - 1.3%** | **Investment of Cash Collateral for Securities Loaned - 1.3%** | **Investment of Cash Collateral for Securities Loaned - 1.3%** |
| Dreyfus Institutional Preferred Government Money Market <br> Fund, Institutional Shares - 1.3%<br>| 6846960 | 45141480 | (46841707) | 5146733 | 86426<sup>††</sup> <br>|
| **Total - 1.6%** | **8849418** | **113532038** | **(115819731)** | **6561725** | **179811** |

---

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

---

| | |
|:---|:---|
| <sup>†</sup> <br>| Includes reinvested dividends/distributions. |
| <sup>††</sup> <br>| 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>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures** | **Futures** | **Futures** | **Futures** | **Futures** | **Futures** |
| Description | Number of <br>Contracts<br>| Expiration | Notional <br>Value ($)<br>| Market <br>Value ($)<br>| Unrealized <br>Appreciation <br>(Depreciation) ($)<br>|
| **Futures Long** |  |  |  |  |  |
| 5 Year U.S. Treasury Note | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp; 1420520 | &nbsp;&nbsp; 1419742 | (778) |
| 10 Year U.S. Treasury Note | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; 3379106 | &nbsp;&nbsp; 3380156 | &nbsp;&nbsp; 1050 |
| U.S. Treasury Long-Term Bond | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; 1394849 | &nbsp;&nbsp; 1407750 | &nbsp;&nbsp; 12901 |

---

**41**

------

SCHEDULE OF INVESTMENTS (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures (continued)** | **Futures (continued)** | **Futures (continued)** | **Futures (continued)** | **Futures (continued)** | **Futures (continued)** |
| Description | Number of<br> Contracts<br>| Expiration | Notional<br> Value ($)<br>| Market<br> Value ($)<br>| Unrealized<br> Appreciation<br> (Depreciation) ($)<br>|
| **Futures Long (continued)** |  |  |  |  |  |
| Ultra 10 Year U.S. Treasury Note | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; 577664 | &nbsp;&nbsp; 577422 | (242) |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; 357000 | &nbsp;&nbsp; 363844 | &nbsp;&nbsp; 6844 |
| **Futures Short** |  |  |  |  |  |
| 2 Year U.S. Treasury Note | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp; 2080531 | &nbsp;&nbsp; 2082422 | &nbsp;&nbsp; (1891) |
| **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** |  |  | **20795** |
| **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** |  |  | **(2911)** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Credit Default Swaps** | **Centrally Cleared Credit Default Swaps** | **Centrally Cleared Credit Default Swaps** | **Centrally Cleared Credit Default Swaps** | **Centrally Cleared Credit Default Swaps** | **Centrally Cleared Credit Default Swaps** |
| Reference <br>Obligations<br>| Maturity <br>Date<br>| Notional <br>Amount ($)<sup>(a)</sup> <br>| Market <br>Value ($)<br>| Upfront <br>Payments/ <br>Receipts ($)<br>| Unrealized <br>Appreciation ($)<br>|
| **Purchased Contracts:**<sup>(b)</sup> |  |  |  |  |  |
| Markit CDX North America High Yield Index, Series 45, Paid <br> 3 Month Fixed Rate of 5.00%<br>| &nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp; 9400000 | &nbsp;&nbsp; 735240 | &nbsp;&nbsp; 723946 | &nbsp;&nbsp; 11294 |
| **Gross Unrealized Appreciation** |  |  |  |  | &nbsp;&nbsp; **11294** |

---

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

<sup>(a)</sup> The maximum potential amount the fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of the swap agreement. 

<sup>(b)</sup> If the fund is a buyer of protection and a credit event occurs, as defined under the terms of the swap agreement, the fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the reference obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference obligation. 

See notes to financial statements.

**42**

------

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Schedule of Investments <br>(including securities on loan, valued at $6,789,066)—Note 2(b):<br>|  |  |
| Unaffiliated issuers | 389791867 | &nbsp;&nbsp;&nbsp;&nbsp; 394341867 |
| Affiliated issuers | 6561725 | &nbsp;&nbsp;&nbsp;&nbsp; 6561725 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp; 19921 |
| Cash collateral held by broker—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 931458 |
| Receivable for investment securities sold |  | &nbsp;&nbsp;&nbsp;&nbsp; 11172014 |
| Dividends, interest and securities lending income receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 6700021 |
| Receivable for futures variation margin—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 35476 |
| Receivable from Authorized Participants |  | &nbsp;&nbsp;&nbsp;&nbsp; 19201 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **419781683** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon ETF Investment Adviser, LLC—Note 3(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 72760 |
| Payable for investment securities purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 10166427 |
| Liability for securities on loan—Note 2(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5146733 |
| Payable for swap variation margin—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8508 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **15394428** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **404387255** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 400047719 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; 4339536 |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **404387255** |
| **Shares Outstanding** |  |  |
| Shares outstanding no par value (unlimited shares authorized) |  | &nbsp;&nbsp;&nbsp;&nbsp; 8350000 |
| **Net Asset Value Per Share ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**48.43** |
| **Market Price Per Share ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**48.46** |

---

See notes to financial statements.

**43**

------

STATEMENT OF OPERATIONS

Year Ended October 31, 2025

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Income:** |  |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp; 25147081 |
| Dividends: |  |
| Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 93385 |
| Affiliated income net of rebates from securities lending—Note 2(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 86426 |
| **Total Income** | &nbsp;&nbsp;&nbsp;&nbsp; **25326892** |
| **Expenses:** |  |
| Management fee—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 752395 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **752395** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **24574497** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (503755)<br>|
| Net realized gain (loss) on in-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp; (2597648)<br>|
| Net realized gain (loss) on futures | &nbsp;&nbsp;&nbsp;&nbsp; (16948)<br>|
| Net realized gain (loss) on swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; 353022 |
| **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **(2765329)**<br>|
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 1271918 |
| Net change in unrealized appreciation (depreciation) on futures | &nbsp;&nbsp;&nbsp;&nbsp; 150898 |
| Net change in unrealized appreciation (depreciation) on swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; 26257 |
| **Net Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **1449073** |
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **(1316256)**<br>|
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **23258241** |

---

See notes to financial statements.

**44**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 |
| **Operations ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 24574497 | &nbsp;&nbsp;&nbsp;&nbsp; 19739761 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (2765329) | &nbsp;&nbsp;&nbsp;&nbsp; 38280 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 1449073 | &nbsp;&nbsp;&nbsp;&nbsp; 7897024 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **23258241** | &nbsp;&nbsp;&nbsp;&nbsp; **27675065** |
| **Distributions ($):** |  |  |
| **Distributions to shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **(24735952)** | &nbsp;&nbsp;&nbsp;&nbsp; **(18171955)** |
| **Beneficial Interest Transactions ($):** |  |  |
| Net proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 233191911 | &nbsp;&nbsp;&nbsp;&nbsp; 297543069 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (169423473) | &nbsp;&nbsp;&nbsp;&nbsp; (18468386) |
| Transaction fees—Note 5  | &nbsp;&nbsp;&nbsp;&nbsp; 6793 | &nbsp;&nbsp;&nbsp;&nbsp; 174 |
| **Increase (Decrease) in Net Assets from Beneficial Interest Transactions** | &nbsp;&nbsp;&nbsp;&nbsp; **63775231** | &nbsp;&nbsp;&nbsp;&nbsp; **279074857** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **62297520** | &nbsp;&nbsp;&nbsp;&nbsp; **288577967** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 342089735 | &nbsp;&nbsp;&nbsp;&nbsp; 53511768 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **404387255** | &nbsp;&nbsp;&nbsp;&nbsp; **342089735** |
| **Capital Share Transactions (Shares):** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 4900000 | &nbsp;&nbsp;&nbsp;&nbsp; 6300000 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (3650000) | &nbsp;&nbsp;&nbsp;&nbsp; (400000) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **1250000** | &nbsp;&nbsp;&nbsp;&nbsp; **5900000** |

---

See notes to financial statements.

**45**

------

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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;48.18 | &nbsp;&nbsp;&nbsp;&nbsp;44.59 | &nbsp;&nbsp;&nbsp;&nbsp;45.83 | &nbsp;&nbsp;&nbsp;&nbsp;56.23 | &nbsp;&nbsp;&nbsp;&nbsp;54.06 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.80 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; .31 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.66 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;7.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp;&nbsp; (6.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.46 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (3.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.87)<br>|
| Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.42)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (3.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.29)<br>|
| Transaction fees<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .00 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .00 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;48.43 | &nbsp;&nbsp;&nbsp;&nbsp;48.18 | &nbsp;&nbsp;&nbsp;&nbsp;44.59 | &nbsp;&nbsp;&nbsp;&nbsp;45.83 | &nbsp;&nbsp;&nbsp;&nbsp;56.23 |
| Market value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;48.46 | &nbsp;&nbsp;&nbsp;&nbsp;48.15 | &nbsp;&nbsp;&nbsp;&nbsp;44.61 | &nbsp;&nbsp;&nbsp;&nbsp;45.76 | &nbsp;&nbsp;&nbsp;&nbsp;56.24 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp;8.15 | &nbsp;&nbsp;&nbsp;&nbsp;16.19 | &nbsp;&nbsp;&nbsp;&nbsp;6.30 | &nbsp;&nbsp;&nbsp;&nbsp; (12.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.27 |
| **Market Price Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp;8.27 | &nbsp;&nbsp;&nbsp;&nbsp;16.07 | &nbsp;&nbsp;&nbsp;&nbsp;6.53 | &nbsp;&nbsp;&nbsp;&nbsp; (12.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.25 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp; .22 |
| Ratio of net investment income to average net assets<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;7.19 | &nbsp;&nbsp;&nbsp;&nbsp;7.53 | &nbsp;&nbsp;&nbsp;&nbsp;7.60 | &nbsp;&nbsp;&nbsp;&nbsp;5.51 | &nbsp;&nbsp;&nbsp;&nbsp;4.98 |
| Portfolio Turnover Rate<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;76.63 | &nbsp;&nbsp;&nbsp;&nbsp;96.25 | &nbsp;&nbsp;&nbsp;&nbsp;39.89 | &nbsp;&nbsp;&nbsp;&nbsp;35.81 | &nbsp;&nbsp;&nbsp;&nbsp;61.03 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 404387 | &nbsp;&nbsp;&nbsp;&nbsp; 342090 | &nbsp;&nbsp;&nbsp;&nbsp; 53512 | &nbsp;&nbsp;&nbsp;&nbsp; 50416 | &nbsp;&nbsp;&nbsp;&nbsp; 47793 |

---

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

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

<sup>(b)</sup> In addition to net realized and unrealized gains (losses) on investments, this amount includes an increase in net asset value per share resulting from the timing of issuances and redemptions of shares in relation to fluctuating market values for the fund's investments. 

<sup>(c)</sup> Amount represents less than $.01 per share.

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

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

See notes to financial statements.

**46**

------

NOTES TO FINANCIAL STATEMENTS

**NOTE 1—**

**Organization:**

BNY Mellon High Yield ETF (the "fund") is a separate diversified series of BNY Mellon ETF Trust (the "Trust"), which is registered as a Massachusetts business trust under the Investment Company Act of 1940, as amended (the "Act"), as an open-ended management investment company. The Trust operates as a series company currently consisting of ten series, including the fund. The investment objective of the fund is to seek total return consisting of capital appreciation and income. 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. Insight North America LLC (the "Sub-Adviser"), an indirect wholly-owned subsidiary of BNY and an affiliate of the 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. 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:

**47**

------

NOTES TO FINANCIAL STATEMENTS (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 and pursuant to Rule 2a-5 under the Act.

Investments in debt securities, excluding short-term investments (other than U.S. Treasury Bills) are valued each business day by one or more independent pricing services (each, a "Service"). Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of a Service are valued at the quoted bid prices (as obtained by the Service from dealers in such securities). Securities are valued as determined by the Adviser based on values supplied by a Service, based on methods which include consideration of the following: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The Services are engaged under the general supervision of the Adviser. These securities are generally categorized within Level 2 of the fair value hierarchy.

When market quotations or official closing prices are not readily available, or are determined not to reflect fair value accurately, are valued at fair value as determined in good faith based on procedures approved by the Board. Fair value of investments may be determined by valuation designee using such information as it deems appropriate under the circumstances. The factors that may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.

Futures, which are traded on an exchange, are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the exchange on each business day and are generally categorized within Level 1 of the fair value hierarchy. Investments in swap agreements are valued each business day by a Service. Swap agreements are valued by the Service by using a swap pricing model which incorporates among other factors, default probabilities, recovery rates, credit curves of the underlying issuer and swap spreads on interest rates and are generally categorized within Level 2 of the fair value hierarchy.

The following is a summary of the inputs used as of October 31, 2025 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 ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| Corporate Bonds and Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 394341867 | &nbsp;&nbsp; — | &nbsp;&nbsp; **394341867** |
| Investment Companies | &nbsp;&nbsp; 6561725 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **6561725** |
|  | &nbsp;&nbsp; **6561725** | &nbsp;&nbsp; **394341867** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **400903592** |
| Other Financial Instruments: |  |  |  |  |
| Futures<sup>††</sup> <br>| &nbsp;&nbsp; 20795 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **20795** |
| Swap Agreements<sup>††</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 11294 | &nbsp;&nbsp; — | &nbsp;&nbsp; **11294** |
|  | &nbsp;&nbsp; **20795** | &nbsp;&nbsp; **11294** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **32089** |
| **Liabilities ($)** |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| Futures<sup>††</sup> <br>| &nbsp;&nbsp; (2911) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **(2911)** |
|  | &nbsp;&nbsp; **(2911)** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **(2911)** |

---

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

---

| | |
|:---|:---|
| <sup>†</sup> <br>| See Schedule of Investments for additional detailed categorizations, if any. |
| <sup>††</sup> <br>| Amount shown represents unrealized appreciation (depreciation) at period end, but only variation margin on exchange-traded and centrally cleared derivatives, <br> if any, are reported in the Statement of Assets and Liabilities.<br>|

---

**(b) Securities transactions and investment income:** Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and

**48**

------

NOTES TO FINANCIAL STATEMENTS (continued)

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 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 October 31, 2025, BNY earned $11,757 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 October 31, 2025, 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; 6789066 |
| 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; (6789066 )<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> <br>| 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>|

---

**(c) Affiliated issuers:** Investments in other investment companies advised by the Adviser or its affiliates are considered "affiliated" under the Act.

**(d) Market Risk:** The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed-income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide.

**Interest Rate Risk:** Prices of bonds and other fixed rate fixed-income securities tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect fixed-income securities and, accordingly, will cause the value of the fund's investments in these securities to decline. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. It is difficult to predict the pace at which central banks or monetary authorities may increase (or decrease) interest rates or the timing, frequency, or magnitude of such changes. During periods of very low interest rates, which occur from time to time due to market forces or actions of governments and/or their central banks, including the Board of Governors of the Federal Reserve System in the U.S., the fund may be subject to a greater risk of principal decline from rising interest rates. When interest rates fall, the fund's investments in new securities may be at lower yields and may reduce the fund's income. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from fund performance. The magnitude of these fluctuations in the market price of fixed-income securities is generally greater for securities

**49**

------

NOTES TO FINANCIAL STATEMENTS (continued)

with longer effective maturities and durations because such instruments do not mature, reset interest rates or become callable for longer periods of time. Duration is an indication of an investment's "interest rate risk," or how sensitive a bond or the fund's portfolio may be to changes in interest rates. The change in the value of a fixed-income security or portfolio can be approximated by multiplying its duration by a change in interest rates.

**High Yield Securities Risk:** High yield ("junk") securities involve greater credit risk, including the risk of default, than investment grade securities, and are considered predominantly speculative with respect to the issuer's ability to make principal and interest payments. The prices of high yield securities can fall in response to unfavorable news about the issuer or its industry, or the economy in general, to a greater extent than those of higher rated securities.

**Derivatives Risk**: A small investment in derivatives could have a potentially large impact on the fund's performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets, and the fund's use of derivatives may result in losses to the fund. Derivatives in which the fund may invest can be highly volatile, illiquid and difficult to value, and there is the risk that changes in the value of a derivative held by the fund will not correlate with the underlying assets or the fund's other investments in the manner intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment, and involve greater risks than the underlying assets because, in addition to general market risks, they are subject to liquidity risk (lack of a liquid secondary market), credit and counterparty risk (failure of the counterparty to the derivatives transaction to honor its obligation) and pricing risk (risk that the derivative cannot or will not be accurately valued).

**Fixed-Income Market Risk**: The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates).

**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.

**(e) Dividends and distributions to shareholders:** Dividends and distributions payable to shareholders are recorded by the fund on the ex-dividend date. The fund normally declares and pays dividends from net investment income monthly. Income dividends for the fund may vary significantly from period to period. 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.

On October 31, 2025, the Board declared a cash dividend of $.28 per share from undistributed net investment income, payable on November 6, 2025 to shareholders of record as of the close of business on November 3, 2025, with an ex-dividend date of November 3, 2025.

**(f) Federal income taxes:** It is the policy of the fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.

As of and during the period ended October 31, 2025, 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 October 31, 2025, the fund did not incur any interest or penalties.

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

**50**

------

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2025, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $2,759,030, accumulated capital losses $1,574,126 and unrealized appreciation $3,154,632.

The fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.

The accumulated capital loss carryover is available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to October 31, 2025. The fund has $1,574,126 of long-term capital losses which can be carried forward for an unlimited period.

The tax character of distributions paid to shareholders during the fiscal years ended October 31, 2025 and October 31, 2024 were as follows: ordinary income $24,735,952 and $18,171,955, respectively.

During the period ended October 31, 2025, as a result of permanent book to tax differences, primarily due to in-kind redemptions, the fund increased total distributable earnings (loss) by $2,970,287 and decreased paid-in capital by the same amount. Net assets and net asset value per share were not affected by this reclassification.

**(g) Operating segment reporting:** In this reporting period, the fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or the results of its operations. The ASU 2023-07 is effective for public entities for fiscal years beginning after December 15, 2023, and requires retrospective application for all prior periods presented within the financial statements.

Since its commencement, the fund operates and is managed as a single reportable segment deriving returns in the form of dividends, interest and/or gains from the investments made in pursuit of its single stated investment objective as outlined in the fund's prospectus. The accounting policies of the fund are consistent with those described in these Notes to Financial Statements. The chief operating decision maker ("CODM") is represented by BNY Investments. The CODM is comprised of Senior Management and Directors of BNY Investments. The CODM considers net increase in net assets resulting from operations in deciding whether to purchase additional investments or to make distributions to fund shareholders. Detailed financial information for the fund is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Schedule of Investments, results of operations and significant segment expenses on the Statement of Operations and other information about the fund's performance, including total return, portfolio turnover and ratios within 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 .22% 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 October 31, 2025, 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.

**51**

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NOTES TO FINANCIAL STATEMENTS (continued)

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 .11% 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 $72,760.

**(c)** Each Board member serves as a Board member of each fund within the Trust. The Board members are not compensated directly by the fund. The Board members are paid by the Adviser from the unitary management fees paid to the Adviser by the funds within the Trust, including the fund.

**NOTE 4—**

**Securities Transactions:**

The aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities, derivatives and in-kind transactions, if any, during the period ended October 31, 2025, amounted to $260,922,437 and $263,196,009, respectively.

**Derivatives:** A derivative is a financial instrument whose performance is derived from the performance of another asset. Rule 18f-4 under the Act regulates the use of derivatives transactions for certain funds registered under the Act. Each type of derivative instrument that was held by the fund during the period ended October 31, 2025 is discussed below.

**Deposits with Broker:** The amount included in Cash collateral held by broker in the Statement of Asset and Liabilities represents cash balances that are held by a broker, including collateral required for derivative contracts. Any income earned on cash balances held by a broker is recorded as interest income to the fund.

**Futures:** In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk, as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default. Futures open at October 31, 2025 are set forth in the fund's Schedule of Investments.

**Swap Agreements**: The fund enters into swap agreements to exchange the interest rate on, or return generated by, one nominal instrument for the return generated by another nominal instrument. Swap agreements are privately negotiated in the over-the-counter ("OTC") market or centrally cleared. The fund enters into these agreements to hedge certain market or interest rate risks, to manage the interest rate sensitivity (sometimes called duration) of fixed income securities, to provide a substitute for purchasing or selling particular securities or to increase potential returns.

For OTC swaps, the fund accrues for interim payments on a daily basis, with the net amount recorded within unrealized appreciation (depreciation) on swap agreements in the Statement of Assets and Liabilities. Once the interim payments are settled in cash, the net amount is recorded as a realized gain (loss) on swaps, in addition to realized gain (loss) recorded upon the termination of swap agreements in the Statement of Operations. Upfront payments made and/or received by the fund, are recorded as an asset and/or liability in the Statement of Assets and Liabilities and are recorded as a realized gain or loss ratably over the agreement's term/event with the exception of forward starting interest rate swaps which are recorded as realized gains or losses on the termination date.

Upon entering into centrally cleared swap agreements, an initial margin deposit is required with a counterparty, which consists of cash or cash equivalents. The amount of these deposits is determined by the exchange on which the agreement is traded and is subject to change. The change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty, including upon termination, are recorded as realized gain (loss) in the Statement of Operations. Fluctuations in the value of swap agreements are recorded for financial statement purposes as unrealized appreciation or depreciation on swap agreements.

**52**

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NOTES TO FINANCIAL STATEMENTS (continued)

**Credit Default Swaps:** Credit default swaps involve commitments to pay a fixed interest rate in exchange for payment if a credit event affecting a third party (the referenced obligation or index) occurs. Credit events may include a failure to pay interest or principal, bankruptcy, or restructuring. The fund enters into these agreements to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. For those credit default swaps in which the fund is paying a fixed rate, the fund is buying credit protection on the instrument. In the event of a credit event, the fund would receive the full notional amount for the reference obligation. For those credit default swaps in which the fund is receiving a fixed rate, the fund is selling credit protection on the underlying instrument. The maximum payouts for these agreements are limited to the notional amount of each swap. Credit default swaps may involve greater risks than if the fund had invested in the reference obligation directly and are subject to general market risk, liquidity risk, counterparty risk and credit risk.

The maximum potential amount of future payments (undiscounted) that a fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement which may exceed the amount of unrealized appreciation or depreciation reflected in the Statement of Assets and Liabilities. Notional amounts of all credit default swap agreements are disclosed in the Statement of Investments, which summarizes open credit default swaps entered into by the fund. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, underlying securities comprising the referenced index, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the fund for the same referenced entity or entities. Credit default swaps open at October 31, 2025 are set forth in the Schedule of Investments.

GAAP requires disclosure for (i) the nature and terms of the credit derivative, reasons for entering into the credit derivative, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative, (ii) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative, (iii) the fair value of the credit derivative, and (iv) the nature of any recourse provisions and assets held either as collateral or by third parties. All required disclosures have been made and are incorporated within the current period as part of the Notes to the Schedule of Investments and disclosures within this Note.

The following tables show the fund's exposure to different types of market risk as it relates to the Statement of Assets and Liabilities and the Statement of Operations, respectively.

Fair value of derivative instruments as of October 31, 2025 is shown below:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Derivative** <br>**Assets ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Derivative** <br>**Liabilities ($)**<br>|
| Interest Rate Risk | &nbsp;&nbsp;&nbsp;&nbsp; 20795 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (2911 )<sup>(1)</sup><br>|
| Credit Risk | &nbsp;&nbsp;&nbsp;&nbsp; 11294 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; - |
| **Gross fair value of derivative contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **32089** | &nbsp;&nbsp;&nbsp;&nbsp; **(2911)**<br>|

---

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

---

| | |
|:---|:---|
| Statement of Assets and Liabilities location: | Statement of Assets and Liabilities location: |
| <sup>(1)</sup> <br>| Includes cumulative appreciation (depreciation) on futures as reported in the Schedule of Investments, but only the unpaid variation margin is reported in the <br> Statement of Assets and Liabilities.<br>|
| <sup>(2)</sup> <br>| Includes cumulative appreciation (depreciation) on swap agreements as reported in the Schedule of Investments. Unrealized appreciation (depreciation) on OTC <br> swap agreements and only unpaid variation margin on centrally cleared swap agreements, are reported in the Statement of Assets and Liabilities.<br>|

---

The effect of derivative instruments in the Statement of Operations during the period ended October 31, 2025 is shown below:

---

| | | | |
|:---|:---|:---|:---|
| Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) |
| **Underlying risk** | **Futures**<sup>(1)</sup> <br>| **Swap Agreements**<sup>(2)</sup> <br>| **Total** |
| Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp; (16948) | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; **(16948)** |
| Credit | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 353022 | &nbsp;&nbsp;&nbsp;&nbsp; **353022** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **(16948)** | &nbsp;&nbsp;&nbsp;&nbsp; **353022** | &nbsp;&nbsp;&nbsp;&nbsp; **336074** |

---

**53**

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NOTES TO FINANCIAL STATEMENTS (continued)

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

---

| | | | |
|:---|:---|:---|:---|
| Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) | Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) | Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) | Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) |
| **Underlying risk** | **Futures**<sup>(3)</sup> <br>| **Swap Agreements**<sup>(4)</sup> <br>| **Total** |
| Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp; 150898 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; **150898** |
| Credit | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 26257 | &nbsp;&nbsp;&nbsp;&nbsp; **26257** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **150898** | &nbsp;&nbsp;&nbsp;&nbsp; **26257** | &nbsp;&nbsp;&nbsp;&nbsp; **177155** |

---

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

---

| | |
|:---|:---|
| Statement of Operations location: | Statement of Operations location: |
| <sup>(1)</sup> <br>| Net realized gain (loss) on futures. |
| <sup>(2)</sup> <br>| Net realized gain (loss) on swap agreements. |
| <sup>(3)</sup> <br>| Net change in unrealized appreciation (depreciation) on futures. |
| <sup>(4)</sup> <br>| Net change in unrealized appreciation (depreciation) on swap agreements. |

---

The following table summarizes the monthly average market value of derivatives outstanding during the period ended October 31, 2025:

---

| | |
|:---|:---|
|  | Average Market Value ($) |
| **Futures:** |  |
| Interest Rate Futures Long | &nbsp;&nbsp; 6507188 |
| Interest Rate Futures Short | &nbsp;&nbsp; 2588916 |

---

The following table summarizes the monthly average notional value of swap agreements outstanding during the period ended October 31, 2025:

---

| | |
|:---|:---|
|  | Average Notional Value ($) |
| **Swap Agreements:** |  |
| Credit Default Swaps Buy Protection | &nbsp;&nbsp; 8976923 |
| Credit Default Swaps Sell Protection | &nbsp;&nbsp; 169231 |

---

At October 31, 2025, the cost of investments for federal income tax purposes was $397,727,092; accordingly, accumulated net unrealized appreciation on investments was $3,176,500, consisting of $8,037,266 gross unrealized appreciation and $4,860,766 gross unrealized depreciation.

**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

**54**

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NOTES TO FINANCIAL STATEMENTS (continued)

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 October 31, 2025, the fund had in-kind transactions associated with creations of $226,823,090 and redemptions of $165,596,825.

**55**

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of BNY Mellon High Yield ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of BNY Mellon High Yield ETF (the "Fund") (one of the funds constituting BNY Mellon ETF Trust (the "Trust")), including the schedule of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting BNY Mellon ETF Trust) at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](img46181b162.gif)

We have served as the auditor of one or more investment companies in the BNY Mellon Family of Funds since at least 1957, but we are unable to determine the specific year.

New York, New York

December 24, 2025

**56**

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IMPORTANT TAX INFORMATION (Unaudited)

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal period ended October 31, 2025:

For federal tax purposes the fund hereby reports 90.41% of ordinary income dividends paid during the fiscal period ended October 31, 2025 as qualifying interest related dividends.

**57**

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

N/A

**58**

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

N/A

**59**

------

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

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

**60**

------

INFORMATION ABOUT THE REVIEW AND RENEWAL OF THE FUND'S MANAGEMENT AND SUB-INVESTMENT ADVISORY AGREEMENTS (Unaudited)

At a meeting held on May 20, 2025, the Board of Trustees of the Trust (the "Board"), all the members of which are not "interested persons" of the Trust as defined in the Investment Company Act of 1940, as amended, evaluated proposals to: (i) continue the management agreement (the "Management Agreement") between the Trust and BNY Mellon ETF Investment Adviser, LLC (the "Adviser") with respect to the BNY Mellon High Yield ETF (the "fund"); and (ii) continue the sub-investment advisory agreement between the Adviser and Insight North America LLC (the "Sub-Adviser"), an affiliate of the Adviser, on behalf of the fund. The Management Agreement and the sub-investment advisory agreement are each referred to herein as an "Agreement," and collectively, as the "Agreements." The Trustees met separately to consider the Agreements and were advised by legal counsel throughout the process.

To evaluate the Agreements, the Board requested, and the Adviser and the Sub-Adviser provided, such materials as the Board, with the advice of counsel, deemed reasonably necessary. In addition, the Board considered information it reviewed at other Board and Board committee meetings. In deciding whether to approve the Agreements, the Board considered various factors, including the (i) nature, extent and quality of services provided by the Adviser and the Sub-Adviser under each respective Agreement, (ii) investment performance of the fund, (iii) profits realized by the Adviser and its affiliates from its relationship with the fund, (iv) fees charged to comparable funds, (v) other benefits to the Adviser, the Sub-Adviser and/or their affiliates, and (vi) extent to which economies of scale would be shared as the fund grows. The Board considered the Agreements for the fund and the engagement of the Adviser and the Sub-Adviser separately.

The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, which included information (i) comparing the fund's performance to a relevant performance benchmark index; (ii) comparing the fund's performance with the performance of a group comprised of certain high yield bond exchange-traded funds ("ETFs") ("Performance Group") and with a broader group of high yield bond ETFs ("Performance Universe") for periods ended March 31, 2025; and (iii) comparing the fund's contractual management fees and total expenses with a group comprised of certain high yield bond ETFs (the "Expense Group") and, with respect to total expenses, with a broader group of high yield bond ETFs (the "Expense Universe"), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis.

<u>Nature, Extent and Quality of Services</u>

The Board considered the nature, extent and quality of services provided by the Adviser and the Sub-Adviser. In doing so, the Trustees relied on their prior experience in overseeing the management of the fund and the materials provided prior to and at the meeting. The Board reviewed the Agreements and the Adviser's and the Sub-Adviser's responsibilities for managing investment operations of the fund in accordance with the fund's investment objective and policies, and applicable legal and regulatory requirements. The Board appreciated the nature of the fund as an ETF and considered the background and experience of the Adviser's and the Sub-Adviser's senior management, including those individuals responsible for portfolio management and regulatory compliance of the fund. The Board also considered the portfolio management resources, structures and practices of the Adviser and the Sub-Adviser, including those associated with monitoring and ensuring the fund's compliance with its investment objective and policies and with applicable laws and regulations. The Board further considered information about the Sub-Adviser's best execution procedures as well as the Adviser's and the Sub-Adviser's overall investment management business. The Board looked at the Adviser's general knowledge of the investment management business and that of its affiliates, including the Sub-Adviser. With respect to the Sub-Adviser, the Board also considered the Adviser's favorable assessment of the nature and quality of the services provided by the Sub-Adviser.

<u>Investment Performance</u>

The Board then reviewed the fund's performance comparisons and considered that the fund's total return performance was above the Performance Group median and Performance Universe median for the one-, two-, three- and four-year periods ended March 31, 2025, and was in line with the fund's performance benchmark for the same periods. Representatives of the Adviser indicated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the fund and comparison funds and the end date selected.

<u>Profits Realized by the Adviser</u>

The Board considered the profitability of the advisory arrangement with the fund to the Adviser and its affiliates. The Board had the opportunity to discuss with representatives of the Adviser the process and methodology used to calculate profitability.

**61**

------

INFORMATION ABOUT THE REVIEW AND RENEWAL OF THE FUND'S MANAGEMENT AND SUB-INVESTMENT ADVISORY AGREEMENTS (Unaudited) (continued)

<u>Fees Charged to Comparable Funds</u>

The Board evaluated the fund's unitary fee through review of comparative information with respect to fees paid by similar funds in the Expense Group and Expense Universe. The Board explored with management the differences between the fund's fee and fees paid by similar funds. The Board noted the fund's contractual management fee was below the Expense Group median and the fund's total expenses were below the Expense Group median and Expense Universe median total expenses.

The Board considered the fee paid to the Sub-Adviser in relation to the fee paid to the Adviser by the fund and the respective services provided by the Sub-Adviser and the Adviser. The Board also took into consideration that the Sub-Adviser's fee is paid by the Adviser and not the fund.

<u>Other Benefits</u>

The Board also considered whether the Adviser, the Sub-Adviser or their affiliates benefited in other ways from their relationship with the fund, noting that neither the Adviser nor the Sub-Adviser maintains soft-dollar arrangements in connection with the fund's brokerage transactions. The Board noted The Bank of New York Mellon Corporation may derive certain benefits from an incremental growth in its businesses that may possibly result from the availability of the fund to clients.

<u>Economies of Scale</u>

The Board reviewed information regarding economies of scale or other efficiencies that may result as the fund's assets grow in size. The Board noted that the advisory fee rate for the fund did not provide for breakpoints as assets of the fund increase. However, the Board further noted the Adviser's assertion that future economies of scale (among several factors) had been taken into consideration for the fund by fixing relatively low advisory fees, effectively sharing the benefits of lower fees with the fund from inception. The Adviser also asserted that one of the benefits of the unitary fee was to provide an unvarying expense structure, which could be lost or diluted with the addition of breakpoints. The Board noted that it intends to continue to monitor fees as the fund grows in size and assess whether fee breakpoints may be warranted.

<u>Conclusion</u>

After weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee, the Board approved the continuation of the Agreements for the fund. In approving the continuance of the Agreements, the Board found that the terms of the Agreements are fair and reasonable and that the continuance of the Agreements is in the best interests of the fund and its shareholders.

**62**

------© 2025 BNY Mellon Securities Corporation

Code-4858NCSRAR1025

![](img6c6676901.gif)

------

**BNY Mellon ETF Trust**

**ANNUAL FINANCIALS AND OTHER INFORMATION**

October 31, 2025

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

---

| | |
|:---|:---|
|  | **Ticker** |
| **BNY Mellon US Large Cap Core Equity ETF** | BKLC |
| **BNY Mellon US Mid Cap Core Equity ETF** | BKMC |
| **BNY Mellon US Small Cap Core Equity ETF** | BKSE |
| **BNY Mellon International Equity ETF** | BKIE |
| **BNY Mellon Emerging Markets Equity ETF** | BKEM |
| **BNY Mellon Core Bond ETF** | BKAG |

---

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

![](imgd87d6d2f1.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 Funds

Please note the 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_05ab220e-5144-4fbd-af9d-519478e13a00_SOI-Continued-5095_1)**<br> **[Investment Companies](#xx_05ab220e-5144-4fbd-af9d-519478e13a00_SOI-Continued-5095_1)**<br>| 2 |
| [Schedules of Investments](#xx_05ab220e-5144-4fbd-af9d-519478e13a00_SOI-Continued-5095_1) | 2 |
| [Statements of Assets and Liabilities](#xx_05ab220e-5144-4fbd-af9d-519478e13a00_FS-Continued-5095_1) | 177 |
| [Statements of Operations](#xx_05ab220e-5144-4fbd-af9d-519478e13a00_FS-Continued-5095_3) | 179 |
| [Statements of Changes in Net Assets](#xx_05ab220e-5144-4fbd-af9d-519478e13a00_FS-Continued-5095_5) | 181 |
| [Financial Highlights](#xx_05ab220e-5144-4fbd-af9d-519478e13a00_FIHI-Continued-5095_1) | 184 |
| [Notes to Financial Statements](#xx_05ab220e-5144-4fbd-af9d-519478e13a00_NTF-Continued-5095_1) | 190 |
| [Report of Independent Registered Public Accounting Firm](#xx_05ab220e-5144-4fbd-af9d-519478e13a00_AUD-Continued-5095_1) | 207 |
| [Important Tax Information](#xx_05ab220e-5144-4fbd-af9d-519478e13a00_ITI-Continued_1) | 208 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_05ab220e-5144-4fbd-af9d-519478e13a00_CDA-Continued-5095_1)**<br> **[Investment Companies](#xx_05ab220e-5144-4fbd-af9d-519478e13a00_CDA-Continued-5095_1)**<br>| 209 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_05ab220e-5144-4fbd-af9d-519478e13a00_PRXD-Continued-5095_1)** | 210 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_05ab220e-5144-4fbd-af9d-519478e13a00_RMNP-Continued_1)**<br> **[Management Investment Companies](#xx_05ab220e-5144-4fbd-af9d-519478e13a00_RMNP-Continued_1)**<br>| 211 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_05ab220e-5144-4fbd-af9d-519478e13a00_AAA-Continued-5095_1)** | 212 |

---

------

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

SCHEDULES OF INVESTMENTS

October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Large Cap Core Equity ETF** | **BNY Mellon US Large Cap Core Equity ETF** | **BNY Mellon US Large Cap Core Equity ETF** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8%** | **Common Stocks — 99.8%** | **Common Stocks — 99.8%** |
| **Communication Services — 10.5%** | **Communication Services — 10.5%** | **Communication Services — 10.5%** |
| Alphabet, Inc., Cl. A <sup>(a)</sup> <br>| 473699 | 133199422 |
| Alphabet, Inc., Cl. C | 415744 | 117164974 |
| AT&T, Inc. | 580792 | 14374602 |
| Charter Communications, Inc., Cl. A <sup>(a),(b)</sup> <br>| 7498 | 1753332 |
| Comcast Corp., Cl. A | 306142 | 8521462 |
| Electronic Arts, Inc. | 18533 | 3707712 |
| Fox Corp., Cl. A | 16858 | 1089870 |
| Fox Corp., Cl. B | 11017 | 643503 |
| Live Nation Entertainment, Inc. <sup>(a)</sup> <br>| 12400 | 1854172 |
| Meta Platforms, Inc., Cl. A | 176673 | 114545939 |
| Netflix, Inc. <sup>(a)</sup> <br>| 34231 | 38299697 |
| Omnicom Group, Inc. <sup>(b)</sup> <br>| 15248 | 1143905 |
| Pinterest, Inc., Cl. A <sup>(a)</sup> <br>| 50836 | 1682672 |
| Reddit, Inc., Cl. A <sup>(a)</sup> <br>| 9127 | 1907087 |
| ROBLOX Corp., Cl. A <sup>(a)</sup> <br>| 45425 | 5165731 |
| Snap, Inc., Cl. A <sup>(a)</sup> <br>| 102322 | 798112 |
| Spotify Technology SA <sup>(a)</sup> <br>| 12536 | 8215091 |
| Take-Two Interactive Software, Inc. <sup>(a)</sup> <br>| 13168 | 3375880 |
| The Trade Desk, Inc., Cl. A <sup>(a)</sup> <br>| 34492 | 1734258 |
| The Walt Disney Company | 147308 | 16589827 |
| TKO Group Holdings, Inc. | 5616 | 1058054 |
| T-Mobile US, Inc. | 39167 | 8227028 |
| Verizon Communications, Inc. | 343088 | 13634317 |
| Warner Bros Discovery, Inc. <sup>(a)</sup> <br>| 192435 | 4320166 |
| Warner Music Group Corp., Cl. A | 10530 | 336539 |
|  |  | **503343352** |
| **Consumer Discretionary — 10.5%** | **Consumer Discretionary — 10.5%** | **Consumer Discretionary — 10.5%** |
| Airbnb, Inc., Cl. A <sup>(a)</sup> <br>| 34368 | 4348927 |
| Amazon.com, Inc. <sup>(a)</sup> <br>| 772629 | 188691454 |
| Amer Sports, Inc. <sup>(a)</sup> <br>| 9341 | 291719 |
| Aptiv PLC <sup>(a)</sup> <br>| 18811 | 1525572 |
| AutoZone, Inc. <sup>(a)</sup> <br>| 1476 | 5423459 |
| Best Buy Co., Inc. | 13450 | 1104783 |
| Booking Holdings, Inc. | 2575 | 13075180 |
| Carnival Corp. <sup>(a)</sup> <br>| 88580 | 2553761 |
| Carvana Co. <sup>(a)</sup> <br>| 9707 | 2975584 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup> <br>| 109934 | 3483808 |
| Coupang, Inc. <sup>(a)</sup> <br>| 90089 | 2880145 |
| D.R. Horton, Inc. | 22261 | 3318670 |
| Darden Restaurants, Inc. | 9543 | 1719171 |
| Deckers Outdoor Corp. <sup>(a)</sup> <br>| 11213 | 913860 |
| DoorDash, Inc., Cl. A <sup>(a)</sup> <br>| 27023 | 6873841 |
| DraftKings, Inc., Cl. A <sup>(a)</sup> <br>| 41517 | 1270005 |
| eBay, Inc. | 38808 | 3155478 |
| Expedia Group, Inc. | 9741 | 2143020 |
| Flutter Entertainment PLC <sup>(a)</sup> <br>| 14542 | 3382324 |

---

**2**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Large Cap Core Equity ETF (continued)** | **BNY Mellon US Large Cap Core Equity ETF (continued)** | **BNY Mellon US Large Cap Core Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** |
| **Consumer Discretionary — 10.5% (continued)** | **Consumer Discretionary — 10.5% (continued)** | **Consumer Discretionary — 10.5% (continued)** |
| Ford Motor Co. | 315815 | 4146651 |
| Garmin Ltd. | 12866 | 2752552 |
| General Motors Co. | 80260 | 5545163 |
| Genuine Parts Co. | 11254 | 1432747 |
| Hilton Worldwide Holdings, Inc. | 19649 | 5049007 |
| Las Vegas Sands Corp. | 24308 | 1442680 |
| Lennar Corp., Cl. A | 17009 | 2105204 |
| Lennar Corp., Cl. B <sup>(b)</sup> <br>| 2196 | 259238 |
| Lowe's Companies, Inc. | 45735 | 10890876 |
| Lululemon Athletica, Inc. <sup>(a)</sup> <br>| 8907 | 1519000 |
| Marriott International, Inc., Cl. A | 20104 | 5238700 |
| McDonald's Corp. | 58347 | 17412495 |
| MercadoLibre, Inc. <sup>(a)</sup> <br>| 3786 | 8811006 |
| NIKE, Inc., Cl. B | 95802 | 6187851 |
| NVR, Inc. <sup>(a)</sup> <br>| 208 | 1499851 |
| O'Reilly Automotive, Inc. <sup>(a)</sup> <br>| 71587 | 6760676 |
| PulteGroup, Inc. | 16372 | 1962512 |
| Ross Stores, Inc. | 27096 | 4306096 |
| Royal Caribbean Cruises Ltd. | 19847 | 5692715 |
| Starbucks Corp. | 91367 | 7388849 |
| Tesla, Inc. <sup>(a)</sup> <br>| 228019 | 104104355 |
| The Home Depot, Inc. | 81364 | 30884961 |
| The TJX Companies, Inc. | 92118 | 12909417 |
| Tractor Supply Co. | 44641 | 2415525 |
| Ulta Beauty, Inc. <sup>(a)</sup> <br>| 3717 | 1932394 |
| Viking Holdings Ltd. <sup>(a)</sup> <br>| 7187 | 437329 |
| Williams-Sonoma, Inc. | 9702 | 1885487 |
| Yum! Brands, Inc. | 23301 | 3220431 |
|  |  | **507324529** |
| **Consumer Staples — 4.5%** | **Consumer Staples — 4.5%** | **Consumer Staples — 4.5%** |
| Altria Group, Inc. | 141035 | 7951553 |
| Archer-Daniels-Midland Co. | 35581 | 2153718 |
| Brown-Forman Corp., Cl. A | 8090 | 219401 |
| Brown-Forman Corp., Cl. B | 19637 | 534716 |
| Church & Dwight Co., Inc. | 19745 | 1731439 |
| Colgate-Palmolive Co. | 63606 | 4900842 |
| Constellation Brands, Inc., Cl. A | 12816 | 1683766 |
| Costco Wholesale Corp. | 36399 | 33175869 |
| Dollar General Corp. | 16451 | 1623056 |
| Dollar Tree, Inc. <sup>(a)</sup> <br>| 14917 | 1478573 |
| General Mills, Inc. | 39778 | 1854053 |
| Hormel Foods Corp. | 21673 | 467920 |
| Kellanova | 21772 | 1808382 |
| Kenvue, Inc. | 156514 | 2249106 |
| Keurig Dr. Pepper, Inc. | 98401 | 2672571 |
| Kimberly-Clark Corp. | 26044 | 3117727 |
| McCormick & Co., Inc. | 21496 | 1379183 |
| Mondelez International, Inc., Cl. A | 106798 | 6136613 |
| Monster Beverage Corp. <sup>(a)</sup> <br>| 55115 | 3683335 |
| PepsiCo, Inc. | 112259 | 16399917 |

---

**3**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Large Cap Core Equity ETF (continued)** | **BNY Mellon US Large Cap Core Equity ETF (continued)** | **BNY Mellon US Large Cap Core Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** |
| **Consumer Staples — 4.5% (continued)** | **Consumer Staples — 4.5% (continued)** | **Consumer Staples — 4.5% (continued)** |
| Philip Morris International, Inc. | 126127 | 18203910 |
| Sysco Corp. | 42099 | 3127114 |
| Target Corp. | 35321 | 3274963 |
| The Clorox Company | 10597 | 1191739 |
| The Coca-Cola Company | 316022 | 21773916 |
| The Estee Lauder Companies, Inc., Cl. A | 16835 | 1627776 |
| The Hershey Company | 11613 | 1969913 |
| The Kraft Heinz Company | 65615 | 1622659 |
| The Kroger Company | 49094 | 3123851 |
| The Procter & Gamble Company | 191585 | 28808637 |
| Tyson Foods, Inc., Cl. A | 25165 | 1293733 |
| Walmart, Inc. | 354735 | 35892087 |
|  |  | **217132038** |
| **Energy — 2.8%** | **Energy — 2.8%** | **Energy — 2.8%** |
| Baker Hughes Co. | 82369 | 3987483 |
| Cheniere Energy, Inc. | 18489 | 3919668 |
| Chevron Corp. | 156679 | 24711412 |
| ConocoPhillips | 104524 | 9288003 |
| Coterra Energy, Inc. | 60195 | 1424214 |
| Devon Energy Corp. | 55140 | 1791499 |
| Diamondback Energy, Inc. | 16027 | 2294906 |
| EOG Resources, Inc. | 46166 | 4886209 |
| EQT Corp. | 45757 | 2451660 |
| Expand Energy Corp. | 16576 | 1712466 |
| Exxon Mobil Corp. | 351067 | 40148022 |
| Halliburton Co. | 60623 | 1627121 |
| Kinder Morgan, Inc. | 155691 | 4077547 |
| Marathon Petroleum Corp. | 25881 | 5044466 |
| Occidental Petroleum Corp. | 57559 | 2371431 |
| ONEOK, Inc. | 49889 | 3342563 |
| Phillips 66 | 33439 | 4552385 |
| SLB Ltd. | 107162 | 3864262 |
| Targa Resources Corp. | 16808 | 2589104 |
| Texas Pacific Land Corp. <sup>(b)</sup> <br>| 1670 | 1575445 |
| The Williams Companies, Inc. | 100695 | 5827220 |
| Valero Energy Corp. | 25539 | 4330393 |
| Venture Global, Inc., Cl. A <sup>(b)</sup> <br>| 26988 | 231287 |
|  |  | **136048766** |
| **Financials — 12.6%** | **Financials — 12.6%** | **Financials — 12.6%** |
| Affirm Holdings, Inc. <sup>(a)</sup> <br>| 19930 | 1432568 |
| Aflac, Inc. | 41766 | 4476898 |
| American Express Co. | 45516 | 16418987 |
| American International Group, Inc. | 47165 | 3724148 |
| Ameriprise Financial, Inc. | 7826 | 3543378 |
| Aon PLC, Cl. A | 16259 | 5539116 |
| Apollo Global Management, Inc. | 33372 | 4148473 |
| Arch Capital Group Ltd. | 27486 | 2372317 |
| Ares Management Corp., Cl. A | 15863 | 2358987 |
| Arthur J. Gallagher & Co. | 20242 | 5050177 |
| Bank of America Corp. | 537659 | 28737874 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Large Cap Core Equity ETF (continued)** | **BNY Mellon US Large Cap Core Equity ETF (continued)** | **BNY Mellon US Large Cap Core Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** |
| **Financials — 12.6% (continued)** | **Financials — 12.6% (continued)** | **Financials — 12.6% (continued)** |
| Berkshire Hathaway, Inc., Cl. B <sup>(a)</sup> <br>| 109059 | 52080035 |
| Blackrock, Inc. | 12480 | 13513469 |
| Blackstone, Inc. | 58204 | 8535035 |
| Block, Inc. <sup>(a)</sup> <br>| 45425 | 3449574 |
| Blue Owl Capital, Inc. <sup>(b)</sup> <br>| 47927 | 755809 |
| Brown & Brown, Inc. | 20830 | 1660984 |
| Capital One Financial Corp. | 51672 | 11367323 |
| Cboe Global Markets, Inc. | 7780 | 1911079 |
| Chubb Ltd. | 31015 | 8589294 |
| Cincinnati Financial Corp. | 12674 | 1959274 |
| Citigroup, Inc. | 150158 | 15200494 |
| Citizens Financial Group, Inc. | 37804 | 1923089 |
| CME Group, Inc. | 29456 | 7820273 |
| Coinbase Global, Inc., Cl. A <sup>(a)</sup> <br>| 16871 | 5799912 |
| Corpay, Inc. <sup>(a)</sup> <br>| 5640 | 1468374 |
| Erie Indemnity Co., Cl. A <sup>(b)</sup> <br>| 1791 | 524118 |
| Everest Group Ltd. | 3221 | 1013069 |
| FactSet Research Systems, Inc. | 3290 | 877772 |
| Fidelity National Information Services, Inc. | 44043 | 2753568 |
| Fifth Third Bancorp | 58699 | 2443052 |
| First Citizens BancShares, Inc., Cl. A | 631 | 1151461 |
| Fiserv, Inc. <sup>(a)</sup> <br>| 45346 | 3024125 |
| Global Payments, Inc. | 19865 | 1544702 |
| Huntington Bancshares, Inc. | 124131 | 1916583 |
| Interactive Brokers Group, Inc., Cl. A | 34436 | 2422917 |
| Intercontinental Exchange, Inc. | 45571 | 6666582 |
| JPMorgan Chase & Co. | 226610 | 70502903 |
| KKR & Co., Inc. | 54737 | 6477029 |
| Loews Corp. | 12614 | 1255850 |
| LPL Financial Holdings, Inc. | 6789 | 2561558 |
| M&T Bank Corp. | 13232 | 2432968 |
| Markel Group, Inc. <sup>(a)</sup> <br>| 1252 | 2472112 |
| Marsh & McLennan Cos., Inc. | 40821 | 7272261 |
| Mastercard, Inc., Cl. A | 66164 | 36521866 |
| MetLife, Inc. | 47620 | 3801028 |
| Moody's Corp. | 12815 | 6155044 |
| Morgan Stanley | 101124 | 16584336 |
| MSCI, Inc. | 6012 | 3538363 |
| Nasdaq, Inc. | 32340 | 2764747 |
| Northern Trust Corp. | 17250 | 2219557 |
| PayPal Holdings, Inc. <sup>(a)</sup> <br>| 80965 | 5608446 |
| Principal Financial Group, Inc. | 18426 | 1548521 |
| Prudential Financial, Inc. | 29743 | 3093272 |
| Raymond James Financial, Inc. | 15038 | 2386079 |
| Regions Financial Corp. | 79268 | 1918286 |
| Robinhood Markets, Inc., Cl. A <sup>(a)</sup> <br>| 58874 | 8641526 |
| Rocket Cos., Inc., Cl. A | 14986 | 249667 |
| Ryan Specialty Holdings, Inc. <sup>(b)</sup> <br>| 5647 | 309456 |
| S&P Global, Inc. | 25445 | 12397058 |
| SoFi Technologies, Inc. <sup>(a),(b)</sup> <br>| 80176 | 2379624 |

---

**5**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Large Cap Core Equity ETF (continued)** | **BNY Mellon US Large Cap Core Equity ETF (continued)** | **BNY Mellon US Large Cap Core Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** |
| **Financials — 12.6% (continued)** | **Financials — 12.6% (continued)** | **Financials — 12.6% (continued)** |
| State Street Corp. | 25173 | 2911509 |
| Synchrony Financial | 31259 | 2325044 |
| T. Rowe Price Group, Inc. | 18413 | 1887885 |
| The Allstate Corp. | 21784 | 4172072 |
| The Bank of New York Mellon Corp. | 60595 | 6540018 |
| The Carlyle Group, Inc. | 14704 | 784017 |
| The Charles Schwab Corp. | 138279 | 13070131 |
| The Goldman Sachs Group, Inc. | 25302 | 19972640 |
| The Hartford Insurance Group, Inc. | 23920 | 2970386 |
| The PNC Financial Services Group, Inc. | 31376 | 5727689 |
| The Progressive Corp. | 47515 | 9788090 |
| The Travelers Companies, Inc. | 18113 | 4865514 |
| Toast, Inc., Cl. A <sup>(a)</sup> <br>| 36415 | 1316038 |
| TPG, Inc. | 7476 | 411479 |
| Tradeweb Markets, Inc., Cl. A | 9010 | 949564 |
| Truist Financial Corp. | 103377 | 4613716 |
| U.S. Bancorp | 119796 | 5592077 |
| Visa, Inc., Cl. A <sup>(b)</sup> <br>| 140009 | 47706667 |
| W. R. Berkley Corp. | 23986 | 1711161 |
| Wells Fargo & Co. | 268091 | 23315874 |
| Willis Towers Watson PLC | 7920 | 2479752 |
|  |  | **604377770** |
| **Health Care — 9.1%** | **Health Care — 9.1%** | **Health Care — 9.1%** |
| Abbott Laboratories | 139903 | 17294809 |
| AbbVie, Inc. | 144575 | 31523133 |
| Agilent Technologies, Inc. | 23774 | 3479563 |
| Align Technology, Inc. <sup>(a)</sup> <br>| 6057 | 835139 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> <br>| 10816 | 4932529 |
| Amgen, Inc. | 43841 | 13083470 |
| Baxter International, Inc. | 43749 | 808044 |
| Becton Dickinson & Co. | 22335 | 3991488 |
| Biogen, Inc. <sup>(a)</sup> <br>| 11827 | 1824551 |
| Boston Scientific Corp. <sup>(a)</sup> <br>| 120906 | 12177652 |
| Bristol-Myers Squibb Co. | 166710 | 7680330 |
| Cardinal Health, Inc. | 18769 | 3580562 |
| Cencora, Inc. | 13926 | 4704342 |
| Centene Corp. <sup>(a)</sup> <br>| 40868 | 1445501 |
| CVS Health Corp. | 102367 | 7999981 |
| Danaher Corp. | 51769 | 11150007 |
| Dexcom, Inc. <sup>(a)</sup> <br>| 31399 | 1828050 |
| Edwards Lifesciences Corp. <sup>(a)</sup> <br>| 47395 | 3907718 |
| Elevance Health, Inc. | 18392 | 5833942 |
| Eli Lilly & Co. | 69371 | 59857461 |
| GE HealthCare Technologies, Inc. | 37021 | 2774724 |
| Gilead Sciences, Inc. | 100934 | 12090884 |
| HCA Healthcare, Inc. | 14373 | 6606981 |
| Hologic, Inc. <sup>(a)</sup> <br>| 20032 | 1480565 |
| Humana, Inc. | 9400 | 2614986 |
| IDEXX Laboratories, Inc. <sup>(a)</sup> <br>| 6814 | 4289481 |
| Illumina, Inc. <sup>(a)</sup> <br>| 11519 | 1423057 |

---

**6**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Large Cap Core Equity ETF (continued)** | **BNY Mellon US Large Cap Core Equity ETF (continued)** | **BNY Mellon US Large Cap Core Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** |
| **Health Care — 9.1% (continued)** | **Health Care — 9.1% (continued)** | **Health Care — 9.1% (continued)** |
| Incyte Corp. <sup>(a)</sup> <br>| 14746 | 1378456 |
| Insulet Corp. <sup>(a)</sup> <br>| 5498 | 1720929 |
| Intuitive Surgical, Inc. <sup>(a)</sup> <br>| 29090 | 15542205 |
| IQVIA Holdings, Inc. <sup>(a)</sup> <br>| 13327 | 2884763 |
| Johnson & Johnson | 196601 | 37132031 |
| Labcorp Holdings, Inc. | 6951 | 1765276 |
| McKesson Corp. | 10517 | 8532863 |
| Medtronic PLC | 106634 | 9671704 |
| Merck & Co., Inc. | 203610 | 17506388 |
| Mettler-Toledo International, Inc. <sup>(a)</sup> <br>| 1700 | 2407693 |
| Molina Healthcare, Inc. <sup>(a)</sup> <br>| 3682 | 563567 |
| Natera, Inc. <sup>(a)</sup> <br>| 11055 | 2199171 |
| Pfizer, Inc. | 457566 | 11279002 |
| Quest Diagnostics, Inc. | 9184 | 1615925 |
| Regeneron Pharmaceuticals, Inc. | 8713 | 5679133 |
| ResMed, Inc. <sup>(b)</sup> <br>| 12475 | 3079828 |
| Royalty Pharma PLC, Cl. A | 31230 | 1172374 |
| STERIS PLC | 7722 | 1820075 |
| Stryker Corp. | 27616 | 9837924 |
| The Cigna Group | 21817 | 5332293 |
| The Cooper Companies, Inc. <sup>(a)</sup> <br>| 16308 | 1140092 |
| Thermo Fisher Scientific, Inc. | 30824 | 17489229 |
| UnitedHealth Group, Inc. | 73090 | 24964620 |
| Veeva Systems, Inc., Cl. A <sup>(a)</sup> <br>| 12501 | 3640291 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> <br>| 20782 | 8844196 |
| Waters Corp. <sup>(a)</sup> <br>| 5253 | 1836449 |
| West Pharmaceutical Services, Inc. | 5404 | 1524306 |
| Zimmer Biomet Holdings, Inc. | 16721 | 1681464 |
| Zoetis, Inc. | 36642 | 5279746 |
|  |  | **436740943** |
| **Industrials — 8.1%** | **Industrials — 8.1%** | **Industrials — 8.1%** |
| 3M Co. | 43793 | 7291534 |
| AMETEK, Inc. | 19720 | 3985609 |
| Automatic Data Processing, Inc. | 33530 | 8727859 |
| Axon Enterprise, Inc. <sup>(a)</sup> <br>| 5806 | 4251327 |
| Booz Allen Hamilton Holding Corp. | 9257 | 806840 |
| Broadridge Financial Solutions, Inc. | 9270 | 2043108 |
| Builders FirstSource, Inc. <sup>(a)</sup> <br>| 7826 | 909146 |
| Carlisle Companies, Inc. | 3674 | 1194234 |
| Carrier Global Corp. | 67874 | 4037824 |
| Caterpillar, Inc. | 38811 | 22404038 |
| Cintas Corp. | 28141 | 5157401 |
| Copart, Inc. <sup>(a)</sup> <br>| 70282 | 3022829 |
| CSX Corp. | 157690 | 5679994 |
| Cummins, Inc. | 10941 | 4788657 |
| Deere & Co. | 20459 | 9444488 |
| Delta Air Lines, Inc. | 50699 | 2909109 |
| Dover Corp. | 12414 | 2252644 |
| Eaton Corp. PLC | 31801 | 12133990 |
| EMCOR Group, Inc. | 3450 | 2331441 |

---

**7**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Large Cap Core Equity ETF (continued)** | **BNY Mellon US Large Cap Core Equity ETF (continued)** | **BNY Mellon US Large Cap Core Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** |
| **Industrials — 8.1% (continued)** | **Industrials — 8.1% (continued)** | **Industrials — 8.1% (continued)** |
| Emerson Electric Co. | 46163 | 6442970 |
| Equifax, Inc. | 9661 | 2039437 |
| Expeditors International of Washington, Inc. | 11474 | 1398681 |
| Fastenal Co. | 89598 | 3686958 |
| FedEx Corp. | 18236 | 4628662 |
| Ferguson Enterprises, Inc. | 15212 | 3780182 |
| Fortive Corp. | 27741 | 1396482 |
| GE Vernova, Inc. | 22233 | 13009418 |
| General Dynamics Corp. | 18334 | 6323397 |
| General Electric Co. | 86835 | 26827673 |
| HEICO Corp. | 3714 | 1180198 |
| HEICO Corp., Cl. A | 5474 | 1356074 |
| Honeywell International, Inc. | 53421 | 10755250 |
| Howmet Aerospace, Inc. | 32933 | 6782551 |
| Hubbell, Inc. | 4003 | 1881410 |
| IDEX Corp. | 5843 | 1001841 |
| Illinois Tool Works, Inc. | 24127 | 5885058 |
| Ingersoll Rand, Inc. | 32663 | 2493167 |
| J.B. Hunt Transport Services, Inc. | 6041 | 1020083 |
| Jacobs Solutions, Inc. | 9539 | 1486272 |
| Johnson Controls International PLC | 52963 | 6058438 |
| L3Harris Technologies, Inc. | 15185 | 4389983 |
| Leidos Holdings, Inc. | 9770 | 1860892 |
| Lennox International, Inc. | 2182 | 1101910 |
| Lockheed Martin Corp. | 18714 | 9205042 |
| Norfolk Southern Corp. | 18395 | 5212775 |
| Northrop Grumman Corp. | 11521 | 6721927 |
| Old Dominion Freight Line, Inc. | 14689 | 2062629 |
| Otis Worldwide Corp. | 33095 | 3069892 |
| PACCAR, Inc. | 42212 | 4153661 |
| Parker-Hannifin Corp. | 10603 | 8194316 |
| Paychex, Inc. | 26103 | 3054834 |
| Quanta Services, Inc. | 12305 | 5526545 |
| Republic Services, Inc. | 16600 | 3456784 |
| Rockwell Automation, Inc. | 9347 | 3443061 |
| Rollins, Inc. | 25145 | 1448603 |
| RTX Corp. | 108944 | 19446504 |
| Southwest Airlines Co. <sup>(b)</sup> <br>| 49174 | 1489972 |
| SS&C Technologies Holdings, Inc. | 18199 | 1545459 |
| Symbotic, Inc. <sup>(a),(b)</sup> <br>| 2294 | 185699 |
| The Boeing Company <sup>(a)</sup> <br>| 58399 | 11739367 |
| Trane Technologies PLC | 18178 | 8155560 |
| TransDigm Group, Inc. | 4257 | 5570327 |
| TransUnion | 16143 | 1310489 |
| Uber Technologies, Inc. <sup>(a)</sup> <br>| 164890 | 15911885 |
| Union Pacific Corp. | 49498 | 10907874 |
| United Airlines Holdings, Inc. <sup>(a)</sup> <br>| 26212 | 2464976 |
| United Parcel Service, Inc., Cl. B | 58257 | 5617140 |
| United Rentals, Inc. | 5449 | 4747060 |
| Veralto Corp. | 18310 | 1806831 |

---

**8**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Large Cap Core Equity ETF (continued)** | **BNY Mellon US Large Cap Core Equity ETF (continued)** | **BNY Mellon US Large Cap Core Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** |
| **Industrials — 8.1% (continued)** | **Industrials — 8.1% (continued)** | **Industrials — 8.1% (continued)** |
| Verisk Analytics, Inc. | 11427 | 2499771 |
| Vertiv Holdings Co., Cl. A | 28047 | 5409144 |
| W.W. Grainger, Inc. | 3482 | 3408878 |
| Waste Management, Inc. | 32695 | 6531480 |
| Watsco, Inc. <sup>(b)</sup> <br>| 2372 | 872920 |
| Westinghouse Air Brake Technologies Corp. | 14514 | 2967242 |
| Xylem, Inc. | 20002 | 3017302 |
|  |  | **391315008** |
| **Information Technology — 35.8%** | **Information Technology — 35.8%** | **Information Technology — 35.8%** |
| Accenture PLC, Cl. A | 54718 | 13684972 |
| Adobe, Inc. <sup>(a)</sup> <br>| 34607 | 11777108 |
| Advanced Micro Devices, Inc. <sup>(a)</sup> <br>| 132388 | 33907215 |
| Amdocs Ltd. | 9238 | 778394 |
| Amphenol Corp., Cl. A | 98564 | 13733908 |
| Analog Devices, Inc. | 40633 | 9513404 |
| Apple, Inc. | 1186559 | 320809957 |
| Applied Materials, Inc. | 66367 | 15470148 |
| AppLovin Corp., Cl. A <sup>(a)</sup> <br>| 20550 | 13097131 |
| Arista Networks, Inc. <sup>(a)</sup> <br>| 84063 | 13255894 |
| Atlassian Corp., Cl. A <sup>(a)</sup> <br>| 13221 | 2239902 |
| Autodesk, Inc. <sup>(a)</sup> <br>| 17780 | 5357825 |
| Bentley Systems, Inc., Cl. B <sup>(b)</sup> <br>| 16489 | 838136 |
| Broadcom, Inc. | 375876 | 138935046 |
| Cadence Design Systems, Inc. <sup>(a)</sup> <br>| 22346 | 7568367 |
| CDW Corp. | 11210 | 1786538 |
| Circle Internet Group, Inc. <sup>(a),(b)</sup> <br>| 7708 | 978762 |
| Cisco Systems, Inc. | 325103 | 23768280 |
| Cloudflare, Inc., Cl. A <sup>(a)</sup> <br>| 25463 | 6449778 |
| Cognizant Technology Solutions Corp., Cl. A | 40779 | 2971974 |
| CoreWeave, Inc., Cl. A <sup>(a)</sup> <br>| 14037 | 1876887 |
| Corning, Inc. | 65830 | 5864136 |
| CrowdStrike Holdings, Inc., Cl. A <sup>(a)</sup> <br>| 19867 | 10787980 |
| Datadog, Inc., Cl. A <sup>(a)</sup> <br>| 25745 | 4191543 |
| Dell Technologies, Inc., Cl. C | 23914 | 3874307 |
| Entegris, Inc. | 11593 | 1061571 |
| Fair Isaac Corp. <sup>(a)</sup> <br>| 1903 | 3158086 |
| First Solar, Inc. <sup>(a)</sup> <br>| 8926 | 2382706 |
| Flex Ltd. <sup>(a)</sup> <br>| 30155 | 1885291 |
| Fortinet, Inc. <sup>(a)</sup> <br>| 49851 | 4308622 |
| Gartner, Inc. <sup>(a)</sup> <br>| 5858 | 1454776 |
| GLOBALFOUNDRIES, Inc. <sup>(a),(b)</sup> <br>| 5699 | 202884 |
| GoDaddy, Inc., Cl. A <sup>(a)</sup> <br>| 11019 | 1466959 |
| Hewlett Packard Enterprise Co. | 104243 | 2545614 |
| HP, Inc. | 75437 | 2087342 |
| HubSpot, Inc. <sup>(a)</sup> <br>| 4026 | 1980470 |
| Intel Corp. <sup>(a)</sup> <br>| 359913 | 14392921 |
| International Business Machines Corp. | 75469 | 23199925 |
| Intuit, Inc. | 22155 | 14789570 |
| Jabil, Inc. | 8844 | 1953551 |
| Keysight Technologies, Inc. <sup>(a)</sup> <br>| 14200 | 2598032 |

---

**9**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Large Cap Core Equity ETF (continued)** | **BNY Mellon US Large Cap Core Equity ETF (continued)** | **BNY Mellon US Large Cap Core Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** |
| **Information Technology — 35.8% (continued)** | **Information Technology — 35.8% (continued)** | **Information Technology — 35.8% (continued)** |
| KLA Corp. | 10973 | 13263504 |
| Lam Research Corp. | 105267 | 16575342 |
| Marvell Technology, Inc. | 68335 | 6405723 |
| Microchip Technology, Inc. | 45510 | 2840734 |
| Micron Technology, Inc. | 91478 | 20470032 |
| Microsoft Corp. | 598645 | 309984367 |
| MongoDB, Inc. <sup>(a)</sup> <br>| 6947 | 2499670 |
| Monolithic Power Systems, Inc. | 3657 | 3675285 |
| Motorola Solutions, Inc. | 13276 | 5399482 |
| NetApp, Inc. | 15175 | 1787311 |
| NVIDIA Corp. | 1913773 | 387519895 |
| Okta, Inc. <sup>(a)</sup> <br>| 13267 | 1214329 |
| ON Semiconductor Corp. <sup>(a)</sup> <br>| 31365 | 1570759 |
| Oracle Corp. | 132962 | 34917151 |
| Palantir Technologies, Inc., Cl. A <sup>(a)</sup> <br>| 171077 | 34295806 |
| Palo Alto Networks, Inc. <sup>(a),(b)</sup> <br>| 52721 | 11611273 |
| PTC, Inc. <sup>(a)</sup> <br>| 8917 | 1770381 |
| Pure Storage, Inc., Cl. A <sup>(a)</sup> <br>| 23906 | 2359522 |
| QUALCOMM, Inc. | 89736 | 16233242 |
| Roper Technologies, Inc. | 8970 | 4001965 |
| Salesforce, Inc. | 75736 | 19722412 |
| Samsara, Inc., Cl. A <sup>(a)</sup> <br>| 23608 | 948333 |
| Seagate Technology Holdings PLC | 16694 | 4271661 |
| ServiceNow, Inc. <sup>(a)</sup> <br>| 16612 | 15271079 |
| Snowflake, Inc. <sup>(a)</sup> <br>| 25944 | 7131487 |
| Strategy, Inc., Cl. A <sup>(a)</sup> <br>| 21468 | 5785841 |
| Super Micro Computer, Inc. <sup>(a)</sup> <br>| 44327 | 2303231 |
| Synopsys, Inc. <sup>(a)</sup> <br>| 14869 | 6747850 |
| TE Connectivity PLC | 24461 | 6042112 |
| Teledyne Technologies, Inc. <sup>(a)</sup> <br>| 3748 | 1974521 |
| Teradyne, Inc. | 13070 | 2375603 |
| Texas Instruments, Inc. | 73312 | 11836956 |
| Trimble, Inc. <sup>(a)</sup> <br>| 20524 | 1636789 |
| Tyler Technologies, Inc. <sup>(a)</sup> <br>| 3404 | 1621189 |
| Ubiquiti, Inc. | 166 | 130672 |
| VeriSign, Inc. | 6862 | 1645508 |
| Western Digital Corp. | 30884 | 4639086 |
| Workday, Inc., Cl. A <sup>(a)</sup> <br>| 17049 | 4090396 |
| Zebra Technologies Corp., Cl. A <sup>(a)</sup> <br>| 3754 | 1010764 |
| Zoom Communications, Inc. <sup>(a)</sup> <br>| 21682 | 1891321 |
| Zscaler, Inc. <sup>(a)</sup> <br>| 7930 | 2625940 |
|  |  | **1725084436** |
| **Materials — 1.9%** | **Materials — 1.9%** | **Materials — 1.9%** |
| Air Products and Chemicals, Inc. | 18119 | 4395488 |
| Amcor PLC | 163623 | 1292622 |
| Anglogold Ashanti PLC <sup>(b)</sup> <br>| 38489 | 2617252 |
| Avery Dennison Corp. | 6852 | 1198346 |
| Ball Corp. | 22269 | 1046643 |
| CF Industries Holdings, Inc. | 14719 | 1225946 |
| Corteva, Inc. | 56796 | 3489546 |

---

**10**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Large Cap Core Equity ETF (continued)** | **BNY Mellon US Large Cap Core Equity ETF (continued)** | **BNY Mellon US Large Cap Core Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** |
| **Materials — 1.9% (continued)** | **Materials — 1.9% (continued)** | **Materials — 1.9% (continued)** |
| CRH PLC | 57035 | 6792868 |
| Dow, Inc. | 53422 | 1274115 |
| DuPont de Nemours, Inc. | 33112 | 2703595 |
| Ecolab, Inc. | 20118 | 5158255 |
| Freeport-McMoRan, Inc. | 116154 | 4843622 |
| International Flavors & Fragrances, Inc. <sup>(a)</sup> <br>| 21576 | 1358641 |
| International Paper Co. | 41712 | 1611752 |
| Linde PLC | 38662 | 16172315 |
| LyondellBasell Industries NV, Cl. A | 16890 | 784034 |
| Martin Marietta Materials, Inc. | 5154 | 3159917 |
| Newmont Corp. | 93319 | 7556039 |
| Nucor Corp. | 18831 | 2825592 |
| Packaging Corp. of America | 6726 | 1316682 |
| PPG Industries, Inc. | 18559 | 1814142 |
| Reliance, Inc. | 3735 | 1054876 |
| Smurfit WestRock PLC | 40988 | 1513277 |
| Solstice Advanced Materials, Inc. <sup>(a)</sup> <br>| 13203 | 595059 |
| Southern Copper Corp. | 7561 | 1049467 |
| Steel Dynamics, Inc. | 12573 | 1971446 |
| The Sherwin-Williams Company | 19612 | 6764963 |
| Vulcan Materials Co. | 10850 | 3141075 |
|  |  | **88727575** |
| **Real Estate — 1.7%** | **Real Estate — 1.7%** | **Real Estate — 1.7%** |
| Alexandria Real Estate Equities, Inc. <sup>(c)</sup> <br>| 12634 | 735551 |
| American Tower Corp. <sup>(c)</sup> <br>| 38398 | 6872474 |
| AvalonBay Communities, Inc. <sup>(c)</sup> <br>| 11341 | 1972427 |
| CBRE Group, Inc., Cl. A <sup>(a)</sup> <br>| 25556 | 3895501 |
| CoStar Group, Inc. <sup>(a)</sup> <br>| 33650 | 2315456 |
| Crown Castle, Inc. <sup>(c)</sup> <br>| 35257 | 3180887 |
| Digital Realty Trust, Inc. <sup>(c)</sup> <br>| 27407 | 4670427 |
| Equinix, Inc. <sup>(c)</sup> <br>| 7688 | 6504125 |
| Equity Residential <sup>(c)</sup> <br>| 31090 | 1847990 |
| Essex Property Trust, Inc. <sup>(c)</sup> <br>| 5353 | 1347725 |
| Extra Space Storage, Inc. <sup>(c)</sup> <br>| 16987 | 2268444 |
| Healthpeak Properties, Inc. <sup>(c)</sup> <br>| 60698 | 1089529 |
| Invitation Homes, Inc. <sup>(c)</sup> <br>| 46118 | 1298222 |
| Iron Mountain, Inc. <sup>(c)</sup> <br>| 23653 | 2435076 |
| Mid-America Apartment Communities, Inc. <sup>(c)</sup> <br>| 9676 | 1240753 |
| Prologis, Inc. <sup>(c)</sup> <br>| 75844 | 9411482 |
| Public Storage <sup>(c)</sup> <br>| 12803 | 3566404 |
| Realty Income Corp. <sup>(c)</sup> <br>| 71129 | 4124059 |
| SBA Communications Corp. <sup>(c)</sup> <br>| 9043 | 1731554 |
| Simon Property Group, Inc. <sup>(c)</sup> <br>| 27139 | 4769951 |
| Sun Communities, Inc. <sup>(c)</sup> <br>| 10562 | 1337149 |
| Ventas, Inc. <sup>(c)</sup> <br>| 34975 | 2580805 |
| VICI Properties, Inc. <sup>(c)</sup> <br>| 82943 | 2487461 |
| Welltower, Inc. <sup>(c)</sup> <br>| 51954 | 9405752 |
| Weyerhaeuser Co. <sup>(c)</sup> <br>| 60250 | 1385750 |
|  |  | **82474954** |

---

**11**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Large Cap Core Equity ETF (continued)** | **BNY Mellon US Large Cap Core Equity ETF (continued)** | **BNY Mellon US Large Cap Core Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** |
| **Utilities — 2.3%** | **Utilities — 2.3%** | **Utilities — 2.3%** |
| Alliant Energy Corp. | 20335 | 1358785 |
| Ameren Corp. | 21826 | 2226689 |
| American Electric Power Co., Inc. | 42425 | 5102031 |
| American Water Works Co., Inc. | 16429 | 2109976 |
| Atmos Energy Corp. <sup>(b)</sup> <br>| 12317 | 2115075 |
| CenterPoint Energy, Inc. | 53178 | 2033527 |
| CMS Energy Corp. | 24346 | 1790648 |
| Consolidated Edison, Inc. | 27637 | 2692120 |
| Constellation Energy Corp. | 25340 | 9553180 |
| Dominion Energy, Inc. | 68427 | 4015981 |
| DTE Energy Co. | 18302 | 2480653 |
| Duke Energy Corp. | 62281 | 7741528 |
| Edison International | 29607 | 1639636 |
| Entergy Corp. | 36536 | 3510744 |
| Evergy, Inc. | 19940 | 1531591 |
| Eversource Energy | 31203 | 2303093 |
| Exelon Corp. | 81299 | 3749510 |
| FirstEnergy Corp. | 45748 | 2096631 |
| NextEra Energy, Inc. | 167474 | 13632384 |
| NiSource, Inc. | 38389 | 1616561 |
| NRG Energy, Inc. | 16031 | 2755088 |
| PG&E Corp. | 176057 | 2809870 |
| PPL Corp. | 62430 | 2279944 |
| Public Service Enterprise Group, Inc. | 42315 | 3408896 |
| Sempra | 53028 | 4875394 |
| The Southern Company | 88083 | 8283325 |
| Vistra Corp. | 27491 | 5176555 |
| WEC Energy Group, Inc. | 27398 | 3061179 |
| Xcel Energy, Inc. | 47426 | 3849568 |
|  |  | **109800162** |
| **Total Common Stocks** <br>(cost $3,878,520,218)<br>|  | **4802369533** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | 1-Day <br>Yield (%)<br>|  |  |
| **Investment Companies — .2%** | **Investment Companies — .2%** | **Investment Companies — .2%** | **Investment Companies — .2%** |
| **Registered Investment Companies — .2%** | **Registered Investment Companies — .2%** | **Registered Investment Companies — .2%** | **Registered Investment Companies — .2%** |
| Dreyfus Institutional Preferred Government Money Market Fund, <br> Institutional Shares<sup>(d)</sup> <br>(cost $8,591,320)<br>| 4.04 | 8591320 | **8591320** |
| **Investment of Cash Collateral for Securities Loaned — .0%** |  |  |  |
| **Registered Investment Companies — .0%** |  |  |  |
| Dreyfus Institutional Preferred Government Money Market Fund, <br> Institutional Shares<sup>(d)</sup> <br>(cost $2,138,381)<br>| 4.04 | 2138381 | **2138381** |
| **Total Investments** (cost $3,889,249,919) |  | **100.0%** | **4813099234** |
| **Cash and Receivables (Net)** | **Cash and Receivables (Net)** | **.0%** | **752252** |
| **Net Assets**  |  | **100.0%** | **4813851486** |

---

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

**12**

------

&nbsp;&nbsp;&nbsp;&nbsp;&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 October 31, 2025, the value of the fund's securities on loan was $28,556,538 and the value of the collateral was $29,123,860, consisting of cash collateral of $2,138,381 and U.S. Government & Agency securities valued at $26,985,479. In addition, the value of collateral may include pending sales that are also on loan. 

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

<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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BNY Mellon US Large Cap Core Equity ETF** | **BNY Mellon US Large Cap Core Equity ETF** | **BNY Mellon US Large Cap Core Equity ETF** | **BNY Mellon US Large Cap Core Equity ETF** | **BNY Mellon US Large Cap Core Equity ETF** | **BNY Mellon US Large Cap Core Equity ETF** |
| **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** |
| Description | Value ($) <br>10/31/2024<br>| Purchases ($)<sup>†</sup> <br>| Sales ($) | Value ($) <br>10/31/2025<br>| Dividends/ <br>Distributions ($)<br>|
| **Registered Investment Companies - .2%** | **Registered Investment Companies - .2%** | **Registered Investment Companies - .2%** | **Registered Investment Companies - .2%** | **Registered Investment Companies - .2%** | **Registered Investment Companies - .2%** |
| Dreyfus Institutional Preferred Government Money <br> Market Fund, Institutional Shares - .2%<br>| 1648039 | 54021076 | (47077795) | 8591320 | 279347 |
| **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** |
| Dreyfus Institutional Preferred Government Money <br> Market Fund, Institutional Shares - .0%<br>| 147604 | 41030861 | (39040084) | 2138381 | 97038 <br><sup>††</sup><br>|
| **Total - .2%** | **1795643** | **95051937** | **(86117879)** | **10729701** | **376385** |

---

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

---

| | |
|:---|:---|
| <sup>†</sup> <br>| Includes reinvested dividends/distributions. |
| <sup>††</sup> <br>| 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>|

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BNY Mellon US Large Cap Core Equity ETF** | **BNY Mellon US Large Cap Core Equity ETF** | **BNY Mellon US Large Cap Core Equity ETF** | **BNY Mellon US Large Cap Core Equity ETF** | **BNY Mellon US Large Cap Core Equity ETF** | **BNY Mellon US Large Cap Core Equity ETF** |
| **Futures** | **Futures** | **Futures** | **Futures** | **Futures** | **Futures** |
| Description | Number of <br>Contracts<br>| Expiration | Notional <br>Value ($)<br>| Market <br>Value ($)<br>| Unrealized <br>Appreciation ($)<br>|
| **Futures Long** |  |  |  |  |  |
| S&P 500 E-mini | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; 9996217 | &nbsp;&nbsp; 10311000 | &nbsp;&nbsp; 314783 |
| **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** |  |  | **314783** |

---

See notes to financial statements.

**13**

------

SCHEDULES OF INVESTMENTS

October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Mid Cap Core Equity ETF** | **BNY Mellon US Mid Cap Core Equity ETF** | **BNY Mellon US Mid Cap Core Equity ETF** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8%** | **Common Stocks — 99.8%** | **Common Stocks — 99.8%** |
| **Communication Services — 3.0%** | **Communication Services — 3.0%** | **Communication Services — 3.0%** |
| AST SpaceMobile, Inc. <sup>(a),(b)</sup> <br>| 31789 | 2551067 |
| EchoStar Corp., Cl. A <sup>(a),(b)</sup> <br>| 20223 | 1514096 |
| Frontier Communications Parent, Inc. <sup>(a)</sup> <br>| 39761 | 1501375 |
| GCI Liberty, Inc., Cl. A <sup>(a)</sup> <br>| 1194 | 43665 |
| GCI Liberty, Inc., Cl. C <sup>(a)</sup> <br>| 3971 | 145438 |
| Liberty Broadband Corp., Cl. A <sup>(a)</sup> <br>| 1780 | 95212 |
| Liberty Broadband Corp., Cl. C <sup>(a)</sup> <br>| 17859 | 961171 |
| Match Group, Inc. | 39213 | 1268149 |
| News Corp., Cl. A | 64686 | 1714179 |
| News Corp., Cl. B | 18268 | 556626 |
| Paramount Skydance Corp., Cl. B <sup>(b)</sup> <br>| 99932 | 1537954 |
| Roku, Inc. <sup>(a)</sup> <br>| 22124 | 2348020 |
| Sirius XM Holdings, Inc. <sup>(b)</sup> <br>| 34351 | 745073 |
| The Interpublic Group of Companies, Inc. | 59539 | 1527771 |
| The New York Times Company, Cl. A | 26084 | 1486527 |
|  |  | **17996323** |
| **Consumer Discretionary — 12.8%** | **Consumer Discretionary — 12.8%** | **Consumer Discretionary — 12.8%** |
| ADT, Inc. | 96685 | 854695 |
| Aramark | 39765 | 1506298 |
| Autoliv, Inc. | 11294 | 1319139 |
| AutoNation, Inc. <sup>(a)</sup> <br>| 4807 | 960775 |
| Bath & Body Works, Inc. | 31187 | 763458 |
| Birkenstock Holding PLC <sup>(a)</sup> <br>| 5188 | 207053 |
| BorgWarner, Inc. | 36452 | 1565978 |
| Bright Horizons Family Solutions, Inc. <sup>(a)</sup> <br>| 9932 | 1084872 |
| Brinker International, Inc. <sup>(a)</sup> <br>| 7385 | 802454 |
| Burlington Stores, Inc. <sup>(a)</sup> <br>| 10697 | 2926592 |
| Caesars Entertainment, Inc. <sup>(a)</sup> <br>| 30819 | 619462 |
| CarMax, Inc. <sup>(a)</sup> <br>| 23527 | 986017 |
| Cava Group, Inc. <sup>(a)</sup> <br>| 15631 | 839854 |
| Chewy, Inc., Cl. A <sup>(a)</sup> <br>| 32313 | 1089594 |
| Choice Hotels International, Inc. | 4054 | 376860 |
| Churchill Downs, Inc. | 10669 | 1058365 |
| Crocs, Inc. <sup>(a)</sup> <br>| 8413 | 687258 |
| Dick's Sporting Goods, Inc. | 9341 | 2068564 |
| Dillard's, Inc., Cl. A | 1291 | 774703 |
| Domino's Pizza, Inc. | 5530 | 2203484 |
| Duolingo, Inc. <sup>(a)</sup> <br>| 6248 | 1690959 |
| Dutch Bros, Inc., Cl. A <sup>(a)</sup> <br>| 19204 | 1066590 |
| Five Below, Inc. <sup>(a)</sup> <br>| 9068 | 1426124 |
| Floor & Decor Holdings, Inc., Cl. A <sup>(a)</sup> <br>| 16960 | 1059661 |
| GameStop Corp., Cl. A <sup>(a),(b)</sup> <br>| 69185 | 1542134 |
| H&R Block, Inc. | 20851 | 1037129 |
| Hasbro, Inc. | 21655 | 1652493 |
| Hyatt Hotels Corp., Cl. A | 7130 | 979733 |
| Levi Strauss & Co., Cl. A | 18642 | 378060 |

---

**14**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Mid Cap Core Equity ETF (continued)** | **BNY Mellon US Mid Cap Core Equity ETF (continued)** | **BNY Mellon US Mid Cap Core Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** |
| **Consumer Discretionary — 12.8% (continued)** | **Consumer Discretionary — 12.8% (continued)** | **Consumer Discretionary — 12.8% (continued)** |
| Life Time Group Holdings, Inc. <sup>(a)</sup> <br>| 16539 | 409009 |
| Light & Wonder, Inc. <sup>(a),(b)</sup> <br>| 11793 | 857351 |
| Lithia Motors, Inc. | 4486 | 1408963 |
| LKQ Corp. | 38873 | 1242381 |
| Lucid Group, Inc. <sup>(a),(b)</sup> <br>| 21656 | 384394 |
| Mattel, Inc. <sup>(a)</sup> <br>| 50891 | 935377 |
| MGM Resorts International <sup>(a)</sup> <br>| 34635 | 1109359 |
| Mobileye Global, Inc., Cl. A <sup>(a)</sup> <br>| 18636 | 245063 |
| Mohawk Industries, Inc. <sup>(a)</sup> <br>| 8976 | 1020033 |
| Murphy USA, Inc. | 2841 | 1017646 |
| Norwegian Cruise Line Holdings Ltd. <sup>(a)</sup> <br>| 76095 | 1706050 |
| Ollie's Bargain Outlet Holdings, Inc. <sup>(a)</sup> <br>| 10420 | 1258840 |
| Penske Automotive Group, Inc. | 3098 | 495897 |
| Planet Fitness, Inc., Cl. A <sup>(a)</sup> <br>| 14381 | 1304213 |
| Pool Corp. | 6376 | 1702775 |
| Ralph Lauren Corp. | 6248 | 1997236 |
| Rivian Automotive, Inc., Cl. A <sup>(a),(b)</sup> <br>| 131839 | 1789055 |
| Service Corp. International | 23304 | 1946117 |
| SharkNinja, Inc. <sup>(a)</sup> <br>| 8834 | 755307 |
| Somnigroup International, Inc. | 34519 | 2738737 |
| Tapestry, Inc. | 34552 | 3794501 |
| Texas Roadhouse, Inc. | 10620 | 1737220 |
| The Gap, Inc. | 30874 | 705471 |
| Toll Brothers, Inc. | 16805 | 2267835 |
| TopBuild Corp. <sup>(a)</sup> <br>| 4894 | 2067617 |
| Vail Resorts, Inc. | 5606 | 831538 |
| Wayfair, Inc., Cl. A <sup>(a)</sup> <br>| 16343 | 1691664 |
| Wingstop, Inc. <sup>(b)</sup> <br>| 4831 | 1046539 |
| Wyndham Hotels & Resorts, Inc. | 13115 | 963034 |
| Wynn Resorts Ltd. | 14404 | 1713932 |
| Yum China Holdings, Inc. | 61630 | 2666114 |
|  |  | **77337626** |
| **Consumer Staples — 4.8%** | **Consumer Staples — 4.8%** | **Consumer Staples — 4.8%** |
| Albertsons Cos., Inc., Cl. A | 64137 | 1134584 |
| BellRing Brands, Inc. <sup>(a)</sup> <br>| 19473 | 586721 |
| BJ's Wholesale Club Holdings, Inc. <sup>(a)</sup> <br>| 21165 | 1868023 |
| Bunge Global SA | 22828 | 2159529 |
| Casey's General Stores, Inc. | 6066 | 3113011 |
| Celsius Holdings, Inc. <sup>(a)</sup> <br>| 31126 | 1874719 |
| Coca-Cola Consolidated, Inc. | 8970 | 1169509 |
| Conagra Brands, Inc. | 82005 | 1409666 |
| Ingredion, Inc. | 10202 | 1177413 |
| Lamb Weston Holdings, Inc. | 22555 | 1392320 |
| Maplebear, Inc. <sup>(a)</sup> <br>| 29821 | 1099202 |
| Molson Coors Beverage Co., Cl. B | 26113 | 1141660 |
| Performance Food Group Co. <sup>(a)</sup> <br>| 26231 | 2537587 |
| Pilgrim's Pride Corp. | 5503 | 209664 |
| Post Holdings, Inc. <sup>(a)</sup> <br>| 8751 | 909491 |
| Primo Brands Corp. | 39786 | 874098 |
| Sprouts Farmers Market, Inc. <sup>(a)</sup> <br>| 15702 | 1239830 |

---

**15**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Mid Cap Core Equity ETF (continued)** | **BNY Mellon US Mid Cap Core Equity ETF (continued)** | **BNY Mellon US Mid Cap Core Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** |
| **Consumer Staples — 4.8% (continued)** | **Consumer Staples — 4.8% (continued)** | **Consumer Staples — 4.8% (continued)** |
| The Campbell's Company | 29988 | 903538 |
| The J.M. Smucker Company | 16681 | 1727318 |
| US Foods Holding Corp. <sup>(a)</sup> <br>| 35977 | 2612650 |
|  |  | **29140533** |
| **Energy — 2.8%** | **Energy — 2.8%** | **Energy — 2.8%** |
| Antero Midstream Corp. | 59325 | 1023356 |
| Antero Resources Corp. <sup>(a)</sup> <br>| 46357 | 1432895 |
| APA Corp. <sup>(b)</sup> <br>| 54915 | 1243825 |
| Chord Energy Corp. | 8953 | 812216 |
| DT Midstream, Inc. | 17401 | 1905235 |
| Hess Midstream LP, Cl. A | 20617 | 699947 |
| HF Sinclair Corp. | 24402 | 1259143 |
| Kinetik Holdings, Inc. | 5039 | 194052 |
| Matador Resources Co. | 18349 | 724052 |
| Ovintiv, Inc. | 42254 | 1584948 |
| Permian Resources Corp. | 98317 | 1234862 |
| Range Resources Corp. | 37487 | 1332663 |
| TechnipFMC PLC | 70695 | 2923238 |
| Viper Energy, Inc., Cl. A | 20163 | 757322 |
|  |  | **17127754** |
| **Financials — 13.2%** | **Financials — 13.2%** | **Financials — 13.2%** |
| AGNC Investment Corp. <sup>(b),(c)</sup> <br>| 170197 | 1701970 |
| Ally Financial, Inc. | 47409 | 1847529 |
| American Financial Group, Inc. | 12269 | 1615582 |
| Annaly Capital Management, Inc. <sup>(c)</sup> <br>| 100925 | 2136582 |
| Assurant, Inc. | 8387 | 1775696 |
| Axis Capital Holdings Ltd. | 11974 | 1121485 |
| BOK Financial Corp. | 4347 | 454609 |
| CNA Financial Corp. | 4571 | 203638 |
| Comerica, Inc. | 22621 | 1730506 |
| Commerce Bancshares, Inc. | 19236 | 1012391 |
| Corebridge Financial, Inc. | 63209 | 2058085 |
| Credit Acceptance Corp. <sup>(a),(b)</sup> <br>| 1040 | 465234 |
| Cullen/Frost Bankers, Inc. | 10225 | 1259107 |
| East West Bancorp, Inc. | 23231 | 2360270 |
| Equitable Holdings, Inc. | 51652 | 2551609 |
| Evercore, Inc., Cl. A | 6156 | 1813311 |
| Fidelity National Financial, Inc. | 44416 | 2453540 |
| First American Financial Corp. | 17372 | 1085924 |
| First Horizon Corp. | 82642 | 1765233 |
| Franklin Resources, Inc. | 55155 | 1247055 |
| Freedom Holding Corp. <sup>(a),(b)</sup> <br>| 2558 | 393062 |
| Globe Life, Inc. | 13724 | 1804843 |
| Hamilton Lane, Inc., Cl. A | 5895 | 671794 |
| Houlihan Lokey, Inc. | 9230 | 1652908 |
| Invesco Ltd. | 54322 | 1287431 |
| Jack Henry & Associates, Inc. | 11677 | 1739172 |
| Jackson Financial, Inc., Cl. A | 11116 | 1120604 |
| Jefferies Financial Group, Inc. | 27850 | 1471315 |
| KeyCorp | 157717 | 2774242 |

---

**16**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Mid Cap Core Equity ETF (continued)** | **BNY Mellon US Mid Cap Core Equity ETF (continued)** | **BNY Mellon US Mid Cap Core Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** |
| **Financials — 13.2% (continued)** | **Financials — 13.2% (continued)** | **Financials — 13.2% (continued)** |
| Kinsale Capital Group, Inc. | 3791 | 1514391 |
| MarketAxess Holdings, Inc. | 5806 | 929308 |
| Morningstar, Inc. | 3890 | 825847 |
| Old National Bancorp | 51325 | 1048570 |
| Old Republic International Corp. | 37355 | 1474028 |
| OneMain Holdings, Inc. | 20393 | 1207062 |
| Pinnacle Financial Partners, Inc. | 12051 | 1026866 |
| Popular, Inc. | 11655 | 1299183 |
| Primerica, Inc. | 5686 | 1477621 |
| Prosperity Bancshares, Inc. | 14314 | 942147 |
| Reinsurance Group of America, Inc. | 10634 | 1940280 |
| RenaissanceRe Holdings Ltd. | 8247 | 2095480 |
| RLI Corp. | 12959 | 764063 |
| SEI Investments Co. | 15170 | 1222854 |
| Shift4 Payments, Inc., Cl. A <sup>(a),(b)</sup> <br>| 10482 | 724306 |
| SouthState Bank Corp. | 15620 | 1384713 |
| Starwood Property Trust, Inc. <sup>(c)</sup> <br>| 52861 | 961013 |
| StepStone Group, Inc., Cl. A | 10037 | 611053 |
| Stifel Financial Corp. | 16967 | 2009402 |
| Synovus Financial Corp. | 21840 | 974938 |
| UMB Financial Corp. | 12431 | 1328625 |
| Unum Group | 25547 | 1875661 |
| Upstart Holdings, Inc. <sup>(a),(b)</sup> <br>| 14270 | 678110 |
| UWM Holdings Corp. | 34756 | 195676 |
| Voya Financial, Inc. | 16839 | 1253832 |
| Webster Financial Corp. | 29176 | 1664199 |
| Western Alliance Bancorp | 18663 | 1443583 |
| Wintrust Financial Corp. | 11254 | 1463245 |
| Zions Bancorp NA | 25013 | 1303427 |
|  |  | **79214210** |
| **Health Care — 11.4%** | **Health Care — 11.4%** | **Health Care — 11.4%** |
| Avantor, Inc. <sup>(a)</sup> <br>| 113656 | 1343414 |
| BioMarin Pharmaceutical, Inc. <sup>(a)</sup> <br>| 32475 | 1739686 |
| Bio-Rad Laboratories, Inc., Cl. A <sup>(a)</sup> <br>| 3343 | 1068256 |
| Bio-Techne Corp. | 24719 | 1546668 |
| Bridgebio Pharma, Inc. <sup>(a)</sup> <br>| 20043 | 1255494 |
| Bruker Corp. | 15266 | 594458 |
| Charles River Laboratories International, Inc. <sup>(a)</sup> <br>| 7733 | 1392481 |
| Chemed Corp. | 2264 | 976463 |
| Corcept Therapeutics, Inc. <sup>(a)</sup> <br>| 15008 | 1102638 |
| DaVita, Inc. <sup>(a)</sup> <br>| 6997 | 832783 |
| Doximity, Inc., Cl. A <sup>(a)</sup> <br>| 21513 | 1419858 |
| Elanco Animal Health, Inc. <sup>(a)</sup> <br>| 82507 | 1827530 |
| Encompass Health Corp. | 16465 | 1874540 |
| Exact Sciences Corp. <sup>(a)</sup> <br>| 29978 | 1939277 |
| Exelixis, Inc. <sup>(a)</sup> <br>| 38320 | 1481834 |
| Glaukos Corp. <sup>(a)</sup> <br>| 8577 | 755376 |
| Globus Medical, Inc., Cl. A <sup>(a)</sup> <br>| 19589 | 1182980 |
| Halozyme Therapeutics, Inc. <sup>(a)</sup> <br>| 20165 | 1314556 |
| HealthEquity, Inc. <sup>(a)</sup> <br>| 13521 | 1278816 |

---

**17**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Mid Cap Core Equity ETF (continued)** | **BNY Mellon US Mid Cap Core Equity ETF (continued)** | **BNY Mellon US Mid Cap Core Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** |
| **Health Care — 11.4% (continued)** | **Health Care — 11.4% (continued)** | **Health Care — 11.4% (continued)** |
| Henry Schein, Inc. <sup>(a)</sup> <br>| 19021 | 1202127 |
| Hims & Hers Health, Inc. <sup>(a),(b)</sup> <br>| 29572 | 1344343 |
| Insmed, Inc. <sup>(a)</sup> <br>| 30962 | 5870395 |
| Jazz Pharmaceuticals PLC <sup>(a)</sup> <br>| 9890 | 1361260 |
| Lantheus Holdings, Inc. <sup>(a)</sup> <br>| 10283 | 593226 |
| Madrigal Pharmaceuticals, Inc. <sup>(a)</sup> <br>| 2697 | 1129773 |
| Masimo Corp. <sup>(a)</sup> <br>| 7345 | 1033074 |
| Medpace Holdings, Inc. <sup>(a)</sup> <br>| 3812 | 2229677 |
| Moderna, Inc. <sup>(a)</sup> <br>| 58176 | 1580060 |
| Neurocrine Biosciences, Inc. <sup>(a)</sup> <br>| 16440 | 2354372 |
| Penumbra, Inc. <sup>(a)</sup> <br>| 5894 | 1340119 |
| QIAGEN NV | 37219 | 1743710 |
| Repligen Corp. <sup>(a)</sup> <br>| 8232 | 1227062 |
| Revolution Medicines, Inc. <sup>(a)</sup> <br>| 28298 | 1665054 |
| Revvity, Inc. | 20227 | 1893045 |
| Roivant Sciences Ltd. <sup>(a)</sup> <br>| 64479 | 1288935 |
| Solventum Corp. <sup>(a)</sup> <br>| 23763 | 1640598 |
| Summit Therapeutics, Inc. <sup>(a),(b)</sup> <br>| 17952 | 339472 |
| Tempus AI, Inc. <sup>(a),(b)</sup> <br>| 16813 | 1510648 |
| Tenet Healthcare Corp. <sup>(a)</sup> <br>| 15252 | 3149386 |
| The Ensign Group, Inc. | 9265 | 1668627 |
| United Therapeutics Corp. <sup>(a)</sup> <br>| 6917 | 3081039 |
| Universal Health Services, Inc., Cl. B | 9561 | 2074833 |
| Viatris, Inc. | 195604 | 2026458 |
| Waystar Holding Corp. <sup>(a)</sup> <br>| 12100 | 433785 |
|  |  | **68708186** |
| **Industrials — 25.0%** | **Industrials — 25.0%** | **Industrials — 25.0%** |
| A.O. Smith Corp. | 19965 | 1317490 |
| AAON, Inc. <sup>(b)</sup> <br>| 9614 | 945921 |
| Acuity, Inc. | 5265 | 1921988 |
| Advanced Drainage Systems, Inc. | 11521 | 1613516 |
| AECOM | 21755 | 2922784 |
| AeroVironment, Inc. <sup>(a)</sup> <br>| 5033 | 1861757 |
| AGCO Corp. | 9822 | 1013238 |
| Alaska Air Group, Inc. <sup>(a)</sup> <br>| 19371 | 808352 |
| Allegion PLC | 14226 | 2358244 |
| Allison Transmission Holdings, Inc. | 13278 | 1096099 |
| American Airlines Group, Inc. <sup>(a)</sup> <br>| 104378 | 1370483 |
| API Group Corp. <sup>(a)</sup> <br>| 51309 | 1889197 |
| Applied Industrial Technologies, Inc. | 6501 | 1671342 |
| Armstrong World Industries, Inc. | 7212 | 1373381 |
| BWX Technologies, Inc. | 15087 | 3222734 |
| C.H. Robinson Worldwide, Inc. | 19759 | 3042688 |
| CACI International, Inc., Cl. A <sup>(a)</sup> <br>| 3779 | 2124743 |
| Carpenter Technology Corp. | 8266 | 2611229 |
| Casella Waste Systems, Inc., Cl. A <sup>(a)</sup> <br>| 9683 | 857623 |
| Chart Industries, Inc. <sup>(a)</sup> <br>| 7709 | 1538871 |
| Clean Harbors, Inc. <sup>(a)</sup> <br>| 8551 | 1800071 |
| CNH Industrial NV | 140966 | 1478733 |
| Comfort Systems USA, Inc. | 5758 | 5559810 |

---

**18**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Mid Cap Core Equity ETF (continued)** | **BNY Mellon US Mid Cap Core Equity ETF (continued)** | **BNY Mellon US Mid Cap Core Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** |
| **Industrials — 25.0% (continued)** | **Industrials — 25.0% (continued)** | **Industrials — 25.0% (continued)** |
| Core & Main, Inc., Cl. A <sup>(a)</sup> <br>| 17197 | 897339 |
| Crane Co. | 8422 | 1600180 |
| Curtiss-Wright Corp. | 6259 | 3728674 |
| Dayforce, Inc. <sup>(a)</sup> <br>| 26362 | 1812124 |
| Donaldson Co., Inc. | 20072 | 1691066 |
| Dycom Industries, Inc. <sup>(a)</sup> <br>| 4412 | 1269729 |
| Esab Corp. | 9936 | 1160724 |
| ExlService Holdings, Inc. <sup>(a)</sup> <br>| 24609 | 962212 |
| Flowserve Corp. | 20595 | 1405609 |
| Fluor Corp. <sup>(a)</sup> <br>| 26406 | 1287821 |
| Fortune Brands Innovations, Inc. | 18929 | 961593 |
| FTAI Aviation Ltd. | 16853 | 2913884 |
| FTI Consulting, Inc. <sup>(a)</sup> <br>| 5261 | 868118 |
| Generac Holdings, Inc. <sup>(a)</sup> <br>| 9884 | 1660710 |
| Genpact Ltd. | 27951 | 1066331 |
| Graco, Inc. | 28185 | 2304687 |
| Huntington Ingalls Industries, Inc. | 6618 | 2131128 |
| ITT, Inc. | 13335 | 2467908 |
| Joby Aviation, Inc. <sup>(a)</sup> <br>| 73971 | 1282657 |
| KBR, Inc. | 20168 | 863997 |
| Kirby Corp. <sup>(a)</sup> <br>| 8599 | 889825 |
| Knight-Swift Transportation Holdings, Inc. | 24890 | 1123037 |
| Kratos Defense & Security Solutions, Inc. <sup>(a)</sup> <br>| 26801 | 2428171 |
| Leonardo DRS, Inc. | 8248 | 301547 |
| Lincoln Electric Holdings, Inc. | 9405 | 2205002 |
| Loar Holdings, Inc. <sup>(a)</sup> <br>| 2918 | 230901 |
| Masco Corp. | 35420 | 2293799 |
| MasTec, Inc. <sup>(a)</sup> <br>| 10514 | 2146538 |
| MSA Safety, Inc. | 6471 | 1016141 |
| Mueller Industries, Inc. | 17273 | 1828693 |
| NEXTracker, Inc., Cl. A <sup>(a)</sup> <br>| 22335 | 2260749 |
| Nordson Corp. | 9116 | 2114456 |
| NuScale Power Corp. <sup>(a),(b)</sup> <br>| 18585 | 833909 |
| nVent Electric PLC | 27514 | 3146226 |
| Oshkosh Corp. | 10865 | 1339546 |
| Owens Corning | 14419 | 1835683 |
| Parsons Corp. <sup>(a)</sup> <br>| 6930 | 576160 |
| Paycom Software, Inc. | 8770 | 1640779 |
| Paylocity Holding Corp. <sup>(a)</sup> <br>| 6817 | 963038 |
| Pentair PLC | 27884 | 2965463 |
| QXO, Inc. <sup>(a),(b)</sup> <br>| 102438 | 1810079 |
| RBC Bearings, Inc. <sup>(a)</sup> <br>| 5296 | 2269495 |
| Regal Rexnord Corp. | 11377 | 1602906 |
| Rocket Lab Corp. <sup>(a)</sup> <br>| 68216 | 4296244 |
| Ryder System, Inc. | 7075 | 1197302 |
| Saia, Inc. <sup>(a)</sup> <br>| 4235 | 1238738 |
| Simpson Manufacturing Co., Inc. | 7291 | 1286861 |
| SiteOne Landscape Supply, Inc. <sup>(a)</sup> <br>| 7721 | 1001954 |
| Snap-on, Inc. | 8400 | 2818620 |
| SPX Technologies, Inc. <sup>(a)</sup> <br>| 7749 | 1734924 |

---

**19**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Mid Cap Core Equity ETF (continued)** | **BNY Mellon US Mid Cap Core Equity ETF (continued)** | **BNY Mellon US Mid Cap Core Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** |
| **Industrials — 25.0% (continued)** | **Industrials — 25.0% (continued)** | **Industrials — 25.0% (continued)** |
| StandardAero, Inc. <sup>(a)</sup> <br>| 22042 | 636793 |
| Stanley Black & Decker, Inc. | 26180 | 1772910 |
| Sterling Infrastructure, Inc. <sup>(a)</sup> <br>| 4682 | 1769328 |
| Tetra Tech, Inc. | 45200 | 1445496 |
| Textron, Inc. | 30755 | 2485312 |
| The Middleby Corp. <sup>(a)</sup> <br>| 9185 | 1141053 |
| The Toro Company | 15633 | 1168254 |
| Trex Company, Inc. <sup>(a)</sup> <br>| 18642 | 900781 |
| UFP Industries, Inc. | 10286 | 947649 |
| U-Haul Holding Co. <sup>(a)</sup> <br>| 874 | 46462 |
| U-Haul Holding Co. | 17772 | 861764 |
| UL Solutions, Inc., Cl. A | 9360 | 728863 |
| Watts Water Technologies, Inc., Cl. A | 4451 | 1213343 |
| WESCO International, Inc. | 7621 | 1977878 |
| Woodward, Inc. | 9971 | 2613499 |
| XPO, Inc. <sup>(a)</sup> <br>| 19617 | 2822298 |
|  |  | **150665254** |
| **Information Technology — 13.0%** | **Information Technology — 13.0%** | **Information Technology — 13.0%** |
| Akamai Technologies, Inc. <sup>(a)</sup> <br>| 24592 | 1846859 |
| Appfolio, Inc., Cl. A <sup>(a)</sup> <br>| 3876 | 986171 |
| Arrow Electronics, Inc. <sup>(a)</sup> <br>| 9104 | 1015551 |
| Astera Labs, Inc. <sup>(a)</sup> <br>| 21177 | 3953322 |
| Aurora Innovation, Inc. <sup>(a)</sup> <br>| 176119 | 922864 |
| Badger Meter, Inc. | 5211 | 940325 |
| CCC Intelligent Solutions Holdings, Inc. <sup>(a)</sup> <br>| 77016 | 671580 |
| Ciena Corp. <sup>(a)</sup> <br>| 23419 | 4447737 |
| Clearwater Analytics Holdings, Inc., Cl. A <sup>(a)</sup> <br>| 38247 | 704127 |
| Coherent Corp. <sup>(a)</sup> <br>| 21617 | 2852579 |
| Commvault Systems, Inc. <sup>(a)</sup> <br>| 7683 | 1069627 |
| Confluent, Inc., Cl. A <sup>(a)</sup> <br>| 41645 | 973244 |
| Credo Technology Group Holding Ltd. <sup>(a)</sup> <br>| 24052 | 4512636 |
| Docusign, Inc. <sup>(a)</sup> <br>| 32467 | 2374636 |
| Dolby Laboratories, Inc., Cl. A | 9317 | 617903 |
| Dropbox, Inc., Cl. A <sup>(a)</sup> <br>| 35326 | 1024454 |
| Dynatrace, Inc. <sup>(a)</sup> <br>| 47919 | 2423264 |
| Elastic NV <sup>(a)</sup> <br>| 13915 | 1241496 |
| Enphase Energy, Inc. <sup>(a)</sup> <br>| 19593 | 597782 |
| EPAM Systems, Inc. <sup>(a)</sup> <br>| 8778 | 1435554 |
| F5, Inc. <sup>(a)</sup> <br>| 9520 | 2409036 |
| Fabrinet <sup>(a)</sup> <br>| 5964 | 2627560 |
| Gen Digital, Inc. | 92663 | 2442597 |
| Gitlab, Inc., Cl. A <sup>(a),(b)</sup> <br>| 20534 | 1001033 |
| Guidewire Software, Inc. <sup>(a)</sup> <br>| 13280 | 3102739 |
| Informatica, Inc., Cl. A <sup>(a)</sup> <br>| 20951 | 521051 |
| IonQ, Inc. <sup>(a),(b)</sup> <br>| 42604 | 2657638 |
| Klaviyo, Inc., Cl. A <sup>(a)</sup> <br>| 16652 | 432952 |
| Kyndryl Holdings, Inc. <sup>(a)</sup> <br>| 36512 | 1055927 |
| Lattice Semiconductor Corp. <sup>(a)</sup> <br>| 21708 | 1583816 |
| MACOM Technology Solutions Holdings, Inc. <sup>(a)</sup> <br>| 10041 | 1487373 |
| Manhattan Associates, Inc. <sup>(a)</sup> <br>| 10275 | 1870769 |

---

**20**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Mid Cap Core Equity ETF (continued)** | **BNY Mellon US Mid Cap Core Equity ETF (continued)** | **BNY Mellon US Mid Cap Core Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** |
| **Information Technology — 13.0% (continued)** | **Information Technology — 13.0% (continued)** | **Information Technology — 13.0% (continued)** |
| MKS, Inc. | 10883 | 1563996 |
| Nutanix, Inc., Cl. A <sup>(a)</sup> <br>| 40672 | 2897473 |
| Pegasystems, Inc. | 14049 | 894219 |
| Procore Technologies, Inc. <sup>(a)</sup> <br>| 14898 | 1099770 |
| Qorvo, Inc. <sup>(a)</sup> <br>| 15898 | 1509038 |
| Rubrik, Inc., Cl. A <sup>(a)</sup> <br>| 17180 | 1293139 |
| SailPoint, Inc. <sup>(a),(b)</sup> <br>| 13434 | 291249 |
| SentinelOne, Inc., Cl. A <sup>(a)</sup> <br>| 48104 | 858656 |
| ServiceTitan, Inc., Cl. A <sup>(a)</sup> <br>| 7234 | 682600 |
| Skyworks Solutions, Inc. | 25652 | 1993674 |
| TD Synnex Corp. | 12438 | 1946423 |
| Twilio, Inc., Cl. A <sup>(a)</sup> <br>| 24401 | 3291207 |
| UiPath, Inc., Cl. A <sup>(a)</sup> <br>| 62186 | 986270 |
| Unity Software, Inc. <sup>(a)</sup> <br>| 52216 | 1978986 |
| Universal Display Corp. | 6923 | 1019620 |
| Vertex, Inc., Cl. A <sup>(a),(b)</sup> <br>| 8250 | 188925 |
|  |  | **78299447** |
| **Materials — 3.4%** | **Materials — 3.4%** | **Materials — 3.4%** |
| Albemarle Corp. | 20188 | 1983067 |
| Alcoa Corp. | 40850 | 1502871 |
| AptarGroup, Inc. | 10442 | 1211376 |
| ATI, Inc. <sup>(a)</sup> <br>| 23524 | 2328170 |
| Axalta Coating Systems Ltd. <sup>(a)</sup> <br>| 34827 | 991525 |
| Celanese Corp. | 15497 | 595705 |
| Crown Holdings, Inc. | 18547 | 1802397 |
| Eagle Materials, Inc. | 5595 | 1187930 |
| Eastman Chemical Co. | 18203 | 1083443 |
| Graphic Packaging Holding Co. <sup>(b)</sup> <br>| 46820 | 748652 |
| Louisiana-Pacific Corp. | 9853 | 858295 |
| Royal Gold, Inc. | 11211 | 1959571 |
| RPM International, Inc. | 21485 | 2347881 |
| The Mosaic Company | 54162 | 1486747 |
| Westlake Corp. | 6089 | 418984 |
|  |  | **20506614** |
| **Real Estate — 7.6%** | **Real Estate — 7.6%** | **Real Estate — 7.6%** |
| Agree Realty Corp. <sup>(c)</sup> <br>| 17196 | 1255480 |
| American Homes 4 Rent, Cl. A <sup>(c)</sup> <br>| 55041 | 1739296 |
| Brixmor Property Group, Inc. <sup>(c)</sup> <br>| 52290 | 1367906 |
| BXP, Inc. <sup>(c)</sup> <br>| 25015 | 1780818 |
| Camden Property Trust <sup>(c)</sup> <br>| 17003 | 1691458 |
| CubeSmart <sup>(c)</sup> <br>| 39026 | 1470109 |
| EastGroup Properties, Inc. <sup>(c)</sup> <br>| 8299 | 1448424 |
| Equity LifeStyle Properties, Inc. <sup>(c)</sup> <br>| 29433 | 1796885 |
| Essential Properties Realty Trust, Inc. <sup>(c)</sup> <br>| 34465 | 1029814 |
| Federal Realty Investment Trust <sup>(c)</sup> <br>| 12351 | 1188043 |
| First Industrial Realty Trust, Inc. <sup>(c)</sup> <br>| 22941 | 1268179 |
| Gaming and Leisure Properties, Inc. <sup>(c)</sup> <br>| 42552 | 1900372 |
| Healthcare Realty Trust, Inc. <sup>(c)</sup> <br>| 61319 | 1086573 |
| Host Hotels & Resorts, Inc. <sup>(c)</sup> <br>| 117163 | 1876951 |
| Jones Lang LaSalle, Inc. <sup>(a)</sup> <br>| 8071 | 2462381 |

---

**21**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Mid Cap Core Equity ETF (continued)** | **BNY Mellon US Mid Cap Core Equity ETF (continued)** | **BNY Mellon US Mid Cap Core Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** |
| **Real Estate — 7.6% (continued)** | **Real Estate — 7.6% (continued)** | **Real Estate — 7.6% (continued)** |
| Kilroy Realty Corp. <sup>(c)</sup> <br>| 20885 | 882391 |
| Kimco Realty Corp. <sup>(c)</sup> <br>| 112147 | 2316957 |
| Lamar Advertising Co., Cl. A <sup>(c)</sup> <br>| 14950 | 1772921 |
| Lineage, Inc. <sup>(b),(c)</sup> <br>| 10268 | 404559 |
| NNN REIT, Inc. <sup>(c)</sup> <br>| 32492 | 1314626 |
| Omega Healthcare Investors, Inc. <sup>(c)</sup> <br>| 48197 | 2025720 |
| Regency Centers Corp. <sup>(c)</sup> <br>| 27816 | 1917913 |
| Rexford Industrial Realty, Inc. <sup>(c)</sup> <br>| 37958 | 1568425 |
| Ryman Hospitality Properties, Inc. <sup>(c)</sup> <br>| 9571 | 831816 |
| STAG Industrial, Inc. <sup>(c)</sup> <br>| 32540 | 1245306 |
| UDR, Inc. <sup>(c)</sup> <br>| 49270 | 1659906 |
| Vornado Realty Trust <sup>(c)</sup> <br>| 24818 | 941595 |
| WP Carey, Inc. <sup>(c)</sup> <br>| 37040 | 2444640 |
| Zillow Group, Inc., Cl. A <sup>(a)</sup> <br>| 8455 | 604786 |
| Zillow Group, Inc., Cl. C <sup>(a)</sup> <br>| 29012 | 2175320 |
|  |  | **45469570** |
| **Utilities — 2.8%** | **Utilities — 2.8%** | **Utilities — 2.8%** |
| Brookfield Renewable Corp. <sup>(b)</sup> <br>| 25655 | 1109835 |
| Essential Utilities, Inc. | 44313 | 1729537 |
| IDACORP, Inc. | 9279 | 1197177 |
| National Fuel Gas Co. | 14056 | 1109159 |
| OGE Energy Corp. | 34667 | 1530201 |
| Oklo, Inc. <sup>(a),(b)</sup> <br>| 19474 | 2585563 |
| Pinnacle West Capital Corp. | 19154 | 1695512 |
| Talen Energy Corp. <sup>(a)</sup> <br>| 7541 | 3014741 |
| The AES Corp. | 113385 | 1572650 |
| UGI Corp. | 33826 | 1130803 |
|  |  | **16675178** |
| **Total Common Stocks** <br>(cost $524,114,737)<br>|  | **601140695** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | 1-Day <br>Yield (%)<br>|  |  |
| **Investment Companies — .1%** | **Investment Companies — .1%** | **Investment Companies — .1%** | **Investment Companies — .1%** |
| **Registered Investment Companies — .1%** | **Registered Investment Companies — .1%** | **Registered Investment Companies — .1%** | **Registered Investment Companies — .1%** |
| Dreyfus Institutional Preferred Government Money Market Fund, <br> Institutional Shares<sup>(d)</sup> <br>(cost $894,346)<br>| 4.04 | 894346 | **894346** |
| **Investment of Cash Collateral for Securities Loaned — 1.4%** |  |  |  |
| **Registered Investment Companies — 1.4%** |  |  |  |
| Dreyfus Institutional Preferred Government Money Market Fund, <br> Institutional Shares<sup>(d)</sup> <br>(cost $8,364,346)<br>| 4.04 | 8364346 | **8364346** |
| **Total Investments** (cost $533,373,429) |  | **101.3%** | **610399387** |
| **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** | **(1.3%)** | **(8024324)** |
| **Net Assets**  |  | **100.0%** | **602375063** |

---

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

REIT—Real Estate Investment Trust<br>

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

**22**

------

&nbsp;&nbsp;&nbsp;&nbsp;&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 October 31, 2025, the value of the fund's securities on loan was $27,619,370 and the value of the collateral was $28,255,757, consisting of cash collateral of $8,364,346 and U.S. Government & Agency securities valued at $19,891,411. In addition, the value of collateral may include pending sales that are also on loan. 

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

<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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BNY Mellon US Mid Cap Core Equity ETF** | **BNY Mellon US Mid Cap Core Equity ETF** | **BNY Mellon US Mid Cap Core Equity ETF** | **BNY Mellon US Mid Cap Core Equity ETF** | **BNY Mellon US Mid Cap Core Equity ETF** | **BNY Mellon US Mid Cap Core Equity ETF** |
| **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** |
| Description | Value ($) <br>10/31/2024<br>| Purchases ($)<sup>†</sup> <br>| Sales ($) | Value ($) <br>10/31/2025<br>| Dividends/ <br>Distributions ($)<br>|
| **Registered Investment Companies - .1%** | **Registered Investment Companies - .1%** | **Registered Investment Companies - .1%** | **Registered Investment Companies - .1%** | **Registered Investment Companies - .1%** | **Registered Investment Companies - .1%** |
| Dreyfus Institutional Preferred Government Money <br> Market Fund, Institutional Shares - .1%<br>| 826111 | 22221536 | (22153301) | 894346 | 58792 |
| **Investment of Cash Collateral for Securities Loaned - 1.4%** | **Investment of Cash Collateral for Securities Loaned - 1.4%** | **Investment of Cash Collateral for Securities Loaned - 1.4%** | **Investment of Cash Collateral for Securities Loaned - 1.4%** | **Investment of Cash Collateral for Securities Loaned - 1.4%** | **Investment of Cash Collateral for Securities Loaned - 1.4%** |
| Dreyfus Institutional Preferred Government Money <br> Market Fund, Institutional Shares - 1.4%<br>| 3924945 | 98405047 | (93965646) | 8364346 | 115082 <br><sup>††</sup><br>|
| **Total - 1.5%** | **4751056** | **120626583** | **(116118947)** | **9258692** | **173874** |

---

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

---

| | |
|:---|:---|
| <sup>†</sup> <br>| Includes reinvested dividends/distributions. |
| <sup>††</sup> <br>| 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>|

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BNY Mellon US Mid Cap Core Equity ETF** | **BNY Mellon US Mid Cap Core Equity ETF** | **BNY Mellon US Mid Cap Core Equity ETF** | **BNY Mellon US Mid Cap Core Equity ETF** | **BNY Mellon US Mid Cap Core Equity ETF** | **BNY Mellon US Mid Cap Core Equity ETF** |
| **Futures** | **Futures** | **Futures** | **Futures** | **Futures** | **Futures** |
| Description | Number of <br>Contracts<br>| Expiration | Notional <br>Value ($)<br>| Market <br>Value ($)<br>| Unrealized <br>(Depreciation) ($)<br>|
| **Futures Long** |  |  |  |  |  |
| Micro E-mini S&P MidCap 400 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; 990122 | &nbsp;&nbsp; 977310 | &nbsp;&nbsp; (12812) |
| **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** |  |  | **(12812)** |

---

See notes to financial statements.

**23**

------

SCHEDULES OF INVESTMENTS

October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Small Cap Core Equity ETF** | **BNY Mellon US Small Cap Core Equity ETF** | **BNY Mellon US Small Cap Core Equity ETF** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8%** | **Common Stocks — 99.8%** | **Common Stocks — 99.8%** |
| **Communication Services — 3.2%** | **Communication Services — 3.2%** | **Communication Services — 3.2%** |
| Array Digital Infrastructure, Inc. | 393 | 19304 |
| Atlanta Braves Holdings, Inc., Cl. C <sup>(a)</sup> <br>| 1191 | 48498 |
| Cargurus, Inc. <sup>(a)</sup> <br>| 2132 | 74876 |
| Cinemark Holdings, Inc. | 2955 | 79815 |
| Cogent Communications Holdings, Inc. | 1233 | 50861 |
| DoubleVerify Holdings, Inc. <sup>(a)</sup> <br>| 3923 | 44644 |
| Globalstar, Inc. <sup>(a),(b)</sup> <br>| 1426 | 77589 |
| Grindr, Inc. <sup>(a)</sup> <br>| 1221 | 16923 |
| IAC, Inc. <sup>(a)</sup> <br>| 1815 | 58479 |
| Iridium Communications, Inc. | 2692 | 51552 |
| John Wiley & Sons, Inc., Cl. A | 1110 | 40926 |
| Liberty Global Ltd., Cl. A <sup>(a)</sup> <br>| 4678 | 51458 |
| Liberty Global Ltd., Cl. C <sup>(a)</sup> <br>| 3917 | 43675 |
| Lumen Technologies, Inc. <sup>(a)</sup> <br>| 26733 | 274815 |
| Madison Square Garden Sports Corp. <sup>(a)</sup> <br>| 457 | 97976 |
| Magnite, Inc. <sup>(a)</sup> <br>| 3745 | 66961 |
| Millicom International Cellular SA | 2841 | 133839 |
| Nexstar Media Group, Inc. | 796 | 155801 |
| Playtika Holding Corp. | 1917 | 7035 |
| Rumble, Inc. <sup>(a),(b)</sup> <br>| 2463 | 16896 |
| TEGNA, Inc. | 4331 | 85191 |
| Telephone and Data Systems, Inc. | 2681 | 104076 |
| TripAdvisor, Inc. <sup>(a)</sup> <br>| 3136 | 50364 |
| Trump Media & Technology Group Corp. <sup>(a),(b)</sup> <br>| 4592 | 70372 |
| Yelp, Inc. <sup>(a)</sup> <br>| 1707 | 56297 |
| ZoomInfo Technologies, Inc. <sup>(a)</sup> <br>| 8377 | 93990 |
|  |  | **1872213** |
| **Consumer Discretionary — 11.7%** | **Consumer Discretionary — 11.7%** | **Consumer Discretionary — 11.7%** |
| Abercrombie & Fitch Co., Cl. A <sup>(a)</sup> <br>| 1297 | 94097 |
| Academy Sports & Outdoors, Inc. | 1842 | 88213 |
| Acushnet Holdings Corp. | 729 | 56374 |
| Adtalem Global Education, Inc. <sup>(a)</sup> <br>| 986 | 96648 |
| Advance Auto Parts, Inc. <sup>(b)</sup> <br>| 1668 | 78613 |
| American Eagle Outfitters, Inc. | 4685 | 78286 |
| Asbury Automotive Group, Inc. <sup>(a)</sup> <br>| 553 | 129734 |
| Boot Barn Holdings, Inc. <sup>(a)</sup> <br>| 838 | 158927 |
| Boyd Gaming Corp. | 1585 | 123424 |
| Brightstar Lottery PLC | 2896 | 48247 |
| Brunswick Corp. | 1841 | 121709 |
| Capri Holdings Ltd. <sup>(a)</sup> <br>| 3232 | 67064 |
| Cavco Industries, Inc. <sup>(a)</sup> <br>| 210 | 111258 |
| Century Communities, Inc. | 759 | 45085 |
| Champion Homes, Inc. <sup>(a)</sup> <br>| 1543 | 105279 |
| Columbia Sportswear Co. | 896 | 44468 |
| Dorman Products, Inc. <sup>(a)</sup> <br>| 711 | 95366 |
| Dream Finders Homes, Inc., Cl. A <sup>(a),(b)</sup> <br>| 784 | 15523 |

---

**24**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Small Cap Core Equity ETF (continued)** | **BNY Mellon US Small Cap Core Equity ETF (continued)** | **BNY Mellon US Small Cap Core Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** |
| **Consumer Discretionary — 11.7% (continued)** | **Consumer Discretionary — 11.7% (continued)** | **Consumer Discretionary — 11.7% (continued)** |
| Etsy, Inc. <sup>(a)</sup> <br>| 2895 | 179490 |
| Frontdoor, Inc. <sup>(a)</sup> <br>| 2054 | 136447 |
| Gentex Corp. | 6446 | 151159 |
| Global Business Travel Group I <sup>(a),(b)</sup> <br>| 3586 | 28186 |
| Graham Holdings Co., Cl. B | 88 | 89067 |
| Grand Canyon Education, Inc. <sup>(a)</sup> <br>| 786 | 148004 |
| Green Brick Partners, Inc. <sup>(a)</sup> <br>| 871 | 56389 |
| Group 1 Automotive, Inc. | 346 | 137549 |
| Hanesbrands, Inc. <sup>(a)</sup> <br>| 9707 | 64163 |
| Harley-Davidson, Inc. | 3053 | 82370 |
| Hilton Grand Vacations, Inc. <sup>(a)</sup> <br>| 1786 | 74030 |
| Installed Building Products, Inc. <sup>(b)</sup> <br>| 641 | 159115 |
| KB Home | 1746 | 108985 |
| Kontoor Brands, Inc. | 1540 | 124617 |
| Laureate Education, Inc. <sup>(a)</sup> <br>| 3610 | 104798 |
| LCI Industries | 695 | 71926 |
| Lear Corp. | 1479 | 154777 |
| M/I Homes, Inc. <sup>(a)</sup> <br>| 729 | 91264 |
| Macy's, Inc. | 6846 | 133429 |
| Marriott Vacations Worldwide Corp. | 940 | 62021 |
| Meritage Homes Corp. | 2072 | 139984 |
| Mister Car Wash, Inc. <sup>(a)</sup> <br>| 2886 | 16133 |
| Modine Manufacturing Co. <sup>(a)</sup> <br>| 1380 | 211430 |
| Newell Brands, Inc. | 10872 | 36965 |
| Patrick Industries, Inc. | 861 | 89863 |
| Peloton Interactive, Inc., Cl. A <sup>(a)</sup> <br>| 10494 | 76186 |
| Penn Entertainment, Inc. <sup>(a)</sup> <br>| 3714 | 61132 |
| Polaris, Inc. | 1519 | 100406 |
| PVH Corp. | 1322 | 103552 |
| QuantumScape Corp. <sup>(a)</sup> <br>| 11473 | 211562 |
| Red Rock Resorts, Inc., Cl. A | 1450 | 77300 |
| RH <sup>(a)</sup> <br>| 426 | 73481 |
| Rush Street Interactive, Inc. <sup>(a)</sup> <br>| 2397 | 40653 |
| Shake Shack, Inc., Cl. A <sup>(a)</sup> <br>| 1050 | 101336 |
| Signet Jewelers Ltd. | 1020 | 100827 |
| Six Flags Entertainment Corp. <sup>(a)</sup> <br>| 2552 | 58645 |
| Sonic Automotive, Inc., Cl. A | 441 | 28017 |
| Steven Madden Ltd. | 1973 | 66904 |
| Strategic Education, Inc. | 612 | 46500 |
| Stride, Inc. <sup>(a)</sup> <br>| 1166 | 79335 |
| Taylor Morrison Home Corp. <sup>(a)</sup> <br>| 2846 | 168682 |
| The Cheesecake Factory, Inc. <sup>(b)</sup> <br>| 1302 | 64840 |
| The Goodyear Tire & Rubber Company <sup>(a)</sup> <br>| 7820 | 53880 |
| The Wendy's Company | 5461 | 46637 |
| Thor Industries, Inc. | 1416 | 147760 |
| Travel + Leisure Co. | 1780 | 111748 |
| Tri Pointe Homes, Inc. <sup>(a)</sup> <br>| 2500 | 79625 |
| Under Armour, Inc., Cl. A <sup>(a),(b)</sup> <br>| 5684 | 26203 |
| Under Armour, Inc., Cl. C <sup>(a)</sup> <br>| 3595 | 15962 |
| United Parks & Resorts, Inc. <sup>(a),(b)</sup> <br>| 758 | 36687 |

---

**25**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Small Cap Core Equity ETF (continued)** | **BNY Mellon US Small Cap Core Equity ETF (continued)** | **BNY Mellon US Small Cap Core Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** |
| **Consumer Discretionary — 11.7% (continued)** | **Consumer Discretionary — 11.7% (continued)** | **Consumer Discretionary — 11.7% (continued)** |
| Urban Outfitters, Inc. <sup>(a)</sup> <br>| 1545 | 99822 |
| Valvoline, Inc. <sup>(a)</sup> <br>| 3530 | 116525 |
| VF Corp. | 10600 | 148824 |
| Visteon Corp. | 778 | 83370 |
| Warby Parker, Inc., Cl. A <sup>(a)</sup> <br>| 2477 | 48524 |
| Whirlpool Corp. <sup>(b)</sup> <br>| 1505 | 107803 |
| YETI Holdings, Inc. <sup>(a)</sup> <br>| 2302 | 78245 |
|  |  | **6871449** |
| **Consumer Staples — 2.2%** | **Consumer Staples — 2.2%** | **Consumer Staples — 2.2%** |
| Cal-Maine Foods, Inc. | 1290 | 113262 |
| Central Garden & Pet Co. <sup>(a)</sup> <br>| 239 | 7330 |
| Central Garden & Pet Co., Cl. A <sup>(a)</sup> <br>| 1469 | 40853 |
| Coty, Inc., Cl. A <sup>(a)</sup> <br>| 10045 | 39879 |
| Darling Ingredients, Inc. <sup>(a)</sup> <br>| 4359 | 139706 |
| elf Beauty, Inc. <sup>(a),(b)</sup> <br>| 1523 | 186019 |
| Flowers Foods, Inc. | 5227 | 62358 |
| Freshpet, Inc. <sup>(a)</sup> <br>| 1249 | 61463 |
| Interparfums, Inc. | 490 | 43683 |
| J & J Snack Foods Corp. | 471 | 39870 |
| National Beverage Corp. <sup>(a)</sup> <br>| 677 | 23201 |
| PriceSmart, Inc. | 712 | 81837 |
| Reynolds Consumer Products, Inc. | 1485 | 36293 |
| Seaboard Corp. | 9 | 30330 |
| The Boston Beer Company, Inc., Cl. A <sup>(a)</sup> <br>| 248 | 51334 |
| The Chefs' Warehouse, Inc. <sup>(a)</sup> <br>| 1073 | 63307 |
| The Marzetti Company | 541 | 84823 |
| The Simply Good Foods Company <sup>(a)</sup> <br>| 2493 | 48788 |
| Tootsie Roll Industries, Inc. | 464 | 16375 |
| Utz Brands, Inc. | 2025 | 21323 |
| WD-40 Co. | 366 | 71106 |
|  |  | **1263140** |
| **Energy — 4.9%** | **Energy — 4.9%** | **Energy — 4.9%** |
| Archrock, Inc. | 4487 | 113387 |
| Atlas Energy Solutions, Inc. <sup>(b)</sup> <br>| 2213 | 27397 |
| Cactus, Inc., Cl. A | 1893 | 83614 |
| California Resources Corp. | 1755 | 82783 |
| Centrus Energy Corp., Cl. A <sup>(a),(b)</sup> <br>| 437 | 160580 |
| Civitas Resources, Inc. | 2117 | 61033 |
| CNX Resources Corp. <sup>(a),(b)</sup> <br>| 3903 | 131375 |
| Comstock Resources, Inc. <sup>(a),(b)</sup> <br>| 2501 | 46894 |
| Core Natural Resources, Inc. | 1362 | 107598 |
| Crescent Energy Co., Cl. A | 6910 | 58251 |
| CVR Energy, Inc. <sup>(a)</sup> <br>| 991 | 35270 |
| Excelerate Energy, Inc., Cl. A | 649 | 16816 |
| Golar LNG Ltd. | 2694 | 110589 |
| Gulfport Energy Corp. <sup>(a)</sup> <br>| 371 | 69010 |
| Helmerich & Payne, Inc. | 2662 | 69904 |
| Kodiak Gas Services, Inc. | 1492 | 55025 |
| Liberty Energy, Inc. | 4355 | 78869 |
| Magnolia Oil & Gas Corp., Cl. A | 5344 | 120026 |

---

**26**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Small Cap Core Equity ETF (continued)** | **BNY Mellon US Small Cap Core Equity ETF (continued)** | **BNY Mellon US Small Cap Core Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** |
| **Energy — 4.9% (continued)** | **Energy — 4.9% (continued)** | **Energy — 4.9% (continued)** |
| Murphy Oil Corp. | 3711 | 105021 |
| Noble Corp. PLC <sup>(b)</sup> <br>| 3606 | 105836 |
| Northern Oil & Gas, Inc. | 2578 | 57051 |
| NOV, Inc. | 10744 | 156862 |
| Oceaneering International, Inc. <sup>(a)</sup> <br>| 2815 | 65561 |
| Patterson-UTI Energy, Inc. | 9655 | 60537 |
| PBF Energy, Inc., Cl. A | 2546 | 86997 |
| Peabody Energy Corp. | 3157 | 86565 |
| Scorpio Tankers, Inc. | 1282 | 79099 |
| SM Energy Co. | 3159 | 65992 |
| Tidewater, Inc. <sup>(a)</sup> <br>| 1326 | 67082 |
| Transocean Ltd. <sup>(a)</sup> <br>| 20891 | 80222 |
| Uranium Energy Corp. <sup>(a)</sup> <br>| 12349 | 186840 |
| Valaris Ltd. <sup>(a)</sup> <br>| 1677 | 94113 |
| Weatherford International PLC | 1973 | 145390 |
|  |  | **2871589** |
| **Financials — 16.6%** | **Financials — 16.6%** | **Financials — 16.6%** |
| Affiliated Managers Group, Inc. | 774 | 184181 |
| Ameris Bancorp | 1790 | 128200 |
| Arbor Realty Trust, Inc. <sup>(b),(c)</sup> <br>| 4911 | 49552 |
| Artisan Partners Asset Management, Inc., Cl. A <sup>(b)</sup> <br>| 1754 | 76580 |
| Aspen Insurance Holdings Ltd., Cl. A <sup>(a)</sup> <br>| 549 | 20176 |
| Associated Banc-Corp. | 4893 | 121200 |
| Assured Guaranty Ltd. | 1332 | 107333 |
| Atlantic Union Bankshares Corp. | 4015 | 130568 |
| Axos Financial, Inc. <sup>(a)</sup> <br>| 1426 | 111200 |
| Banc of California, Inc. | 3654 | 62008 |
| BancFirst Corp. | 566 | 61615 |
| Bank of Hawaii Corp. | 1071 | 69540 |
| Bank OZK | 2961 | 133215 |
| BankUnited, Inc. | 2253 | 90300 |
| BGC Group, Inc., Cl. A | 10359 | 94681 |
| Blackstone Mortgage Trust, Inc., Cl. A <sup>(b),(c)</sup> <br>| 4715 | 87133 |
| Bread Financial Holdings, Inc. | 1311 | 82134 |
| Brighthouse Financial, Inc. <sup>(a)</sup> <br>| 1579 | 90114 |
| Cadence Bank | 5018 | 189379 |
| Cathay General Bancorp | 1839 | 83583 |
| CNO Financial Group, Inc. | 2643 | 105773 |
| Cohen & Steers, Inc. | 754 | 51513 |
| Columbia Banking System, Inc. | 8632 | 231338 |
| Community Financial System, Inc. | 1422 | 78893 |
| CVB Financial Corp. | 3601 | 66150 |
| Dave, Inc. <sup>(a)</sup> <br>| 224 | 53608 |
| DigitalBridge Group, Inc. | 4386 | 51886 |
| Dlocal Ltd. | 2007 | 29403 |
| Eastern Bankshares, Inc. | 5393 | 94539 |
| Enact Holdings, Inc. | 781 | 27897 |
| Enova International, Inc. <sup>(a)</sup> <br>| 674 | 80590 |
| Essent Group Ltd. | 2770 | 167779 |
| Euronet Worldwide, Inc. <sup>(a)</sup> <br>| 1133 | 85949 |

---

**27**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Small Cap Core Equity ETF (continued)** | **BNY Mellon US Small Cap Core Equity ETF (continued)** | **BNY Mellon US Small Cap Core Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** |
| **Financials — 16.6% (continued)** | **Financials — 16.6% (continued)** | **Financials — 16.6% (continued)** |
| EVERTEC, Inc. | 1747 | 49737 |
| F&G Annuities & Life, Inc. | 629 | 18650 |
| FB Financial Corp. | 1305 | 70483 |
| Federated Hermes, Inc. | 2131 | 103311 |
| First BanCorp. | 4343 | 84645 |
| First Financial Bancorp | 2654 | 62130 |
| First Financial Bankshares, Inc. | 3268 | 100949 |
| First Hawaiian, Inc. | 3489 | 85585 |
| First Interstate BancSystem, Inc., Cl. A | 2533 | 79156 |
| FirstCash Holdings, Inc. | 992 | 157232 |
| Flagstar Bank NA | 8532 | 97435 |
| FNB Corp. | 9729 | 152940 |
| Fulton Financial Corp. | 5030 | 87371 |
| GCM Grosvenor, Inc., Cl. A <sup>(b)</sup> <br>| 1277 | 14698 |
| Genworth Financial, Inc. <sup>(a)</sup> <br>| 11083 | 93541 |
| Glacier Bancorp, Inc. | 3306 | 135050 |
| Goosehead Insurance, Inc., Cl. A | 634 | 43537 |
| HA Sustainable Infrastructure Capital, Inc. | 3231 | 89531 |
| Hancock Whitney Corp. | 2330 | 133066 |
| Home BancShares, Inc. | 5121 | 136782 |
| Independent Bank Corp. | 1430 | 96225 |
| International Bancshares Corp. | 1487 | 98707 |
| Janus Henderson Group PLC | 3457 | 150587 |
| Kemper Corp. | 1689 | 75988 |
| Lazard, Inc. | 2638 | 128734 |
| Lemonade, Inc. <sup>(a),(b)</sup> <br>| 1601 | 96188 |
| Lincoln National Corp. | 4703 | 197526 |
| Marqeta, Inc., Cl. A <sup>(a)</sup> <br>| 11419 | 51728 |
| Mercury General Corp. | 722 | 55811 |
| MGIC Investment Corp. | 6591 | 180725 |
| Moelis & Co., Cl. A | 2122 | 134386 |
| Nelnet, Inc., Cl. A | 485 | 62589 |
| NMI Holdings, Inc. <sup>(a)</sup> <br>| 2105 | 76685 |
| Oscar Health, Inc., Cl. A <sup>(a),(b)</sup> <br>| 5157 | 92826 |
| Palomar Holdings, Inc. <sup>(a)</sup> <br>| 726 | 82771 |
| Park National Corp. | 402 | 61180 |
| Paymentus Holdings, Inc., Cl. A <sup>(a)</sup> <br>| 795 | 22737 |
| Payoneer Global, Inc. <sup>(a)</sup> <br>| 7476 | 43286 |
| PennyMac Financial Services, Inc. | 781 | 98258 |
| Piper Sandler Cos. | 508 | 162184 |
| PJT Partners, Inc., Cl. A | 676 | 108910 |
| Radian Group, Inc. | 3703 | 125680 |
| Remitly Global, Inc. <sup>(a)</sup> <br>| 4090 | 65604 |
| Renasant Corp. | 2617 | 88010 |
| Rithm Capital Corp. <sup>(c)</sup> <br>| 15045 | 165044 |
| Selective Insurance Group, Inc. | 1749 | 131770 |
| ServisFirst Bancshares, Inc. | 1372 | 96410 |
| Sezzle, Inc. <sup>(a)</sup> <br>| 492 | 32251 |
| Simmons First National Corp., Cl. A | 3355 | 58310 |
| SiriusPoint Ltd. <sup>(a)</sup> <br>| 2890 | 52598 |

---

**28**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Small Cap Core Equity ETF (continued)** | **BNY Mellon US Small Cap Core Equity ETF (continued)** | **BNY Mellon US Small Cap Core Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** |
| **Financials — 16.6% (continued)** | **Financials — 16.6% (continued)** | **Financials — 16.6% (continued)** |
| SLM Corp. | 5252 | 141016 |
| StoneX Group, Inc. <sup>(a)</sup> <br>| 1204 | 110672 |
| Texas Capital Bancshares, Inc. <sup>(a)</sup> <br>| 1258 | 105471 |
| TFS Financial Corp. | 1491 | 19830 |
| The Baldwin Insurance Group, Inc. <sup>(a)</sup> <br>| 1952 | 43139 |
| The Bancorp, Inc. <sup>(a)</sup> <br>| 1223 | 79948 |
| The Hanover Insurance Group, Inc. | 994 | 169855 |
| The Western Union Company | 9280 | 86582 |
| Towne Bank | 1913 | 62192 |
| United Bankshares, Inc. | 3792 | 135716 |
| United Community Banks, Inc. | 3241 | 94637 |
| Valley National Bancorp | 13076 | 142136 |
| Victory Capital Holdings, Inc., Cl. A | 1338 | 83317 |
| Virtu Financial, Inc., Cl. A | 2235 | 77867 |
| WaFd, Inc. | 2212 | 64214 |
| Walker & Dunlop, Inc. | 909 | 72647 |
| Webull Corp. <sup>(a),(b)</sup> <br>| 4281 | 46320 |
| WesBanco, Inc. | 2581 | 77688 |
| WEX, Inc. <sup>(a)</sup> <br>| 903 | 131730 |
| White Mountains Insurance Group Ltd. | 70 | 133319 |
| WSFS Financial Corp. | 1580 | 82302 |
|  |  | **9748145** |
| **Health Care — 11.5%** | **Health Care — 11.5%** | **Health Care — 11.5%** |
| Acadia Healthcare Co., Inc. <sup>(a)</sup> <br>| 2546 | 54739 |
| ACADIA Pharmaceuticals, Inc. <sup>(a)</sup> <br>| 4585 | 104080 |
| ADMA Biologics, Inc. <sup>(a)</sup> <br>| 6497 | 100574 |
| Agios Pharmaceuticals, Inc. <sup>(a)</sup> <br>| 1602 | 69270 |
| Akero Therapeutics, Inc. <sup>(a)</sup> <br>| 2010 | 108942 |
| Alignment Healthcare, Inc. <sup>(a)</sup> <br>| 3540 | 59684 |
| Alkermes PLC <sup>(a)</sup> <br>| 4315 | 132471 |
| Amicus Therapeutics, Inc. <sup>(a)</sup> <br>| 7555 | 68222 |
| Amneal Pharmaceuticals, Inc. <sup>(a)</sup> <br>| 3032 | 32806 |
| Apellis Pharmaceuticals, Inc. <sup>(a)</sup> <br>| 2608 | 55994 |
| Apogee Therapeutics, Inc. <sup>(a)</sup> <br>| 1166 | 65984 |
| Arcellx, Inc. <sup>(a)</sup> <br>| 997 | 89979 |
| Arrowhead Pharmaceuticals, Inc. <sup>(a)</sup> <br>| 2968 | 125814 |
| Avidity Biosciences, Inc. <sup>(a)</sup> <br>| 2714 | 189573 |
| Axsome Therapeutics, Inc. <sup>(a)</sup> <br>| 1103 | 148894 |
| Bausch + Lomb Corp. <sup>(a)</sup> <br>| 1224 | 18287 |
| Beam Therapeutics, Inc. <sup>(a),(b)</sup> <br>| 2506 | 62675 |
| BrightSpring Health Services, Inc. <sup>(a),(b)</sup> <br>| 2317 | 76577 |
| Catalyst Pharmaceuticals, Inc. <sup>(a)</sup> <br>| 2923 | 62172 |
| Concentra Group Holdings Parent, Inc. | 2998 | 59720 |
| CONMED Corp. | 678 | 29832 |
| CorVel Corp. <sup>(a)</sup> <br>| 752 | 55610 |
| Crinetics Pharmaceuticals, Inc. <sup>(a)</sup> <br>| 2272 | 98832 |
| Cytokinetics, Inc. <sup>(a)</sup> <br>| 3334 | 212009 |
| Denali Therapeutics, Inc. <sup>(a)</sup> <br>| 3293 | 53610 |
| DENTSPLY SIRONA, Inc. | 5519 | 69595 |
| Enovis Corp. <sup>(a)</sup> <br>| 1491 | 46579 |

---

**29**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Small Cap Core Equity ETF (continued)** | **BNY Mellon US Small Cap Core Equity ETF (continued)** | **BNY Mellon US Small Cap Core Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** |
| **Health Care — 11.5% (continued)** | **Health Care — 11.5% (continued)** | **Health Care — 11.5% (continued)** |
| Envista Holdings Corp. <sup>(a)</sup> <br>| 4740 | 96459 |
| GeneDx Holdings Corp. <sup>(a)</sup> <br>| 527 | 72152 |
| Guardant Health, Inc. <sup>(a)</sup> <br>| 3326 | 309385 |
| Haemonetics Corp. <sup>(a)</sup> <br>| 1349 | 67464 |
| Hinge Health, Inc., Cl. A <sup>(a)</sup> <br>| 703 | 34981 |
| ICU Medical, Inc. <sup>(a)</sup> <br>| 582 | 69892 |
| ImmunityBio, Inc. <sup>(a),(b)</sup> <br>| 5825 | 13980 |
| Immunovant, Inc. <sup>(a)</sup> <br>| 1938 | 47830 |
| Inspire Medical Systems, Inc. <sup>(a)</sup> <br>| 822 | 59250 |
| Integer Holdings Corp. <sup>(a)</sup> <br>| 959 | 61923 |
| Ionis Pharmaceuticals, Inc. <sup>(a)</sup> <br>| 4405 | 327292 |
| iRhythm Technologies, Inc. <sup>(a)</sup> <br>| 888 | 166322 |
| Krystal Biotech, Inc. <sup>(a),(b)</sup> <br>| 646 | 127591 |
| Kymera Therapeutics, Inc. <sup>(a)</sup> <br>| 1381 | 85401 |
| LifeStance Health Group, Inc. <sup>(a)</sup> <br>| 2740 | 13426 |
| LivaNova PLC <sup>(a)</sup> <br>| 1496 | 78734 |
| Merit Medical Systems, Inc. <sup>(a)</sup> <br>| 1643 | 143828 |
| Metsera, Inc. <sup>(a)</sup> <br>| 1550 | 97712 |
| Mirum Pharmaceuticals, Inc. <sup>(a)</sup> <br>| 1216 | 88342 |
| Novocure Ltd. <sup>(a)</sup> <br>| 2828 | 36227 |
| Nuvalent, Inc., Cl. A <sup>(a)</sup> <br>| 1165 | 115708 |
| Option Care Health, Inc. <sup>(a)</sup> <br>| 4481 | 116640 |
| Organon & Co. | 7052 | 47601 |
| PACS Group, Inc. <sup>(a)</sup> <br>| 1178 | 14230 |
| Perrigo Co. PLC | 3823 | 79289 |
| Prestige Consumer Healthcare, Inc. <sup>(a)</sup> <br>| 1337 | 81022 |
| Privia Health Group, Inc. <sup>(a)</sup> <br>| 2654 | 64492 |
| PROCEPT BioRobotics Corp. <sup>(a),(b)</sup> <br>| 1328 | 45192 |
| Protagonist Therapeutics, Inc. <sup>(a)</sup> <br>| 1647 | 129487 |
| PTC Therapeutics, Inc. <sup>(a)</sup> <br>| 2180 | 148916 |
| QuidelOrtho Corp. <sup>(a)</sup> <br>| 1871 | 50498 |
| RadNet, Inc. <sup>(a)</sup> <br>| 1863 | 141569 |
| Recursion Pharmaceuticals, Inc., Cl. A <sup>(a),(b)</sup> <br>| 8764 | 48377 |
| Rhythm Pharmaceuticals, Inc. <sup>(a)</sup> <br>| 1463 | 166431 |
| Scholar Rock Holding Corp. <sup>(a)</sup> <br>| 1774 | 52546 |
| Select Medical Holdings Corp. | 2996 | 41435 |
| Soleno Therapeutics, Inc. <sup>(a)</sup> <br>| 1247 | 83749 |
| Sotera Health Co. <sup>(a)</sup> <br>| 4324 | 71778 |
| Surgery Partners, Inc. <sup>(a)</sup> <br>| 2032 | 44562 |
| Teleflex, Inc. | 1269 | 157952 |
| TG Therapeutics, Inc. <sup>(a)</sup> <br>| 4142 | 144059 |
| TransMedics Group, Inc. <sup>(a)</sup> <br>| 912 | 119964 |
| Twist Bioscience Corp. <sup>(a)</sup> <br>| 1637 | 53841 |
| Ultragenyx Pharmaceutical, Inc. <sup>(a)</sup> <br>| 2535 | 87711 |
| Vaxcyte, Inc. <sup>(a)</sup> <br>| 3466 | 156940 |
| Veracyte, Inc. <sup>(a)</sup> <br>| 2171 | 78330 |
| Vericel Corp. <sup>(a)</sup> <br>| 1489 | 52204 |
| Viking Therapeutics, Inc. <sup>(a),(b)</sup> <br>| 2910 | 110813 |
|  |  | **6756051** |

---

**30**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Small Cap Core Equity ETF (continued)** | **BNY Mellon US Small Cap Core Equity ETF (continued)** | **BNY Mellon US Small Cap Core Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** |
| **Industrials — 17.1%** | **Industrials — 17.1%** | **Industrials — 17.1%** |
| AAR Corp. <sup>(a)</sup> <br>| 989 | 83285 |
| ABM Industries, Inc. | 1683 | 72369 |
| ACV Auctions, Inc., Cl. A <sup>(a)</sup> <br>| 4586 | 41595 |
| Air Lease Corp. | 2897 | 185002 |
| Alamo Group, Inc. | 263 | 47003 |
| Albany International Corp., Cl. A | 840 | 47527 |
| Alight, Inc., Cl. A | 8799 | 25341 |
| Amentum Holdings, Inc. <sup>(a)</sup> <br>| 4053 | 90828 |
| ArcBest Corp. | 641 | 47639 |
| Archer Aviation, Inc., Cl. A <sup>(a)</sup> <br>| 14538 | 163116 |
| Arcosa, Inc. | 1421 | 144942 |
| Argan, Inc. | 377 | 115441 |
| Atkore, Inc. | 939 | 65026 |
| Atmus Filtration Technologies, Inc. | 2241 | 101921 |
| Avis Budget Group, Inc. <sup>(a),(b)</sup> <br>| 478 | 65042 |
| AZZ, Inc. | 836 | 83475 |
| Bloom Energy Corp., Cl. A <sup>(a),(b)</sup> <br>| 6121 | 808951 |
| Boise Cascade Co. | 1019 | 71829 |
| Brady Corp., Cl. A | 1181 | 89650 |
| CBIZ, Inc. <sup>(a),(b)</sup> <br>| 1352 | 74360 |
| Clarivate PLC <sup>(a),(b)</sup> <br>| 11649 | 39607 |
| Concentrix Corp. <sup>(b)</sup> <br>| 1126 | 45389 |
| Construction Partners, Inc., Cl. A <sup>(a)</sup> <br>| 1281 | 146482 |
| Copa Holdings SA, Cl. A | 824 | 103173 |
| CoreCivic, Inc. <sup>(a)</sup> <br>| 2965 | 54942 |
| CSW Industrials, Inc. | 463 | 115945 |
| Driven Brands Holdings, Inc. <sup>(a),(b)</sup> <br>| 1591 | 22831 |
| EnerSys | 1084 | 136757 |
| Enovix Corp. <sup>(a),(b)</sup> <br>| 4830 | 57912 |
| Enpro, Inc. | 588 | 136422 |
| ESCO Technologies, Inc. | 714 | 156702 |
| Everus Construction Group, Inc. <sup>(a)</sup> <br>| 1363 | 123883 |
| Exponent, Inc. | 1398 | 98992 |
| Federal Signal Corp. | 1637 | 193215 |
| First Advantage Corp. <sup>(a),(b)</sup> <br>| 2116 | 26725 |
| Franklin Electric Co., Inc. | 1085 | 102826 |
| Gates Industrial Corp. PLC <sup>(a)</sup> <br>| 6868 | 151645 |
| GATX Corp. | 958 | 150262 |
| Granite Construction, Inc. | 1215 | 125036 |
| Griffon Corp. | 1055 | 78081 |
| GXO Logistics, Inc. <sup>(a)</sup> <br>| 3117 | 175207 |
| Hayward Holdings, Inc. <sup>(a)</sup> <br>| 5189 | 88057 |
| Herc Holdings, Inc. | 896 | 127277 |
| Hexcel Corp. <sup>(b)</sup> <br>| 2230 | 159222 |
| Hub Group, Inc., Cl. A | 1667 | 61396 |
| Huron Consulting Group, Inc. <sup>(a)</sup> <br>| 471 | 77451 |
| IES Holdings, Inc. <sup>(a)</sup> <br>| 533 | 208872 |
| Insperity, Inc. | 957 | 42223 |
| Intuitive Machines, Inc. <sup>(a),(b)</sup> <br>| 2885 | 34418 |
| JBT Marel Corp. | 1429 | 180197 |

---

**31**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Small Cap Core Equity ETF (continued)** | **BNY Mellon US Small Cap Core Equity ETF (continued)** | **BNY Mellon US Small Cap Core Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** |
| **Industrials — 17.1% (continued)** | **Industrials — 17.1% (continued)** | **Industrials — 17.1% (continued)** |
| Kadant, Inc. | 320 | 88531 |
| Karman Holdings, Inc. <sup>(a)</sup> <br>| 1416 | 119284 |
| Korn Ferry | 1418 | 91745 |
| Landstar System, Inc. | 1031 | 132411 |
| Lyft, Inc., Cl. A <sup>(a)</sup> <br>| 10503 | 214891 |
| ManpowerGroup, Inc. | 1264 | 38754 |
| Matson, Inc. | 880 | 88836 |
| Maximus, Inc. | 1587 | 131911 |
| McGrath RentCorp | 671 | 72092 |
| Mercury Systems, Inc. <sup>(a)</sup> <br>| 1517 | 117431 |
| Moog, Inc., Cl. A | 773 | 158349 |
| MSC Industrial Direct Co., Inc., Cl. A | 1281 | 108770 |
| Mueller Water Products, Inc., Cl. A | 4334 | 111210 |
| MYR Group, Inc. <sup>(a)</sup> <br>| 430 | 93611 |
| OPENLANE, Inc. <sup>(a)</sup> <br>| 3091 | 81664 |
| Powell Industries, Inc. <sup>(b)</sup> <br>| 264 | 101215 |
| Primoris Services Corp. | 1487 | 210440 |
| Resideo Technologies, Inc. <sup>(a)</sup> <br>| 4059 | 173725 |
| Robert Half, Inc. | 2874 | 75270 |
| Rush Enterprises, Inc., Cl. A | 1671 | 82564 |
| RXO, Inc. <sup>(a),(b)</sup> <br>| 4439 | 78704 |
| Schneider National, Inc., Cl. B | 1016 | 21712 |
| Science Applications International Corp. | 1343 | 125853 |
| Sensata Technologies Holding PLC | 4051 | 128943 |
| SkyWest, Inc. <sup>(a)</sup> <br>| 1098 | 110327 |
| Spirit AeroSystems Holdings, Inc., Cl. A <sup>(a)</sup> <br>| 3251 | 119279 |
| Tecnoglass, Inc. | 749 | 44663 |
| Terex Corp. | 1814 | 83480 |
| The Brink's Company | 1163 | 129279 |
| The GEO Group, Inc. <sup>(a)</sup> <br>| 3841 | 65182 |
| The Timken Company | 1736 | 136293 |
| TriNet Group, Inc. | 863 | 51780 |
| Trinity Industries, Inc. | 2291 | 62705 |
| UniFirst Corp. | 403 | 62203 |
| Valmont Industries, Inc. | 545 | 225319 |
| Verra Mobility Corp. <sup>(a)</sup> <br>| 4353 | 101033 |
| Vicor Corp. <sup>(a)</sup> <br>| 626 | 56797 |
| VSE Corp. | 491 | 88714 |
| Werner Enterprises, Inc. | 1720 | 45064 |
| WillScot Holdings Corp. | 5087 | 110642 |
| Worthington Enterprises, Inc. | 861 | 48294 |
| Zurn Elkay Water Solutions Corp. | 3919 | 184624 |
|  |  | **10019083** |
| **Information Technology — 17.7%** | **Information Technology — 17.7%** | **Information Technology — 17.7%** |
| ACI Worldwide, Inc. <sup>(a)</sup> <br>| 2829 | 134745 |
| Advanced Energy Industries, Inc. | 1029 | 208609 |
| Agilysys, Inc. <sup>(a)</sup> <br>| 616 | 77283 |
| Alarm.com Holdings, Inc. <sup>(a)</sup> <br>| 1313 | 64626 |
| Alkami Technology, Inc. <sup>(a)</sup> <br>| 1768 | 35873 |
| Allegro MicroSystems, Inc. <sup>(a)</sup> <br>| 3401 | 101758 |

---

**32**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Small Cap Core Equity ETF (continued)** | **BNY Mellon US Small Cap Core Equity ETF (continued)** | **BNY Mellon US Small Cap Core Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** |
| **Information Technology — 17.7% (continued)** | **Information Technology — 17.7% (continued)** | **Information Technology — 17.7% (continued)** |
| Ambarella, Inc. <sup>(a)</sup> <br>| 1105 | 94179 |
| Amkor Technology, Inc. | 3270 | 105556 |
| Appian Corp., Cl. A <sup>(a)</sup> <br>| 889 | 26608 |
| Asana, Inc., Cl. A <sup>(a)</sup> <br>| 2716 | 38160 |
| ASGN, Inc. <sup>(a)</sup> <br>| 1350 | 60426 |
| AvePoint, Inc. <sup>(a)</sup> <br>| 3227 | 45404 |
| Avnet, Inc. | 2330 | 112889 |
| Axcelis Technologies, Inc. <sup>(a)</sup> <br>| 888 | 70649 |
| Belden, Inc. | 1090 | 132816 |
| BILL Holdings, Inc. <sup>(a)</sup> <br>| 2692 | 133685 |
| Blackbaud, Inc. <sup>(a)</sup> <br>| 1045 | 66922 |
| BlackLine, Inc. <sup>(a)</sup> <br>| 1439 | 82383 |
| Box, Inc., Cl. A <sup>(a)</sup> <br>| 3905 | 125311 |
| Braze, Inc., Cl. A <sup>(a)</sup> <br>| 2359 | 67609 |
| C3.ai, Inc., Cl. A <sup>(a),(b)</sup> <br>| 3111 | 54691 |
| Calix, Inc. <sup>(a)</sup> <br>| 1635 | 111867 |
| Cirrus Logic, Inc. <sup>(a)</sup> <br>| 1444 | 191547 |
| Cleanspark, Inc. <sup>(a),(b)</sup> <br>| 7635 | 135903 |
| Clear Secure, Inc., Cl. A | 2312 | 70447 |
| Cognex Corp. | 4683 | 193829 |
| Core Scientific, Inc. <sup>(a),(b)</sup> <br>| 8169 | 175960 |
| Crane NXT Co. | 1336 | 84502 |
| DigitalOcean Holdings, Inc. <sup>(a),(b)</sup> <br>| 1821 | 74042 |
| Diodes, Inc. <sup>(a)</sup> <br>| 1273 | 67927 |
| D-Wave Quantum, Inc. <sup>(a)</sup> <br>| 8502 | 315084 |
| DXC Technology Co. <sup>(a)</sup> <br>| 5189 | 73684 |
| ePlus, Inc. | 735 | 53773 |
| Five9, Inc. <sup>(a)</sup> <br>| 1760 | 42733 |
| FormFactor, Inc. <sup>(a)</sup> <br>| 2122 | 116604 |
| Freshworks, Inc., Cl. A <sup>(a)</sup> <br>| 5158 | 57254 |
| Globant SA <sup>(a)</sup> <br>| 1241 | 76421 |
| Impinj, Inc. <sup>(a)</sup> <br>| 514 | 103910 |
| Insight Enterprises, Inc. <sup>(a)</sup> <br>| 759 | 75900 |
| Intapp, Inc. <sup>(a)</sup> <br>| 2077 | 79715 |
| InterDigital, Inc. | 714 | 258439 |
| IPG Photonics Corp. <sup>(a)</sup> <br>| 811 | 69032 |
| Itron, Inc. <sup>(a)</sup> <br>| 1260 | 126416 |
| JFrog Ltd. <sup>(a)</sup> <br>| 2706 | 128481 |
| Kulicke & Soffa Industries, Inc. | 1496 | 59735 |
| Life360, Inc. <sup>(a)</sup> <br>| 2156 | 212819 |
| Littelfuse, Inc. | 674 | 163991 |
| Lumentum Holdings, Inc. <sup>(a),(b)</sup> <br>| 1926 | 388205 |
| MARA Holdings, Inc. <sup>(a),(b)</sup> <br>| 9768 | 178461 |
| Mirion Technologies, Inc. <sup>(a)</sup> <br>| 5638 | 165588 |
| nCino, Inc. <sup>(a)</sup> <br>| 2642 | 70489 |
| Novanta, Inc. <sup>(a)</sup> <br>| 1072 | 136155 |
| Onestream, Inc. <sup>(a)</sup> <br>| 2047 | 38668 |
| Onto Innovation, Inc. <sup>(a)</sup> <br>| 1397 | 188539 |
| OSI Systems, Inc. <sup>(a)</sup> <br>| 442 | 123079 |
| PAR Technology Corp. <sup>(a),(b)</sup> <br>| 1094 | 38662 |

---

**33**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Small Cap Core Equity ETF (continued)** | **BNY Mellon US Small Cap Core Equity ETF (continued)** | **BNY Mellon US Small Cap Core Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** |
| **Information Technology — 17.7% (continued)** | **Information Technology — 17.7% (continued)** | **Information Technology — 17.7% (continued)** |
| Plexus Corp. <sup>(a)</sup> <br>| 782 | 109402 |
| Power Integrations, Inc. | 1547 | 64804 |
| Progress Software Corp. <sup>(a)</sup> <br>| 1146 | 48865 |
| Q2 Holdings, Inc. <sup>(a)</sup> <br>| 1781 | 109995 |
| Qualys, Inc. <sup>(a)</sup> <br>| 993 | 122397 |
| Quantum Computing, Inc. <sup>(a)</sup> <br>| 3860 | 64501 |
| Rambus, Inc. <sup>(a)</sup> <br>| 2972 | 305640 |
| Rapid7, Inc. <sup>(a)</sup> <br>| 1309 | 24230 |
| Rigetti Computing, Inc. <sup>(a),(b)</sup> <br>| 7909 | 350131 |
| RingCentral, Inc., Cl. A <sup>(a)</sup> <br>| 2011 | 60571 |
| Riot Platforms, Inc. <sup>(a)</sup> <br>| 9785 | 193547 |
| Sandisk Corp. <sup>(a)</sup> <br>| 3234 | 644633 |
| Sanmina Corp. <sup>(a)</sup> <br>| 1446 | 198174 |
| Semtech Corp. <sup>(a),(b)</sup> <br>| 2377 | 161303 |
| Silicon Laboratories, Inc. <sup>(a)</sup> <br>| 880 | 115350 |
| SiTime Corp. <sup>(a)</sup> <br>| 602 | 174363 |
| SoundHound AI, Inc., Cl. A <sup>(a),(b)</sup> <br>| 10227 | 180200 |
| SPS Commerce, Inc. <sup>(a)</sup> <br>| 1087 | 89395 |
| Synaptics, Inc. <sup>(a)</sup> <br>| 1065 | 75551 |
| Tenable Holdings, Inc. <sup>(a)</sup> <br>| 3441 | 99858 |
| Teradata Corp. <sup>(a)</sup> <br>| 2353 | 49060 |
| TTM Technologies, Inc. <sup>(a)</sup> <br>| 2871 | 192931 |
| Varonis Systems, Inc. <sup>(a)</sup> <br>| 3066 | 108015 |
| Viavi Solutions, Inc. <sup>(a)</sup> <br>| 6165 | 109121 |
| Vishay Intertechnology, Inc. | 3163 | 53708 |
| Vontier Corp. | 4047 | 155809 |
| Workiva, Inc. <sup>(a)</sup> <br>| 1406 | 119524 |
| Zeta Global Holdings Corp., Cl. A <sup>(a),(b)</sup> <br>| 5450 | 98046 |
|  |  | **10367167** |
| **Materials — 5.6%** | **Materials — 5.6%** | **Materials — 5.6%** |
| Ardagh Metal Packaging SA | 4247 | 15162 |
| Ashland, Inc. | 1311 | 64108 |
| Avient Corp. | 2391 | 76679 |
| Balchem Corp. | 905 | 138818 |
| Cabot Corp. | 1478 | 99735 |
| Cleveland-Cliffs, Inc. <sup>(a)</sup> <br>| 13338 | 165791 |
| Coeur Mining, Inc. <sup>(a)</sup> <br>| 17659 | 303205 |
| Commercial Metals Co. | 3090 | 183422 |
| Element Solutions, Inc. | 6237 | 166653 |
| FMC Corp. | 3407 | 51684 |
| Greif, Inc., Cl. A | 721 | 41018 |
| Hawkins, Inc. | 553 | 78443 |
| HB Fuller Co. | 1496 | 85826 |
| Hecla Mining Co. | 16678 | 214646 |
| Huntsman Corp. | 3637 | 30114 |
| Innospec, Inc. | 701 | 51580 |
| Knife River Corp. <sup>(a)</sup> <br>| 1490 | 90085 |
| Materion Corp. | 575 | 65912 |
| Minerals Technologies, Inc. | 922 | 52324 |
| MP Materials Corp. <sup>(a),(b)</sup> <br>| 3386 | 213623 |

---

**34**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Small Cap Core Equity ETF (continued)** | **BNY Mellon US Small Cap Core Equity ETF (continued)** | **BNY Mellon US Small Cap Core Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** |
| **Materials — 5.6% (continued)** | **Materials — 5.6% (continued)** | **Materials — 5.6% (continued)** |
| NewMarket Corp. | 221 | 169706 |
| Olin Corp. | 3216 | 66571 |
| PureCycle Technologies, Inc. <sup>(a),(b)</sup> <br>| 3619 | 41908 |
| Quaker Chemical Corp. | 377 | 52362 |
| Sealed Air Corp. | 4059 | 136017 |
| Sensient Technologies Corp. | 1167 | 110036 |
| Silgan Holdings, Inc. | 2443 | 94349 |
| Sonoco Products Co. | 2688 | 109052 |
| Sylvamo Corp. | 967 | 39260 |
| The Chemours Company | 4127 | 55261 |
| The Scotts Miracle-Gro Company | 1232 | 65937 |
| United States Lime & Minerals, Inc. | 274 | 32118 |
| Warrior Met Coal, Inc. | 1418 | 96197 |
|  |  | **3257602** |
| **Real Estate — 5.9%** | **Real Estate — 5.9%** | **Real Estate — 5.9%** |
| Acadia Realty Trust <sup>(c)</sup> <br>| 3971 | 75727 |
| American Healthcare REIT, Inc. <sup>(c)</sup> <br>| 4383 | 198638 |
| Americold Realty Trust, Inc. <sup>(c)</sup> <br>| 8177 | 105402 |
| Apple Hospitality REIT, Inc. <sup>(c)</sup> <br>| 6229 | 69703 |
| Broadstone Net Lease, Inc. <sup>(c)</sup> <br>| 5710 | 102323 |
| CareTrust REIT, Inc. <sup>(c)</sup> <br>| 5329 | 184650 |
| Compass, Inc., Cl. A <sup>(a)</sup> <br>| 12969 | 99991 |
| COPT Defense Properties <sup>(c)</sup> <br>| 3414 | 96172 |
| Cousins Properties, Inc. <sup>(c)</sup> <br>| 4665 | 120963 |
| Curbline Properties Corp. <sup>(c)</sup> <br>| 2632 | 60694 |
| Cushman & Wakefield PLC <sup>(a)</sup> <br>| 4627 | 72644 |
| Douglas Emmett, Inc. <sup>(c)</sup> <br>| 4448 | 57557 |
| EPR Properties <sup>(c)</sup> <br>| 2100 | 102942 |
| Four Corners Property Trust, Inc. <sup>(c)</sup> <br>| 2700 | 63828 |
| Highwoods Properties, Inc. <sup>(c)</sup> <br>| 2918 | 83542 |
| Howard Hughes Holdings, Inc. <sup>(a)</sup> <br>| 1376 | 109089 |
| Independence Realty Trust, Inc. <sup>(c)</sup> <br>| 6685 | 106492 |
| Kite Realty Group Trust <sup>(c)</sup> <br>| 6071 | 134412 |
| Landbridge Co. LLC, Cl. A <sup>(b)</sup> <br>| 487 | 28816 |
| LXP Industrial Trust <sup>(c)</sup> <br>| 8155 | 77391 |
| Medical Properties Trust, Inc. <sup>(b),(c)</sup> <br>| 14244 | 73641 |
| Millrose Properties, Inc. <sup>(c)</sup> <br>| 3230 | 104038 |
| National Health Investors, Inc. <sup>(c)</sup> <br>| 1262 | 94032 |
| National Storage Affiliates Trust <sup>(c)</sup> <br>| 1971 | 57336 |
| Outfront Media, Inc. <sup>(c)</sup> <br>| 3901 | 69009 |
| Park Hotels & Resorts, Inc. <sup>(c)</sup> <br>| 5433 | 55906 |
| Phillips Edison & Co., Inc. <sup>(c)</sup> <br>| 3712 | 125614 |
| PotlatchDeltic Corp. <sup>(c)</sup> <br>| 2157 | 86280 |
| Rayonier, Inc. <sup>(c)</sup> <br>| 3919 | 86492 |
| Sabra Health Care REIT, Inc. <sup>(c)</sup> <br>| 6477 | 115420 |
| SL Green Realty Corp. <sup>(c)</sup> <br>| 1942 | 99722 |
| Tanger, Inc. <sup>(c)</sup> <br>| 3113 | 101359 |
| Terreno Realty Corp. <sup>(c)</sup> <br>| 2794 | 159621 |
| The Macerich Company <sup>(c)</sup> <br>| 7333 | 125761 |

---

**35**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon US Small Cap Core Equity ETF (continued)** | **BNY Mellon US Small Cap Core Equity ETF (continued)** | **BNY Mellon US Small Cap Core Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** | **Common Stocks — 99.8% (continued)** |
| **Real Estate — 5.9% (continued)** | **Real Estate — 5.9% (continued)** | **Real Estate — 5.9% (continued)** |
| The St. Joe Company | 1520 | 86306 |
| Urban Edge Properties <sup>(c)</sup> <br>| 3485 | 67017 |
|  |  | **3458530** |
| **Utilities — 3.4%** | **Utilities — 3.4%** | **Utilities — 3.4%** |
| ALLETE, Inc. | 1557 | 104833 |
| American States Water Co. | 1065 | 75945 |
| Avista Corp. | 2181 | 82987 |
| Black Hills Corp. | 2146 | 136121 |
| California Water Service Group | 1775 | 78775 |
| Chesapeake Utilities Corp. | 648 | 82477 |
| Clearway Energy, Inc., Cl. A | 902 | 27051 |
| Clearway Energy, Inc., Cl. C | 2275 | 72641 |
| MDU Resources Group, Inc. | 5393 | 103438 |
| MGE Energy, Inc. | 995 | 82456 |
| New Jersey Resources Corp. | 2748 | 121736 |
| Northwestern Energy Group, Inc. | 1683 | 100425 |
| ONE Gas, Inc. | 1601 | 128384 |
| Ormat Technologies, Inc. | 1588 | 168916 |
| Otter Tail Corp. | 1117 | 86255 |
| Portland General Electric Co. | 3032 | 138502 |
| Southwest Gas Holdings, Inc. | 1575 | 125212 |
| Spire, Inc. | 1706 | 147398 |
| TXNM Energy, Inc. | 2328 | 132230 |
|  |  | **1995782** |
| **Total Common Stocks** <br>(cost $56,355,265)<br>|  | **58480751** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | 1-Day <br>Yield (%)<br>|  |  |
| **Investment Companies — .1%** | **Investment Companies — .1%** | **Investment Companies — .1%** | **Investment Companies — .1%** |
| **Registered Investment Companies — .1%** | **Registered Investment Companies — .1%** | **Registered Investment Companies — .1%** | **Registered Investment Companies — .1%** |
| Dreyfus Institutional Preferred Government Money Market Fund, <br> Institutional Shares<sup>(d)</sup> <br>(cost $71,588)<br>| 4.04 | 71588 | **71588** |
| **Investment of Cash Collateral for Securities Loaned — 2.0%** |  |  |  |
| **Registered Investment Companies — 2.0%** |  |  |  |
| Dreyfus Institutional Preferred Government Money Market Fund, <br> Institutional Shares<sup>(d)</sup> <br>(cost $1,162,418)<br>| 4.04 | 1162418 | **1162418** |
| **Total Investments** (cost $57,589,271) |  | **101.9%** | **59714757** |
| **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** | **(1.9%)** | **(1086996)** |
| **Net Assets**  |  | **100.0%** | **58627761** |

---

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

REIT—Real Estate Investment Trust<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 October 31, 2025, the value of the fund's securities on loan was $5,428,103 and the value of the collateral was $5,528,275, consisting of cash collateral of $1,162,418 and U.S. Government & Agency securities valued at $4,365,857. In addition, the value of collateral may include pending sales that are also on loan. 

**36**

------

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BNY Mellon US Small Cap Core Equity ETF** | **BNY Mellon US Small Cap Core Equity ETF** | **BNY Mellon US Small Cap Core Equity ETF** | **BNY Mellon US Small Cap Core Equity ETF** | **BNY Mellon US Small Cap Core Equity ETF** | **BNY Mellon US Small Cap Core Equity ETF** |
| **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** |
| Description | Value ($) <br>10/31/2024<br>| Purchases ($)<sup>†</sup> <br>| Sales ($) | Value ($) <br>10/31/2025<br>| Dividends/ <br>Distributions ($)<br>|
| **Registered Investment Companies - .1%** | **Registered Investment Companies - .1%** | **Registered Investment Companies - .1%** | **Registered Investment Companies - .1%** | **Registered Investment Companies - .1%** | **Registered Investment Companies - .1%** |
| Dreyfus Institutional Preferred Government Money <br> Market Fund, Institutional Shares - .1%<br>| 256769 | 5338746 | (5523927) | 71588 | 11734 |
| **Investment of Cash Collateral for Securities Loaned - 2.0%** | **Investment of Cash Collateral for Securities Loaned - 2.0%** | **Investment of Cash Collateral for Securities Loaned - 2.0%** | **Investment of Cash Collateral for Securities Loaned - 2.0%** | **Investment of Cash Collateral for Securities Loaned - 2.0%** | **Investment of Cash Collateral for Securities Loaned - 2.0%** |
| Dreyfus Institutional Preferred Government Money <br> Market Fund, Institutional Shares - 2.0%<br>| 2425043 | 31686585 | (32949210) | 1162418 | 24952 <br><sup>††</sup><br>|
| **Total - 2.1%** | **2681812** | **37025331** | **(38473137)** | **1234006** | **36686** |

---

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

---

| | |
|:---|:---|
| <sup>†</sup> <br>| Includes reinvested dividends/distributions. |
| <sup>††</sup> <br>| 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>|

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BNY Mellon US Small Cap Core Equity ETF** | **BNY Mellon US Small Cap Core Equity ETF** | **BNY Mellon US Small Cap Core Equity ETF** | **BNY Mellon US Small Cap Core Equity ETF** | **BNY Mellon US Small Cap Core Equity ETF** | **BNY Mellon US Small Cap Core Equity ETF** |
| **Futures** | **Futures** | **Futures** | **Futures** | **Futures** | **Futures** |
| Description | Number of <br>Contracts<br>| Expiration | Notional <br>Value ($)<br>| Market <br>Value ($)<br>| Unrealized <br>Appreciation ($)<br>|
| **Futures Long** |  |  |  |  |  |
| E-mini Russell 2000 Index | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; 120810 | &nbsp;&nbsp; 124496 | &nbsp;&nbsp; 3686 |
| **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** |  |  | **3686** |

---

See notes to financial statements.

**37**

------

SCHEDULES OF INVESTMENTS

October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon International Equity ETF** | **BNY Mellon International Equity ETF** | **BNY Mellon International Equity ETF** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.2%** | **Common Stocks — 99.2%** | **Common Stocks — 99.2%** |
| **Australia — 6.2%** | **Australia — 6.2%** | **Australia — 6.2%** |
| AGL Energy Ltd. | 30490 | 184833 |
| Ampol Ltd. | 10519 | 211409 |
| ANZ Group Holdings Ltd. | 135373 | 3248002 |
| APA Group | 58500 | 351568 |
| Aristocrat Leisure Ltd. | 25778 | 1069070 |
| ASX Ltd. | 8262 | 305323 |
| Atlas Arteria Ltd. | 37178 | 118286 |
| Aurizon Holdings Ltd. | 67719 | 152060 |
| BHP Group Ltd. | 212366 | 6040669 |
| BHP Group Ltd. | 12756 | 362843 |
| BlueScope Steel Ltd. | 20049 | 300565 |
| Brambles Ltd. | 61213 | 996219 |
| CAR Group Ltd. | 15059 | 351945 |
| Charter Hall Group | 21153 | 310746 |
| Cochlear Ltd. | 3007 | 565285 |
| Coles Group Ltd. | 58875 | 849865 |
| Commonwealth Bank of Australia | 75584 | 8492951 |
| Computershare Ltd. | 23964 | 573713 |
| CSL Ltd. | 21680 | 2533423 |
| Dexus | 50996 | 243040 |
| EBOS Group Ltd. | 9350 | 154738 |
| Endeavour Group Ltd. | 54394 | 130329 |
| Evolution Mining Ltd. | 89349 | 635228 |
| Fortescue Ltd. | 70797 | 986735 |
| Goodman Group | 90255 | 1951597 |
| Insurance Australia Group Ltd. | 109406 | 562955 |
| JB Hi-Fi Ltd. | 5011 | 343530 |
| Lynas Rare Earths Ltd.<sup>(a)</sup> <br>| 42145 | 420752 |
| Macquarie Group Ltd. | 16252 | 2325347 |
| Medibank Private Ltd. | 126707 | 404791 |
| Mirvac Group | 172317 | 259457 |
| National Australia Bank Ltd. | 138572 | 3957049 |
| NEXTDC Ltd.<sup>(a)</sup> <br>| 27776 | 286574 |
| Northern Star Resources Ltd. | 62083 | 1000218 |
| Orica Ltd. | 21510 | 313315 |
| Origin Energy Ltd. | 75099 | 602255 |
| Pilbara Minerals Ltd.<sup>(a),(b)</sup> <br>| 129897 | 280623 |
| Pro Medicus Ltd. | 2124 | 366544 |
| Qantas Airways Ltd. | 69331 | 462954 |
| QBE Insurance Group Ltd. | 69366 | 900946 |
| Ramsay Health Care Ltd. | 7292 | 153236 |
| REA Group Ltd. | 2064 | 287927 |
| Reece Ltd. | 10028 | 76743 |
| Rio Tinto Ltd. | 16952 | 1474545 |
| Santos Ltd. | 146872 | 606706 |
| Scentre Group | 243857 | 649740 |

---

**38**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** |
| **Australia — 6.2% (continued)** | **Australia — 6.2% (continued)** | **Australia — 6.2% (continued)** |
| SEEK Ltd. | 14369 | 254921 |
| SGH Ltd. | 8947 | 284073 |
| Sigma Healthcare Ltd. | 200980 | 409189 |
| Sonic Healthcare Ltd. | 19851 | 274985 |
| South32 Ltd. | 200705 | 416512 |
| Stockland | 109730 | 453278 |
| Suncorp Group Ltd. | 49007 | 629459 |
| Technology One Ltd. | 13355 | 322612 |
| Telstra Group Ltd. | 513173 | 1639434 |
| The GPT Group | 86300 | 302821 |
| The Lottery Corp., Ltd. | 104898 | 377694 |
| TPG Telecom Ltd. | 18193 | 65863 |
| Transurban Group | 142409 | 1349945 |
| Treasury Wine Estates Ltd. | 31730 | 124425 |
| Vicinity Ltd. | 167593 | 276482 |
| Washington H Soul Pattinson & Co. Ltd. | 11192 | 275490 |
| Wesfarmers Ltd. | 51067 | 2808212 |
| Westpac Banking Corp. | 153791 | 3900325 |
| Whitehaven Coal Ltd. | 35209 | 165957 |
| WiseTech Global Ltd. | 8231 | 372449 |
| Woodside Energy Group Ltd. | 85258 | 1384194 |
| Woolworths Group Ltd. | 53891 | 1002300 |
| Worley Ltd. | 16745 | 156759 |
|  |  | **64104028** |
| **Austria — .3%** | **Austria — .3%** | **Austria — .3%** |
| ANDRITZ AG | 3220 | 243804 |
| BAWAG Group AG<sup>(c)</sup> <br>| 3221 | 416009 |
| CA Immobilien Anlagen AG | 1998 | 55623 |
| Erste Group Bank AG | 13599 | 1408714 |
| EVN AG | 2175 | 63513 |
| OMV AG | 6648 | 364167 |
| Raiffeisen Bank International AG | 5737 | 214144 |
| Strabag SE | 676 | 52978 |
| Verbund AG | 2596 | 200603 |
| Vienna Insurance Group AG Wiener Versicherung Gruppe | 1067 | 54803 |
| voestalpine AG | 5195 | 185159 |
| Wienerberger AG | 4507 | 133899 |
|  |  | **3393416** |
| **Belgium — .8%** | **Belgium — .8%** | **Belgium — .8%** |
| Ackermans & van Haaren NV | 911 | 227119 |
| Ageas SA | 8095 | 536303 |
| Anheuser-Busch InBev SA | 43511 | 2656662 |
| Azelis Group NV | 3810 | 45074 |
| Colruyt Group NV | 1609 | 60170 |
| D'ieteren Group | 964 | 176355 |
| Elia Group SA | 1907 | 230011 |
| Financiere de Tubize SA | 900 | 219702 |
| Groupe Bruxelles Lambert NV | 3377 | 297203 |
| KBC Group NV | 11429 | 1375200 |
| Lotus Bakeries NV | 18 | 157272 |

---

**39**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** |
| **Belgium — .8% (continued)** | **Belgium — .8% (continued)** | **Belgium — .8% (continued)** |
| Sofina SA | 693 | 190687 |
| Solvay SA<sup>(b)</sup> <br>| 3535 | 108776 |
| Syensqo SA | 2936 | 242769 |
| UCB SA | 5520 | 1417590 |
| Warehouses De Pauw, CVA | 9100 | 231281 |
|  |  | **8172174** |
| **Canada — 11.5%** | **Canada — 11.5%** | **Canada — 11.5%** |
| Agnico Eagle Mines Ltd. | 22998 | 3702593 |
| Alamos Gold, Inc., Cl. A | 18673 | 576256 |
| Alimentation Couche-Tard, Inc. | 31962 | 1625987 |
| AltaGas Ltd. | 13089 | 384594 |
| ARC Resources Ltd. | 25826 | 476836 |
| AtkinsRealis Group, Inc. | 7858 | 554712 |
| Bank of Montreal | 32907 | 4091915 |
| Barrick Mining Corp. | 76639 | 2518260 |
| BCE, Inc. | 41895 | 958608 |
| Brookfield Corp. | 102236 | 4712860 |
| Brookfield Wealth Solutions Ltd. | 2328 | 107449 |
| CAE, Inc.<sup>(a)</sup> <br>| 15020 | 422144 |
| Cameco Corp. | 19497 | 1994576 |
| Canadian Apartment Properties REIT | 7800 | 214714 |
| Canadian Imperial Bank of Commerce | 42004 | 3483770 |
| Canadian National Railway Co. | 25178 | 2416721 |
| Canadian Natural Resources Ltd. | 92842 | 2973144 |
| Canadian Pacific Kansas City Ltd. | 42196 | 3039533 |
| Canadian Tire Corp. Ltd., Cl. A | 2075 | 238207 |
| Canadian Utilities Ltd., Cl. A | 5571 | 156178 |
| CCL Industries, Inc., Cl. B | 6739 | 376305 |
| Celestica, Inc.<sup>(a)</sup> <br>| 5111 | 1761374 |
| Cenovus Energy, Inc. | 59289 | 1002854 |
| CGI, Inc. | 8872 | 772877 |
| Choice Properties Real Estate Investment Trust | 13301 | 140875 |
| Constellation Software, Inc. | 894 | 2355084 |
| Dollarama, Inc. | 12004 | 1561895 |
| Emera, Inc. | 13544 | 644552 |
| Empire Co. Ltd. | 5726 | 194729 |
| Enbridge, Inc. | 99363 | 4637862 |
| Fairfax Financial Holdings Ltd. | 994 | 1615407 |
| First Quantum Minerals Ltd.<sup>(a)</sup> <br>| 30650 | 636997 |
| FirstService Corp. | 1831 | 291753 |
| Fortis, Inc. | 23129 | 1163754 |
| Franco-Nevada Corp. | 8533 | 1595518 |
| George Weston Ltd. | 6916 | 420937 |
| GFL Environmental, Inc. | 9504 | 415934 |
| Gildan Activewear, Inc. | 6117 | 357071 |
| Great-West Lifeco, Inc. | 12889 | 546965 |
| Hydro One Ltd.<sup>(c)</sup> <br>| 14476 | 534449 |
| iA Financial Corp., Inc. | 4144 | 489655 |
| IGM Financial, Inc. | 4316 | 166184 |
| Imperial Oil Ltd. | 6714 | 594420 |

---

**40**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** |
| **Canada — 11.5% (continued)** | **Canada — 11.5% (continued)** | **Canada — 11.5% (continued)** |
| Intact Financial Corp. | 7894 | 1474009 |
| Ivanhoe Mines Ltd., Cl. A<sup>(a)</sup> <br>| 33758 | 338026 |
| Keyera Corp. | 10814 | 319600 |
| Kinross Gold Corp. | 54207 | 1261986 |
| Loblaw Cos., Ltd. | 23845 | 948592 |
| Lundin Gold, Inc. | 4378 | 297928 |
| Lundin Mining Corp. | 32616 | 525152 |
| Magna International, Inc. | 11878 | 561707 |
| Manulife Financial Corp. | 78167 | 2532206 |
| Metro, Inc. | 9521 | 635277 |
| National Bank of Canada | 17745 | 1984542 |
| Nutrien Ltd. | 22162 | 1208261 |
| Onex Corp. | 2586 | 225166 |
| Open Text Corp. | 11546 | 443415 |
| Pan American Silver Corp. | 16582 | 584627 |
| Pembina Pipeline Corp. | 26741 | 1012652 |
| Power Corp. of Canada | 24324 | 1140554 |
| Quebecor, Inc., Cl. B | 7125 | 227508 |
| Restaurant Brands International, Inc. | 13724 | 902298 |
| Rogers Communications, Inc., Cl. B | 17256 | 676003 |
| Royal Bank of Canada | 64040 | 9391071 |
| Saputo, Inc. | 10853 | 262505 |
| Shopify, Inc., Cl. A<sup>(a)</sup> <br>| 53124 | 9245847 |
| Stantec, Inc. | 5245 | 581418 |
| Sun Life Financial, Inc. | 25759 | 1568355 |
| Suncor Energy, Inc. | 55566 | 2214867 |
| TC Energy Corp. | 46899 | 2355745 |
| Teck Resources Ltd., Cl. B | 19959 | 857105 |
| TELUS Corp. | 67249 | 984389 |
| TFI International, Inc. | 3117 | 280389 |
| The Bank of Nova Scotia | 56571 | 3714068 |
| The Toronto-Dominion Bank | 79126 | 6503337 |
| Thomson Reuters Corp. | 6164 | 945133 |
| Tourmaline Oil Corp. | 16051 | 706695 |
| Waste Connections, Inc. | 11609 | 1948877 |
| West Fraser Timber Co. Ltd. | 2289 | 139841 |
| Wheaton Precious Metals Corp. | 20425 | 1974497 |
| WSP Global, Inc. | 5979 | 1144209 |
|  |  | **119044365** |
| **Chile — .1%** | **Chile — .1%** | **Chile — .1%** |
| Antofagasta PLC | 16455 | **603183** |
| **China — .1%** | **China — .1%** | **China — .1%** |
| BYD Electronic International Co. Ltd.<sup>(b)</sup> <br>| 34500 | 162197 |
| China Mengniu Dairy Co. Ltd. | 133000 | 241967 |
| CSPC Pharmaceutical Group Ltd. | 374000 | 368120 |
| Fosun International Ltd. | 107000 | 67871 |
| Qingdao Port International Co. Ltd., Cl. H<sup>(c)</sup> <br>| 62000 | 56638 |
| Yangzijiang Shipbuilding Holdings Ltd. | 116300 | 314554 |
|  |  | **1211347** |

---

**41**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** |
| **Denmark — 1.5%** | **Denmark — 1.5%** | **Denmark — 1.5%** |
| AP Moller - Maersk AS, Cl. A | 121 | 249872 |
| AP Moller - Maersk AS, Cl. B<sup>(b)</sup> <br>| 209 | 431436 |
| Carlsberg AS, Cl. B | 4072 | 479359 |
| Coloplast AS, Cl. B | 5911 | 535042 |
| Danske Bank AS | 29664 | 1326490 |
| DSV AS | 8636 | 1835444 |
| Genmab AS<sup>(a)</sup> <br>| 2695 | 765650 |
| Novo Nordisk AS, Cl. B | 141983 | 6933949 |
| Novonesis Novozymes B, Cl. B | 16324 | 976985 |
| Orsted AS<sup>(a),(c)</sup> <br>| 20912 | 374309 |
| Pandora AS | 3455 | 463333 |
| Tryg AS | 15169 | 374445 |
| Vestas Wind Systems AS | 44475 | 907092 |
|  |  | **15653406** |
| **Faroe Islands — .0%** | **Faroe Islands — .0%** | **Faroe Islands — .0%** |
| Bakkafrost P/F | 1688 | **77518** |
| **Finland — 1.0%** | **Finland — 1.0%** | **Finland — 1.0%** |
| Elisa OYJ | 6382 | 281680 |
| Fortum OYJ | 20222 | 451401 |
| Huhtamaki OYJ | 5025 | 169124 |
| Kesko OYJ, Cl. B | 11775 | 248710 |
| Kone OYJ, Cl. B | 14993 | 1002302 |
| Metso OYJ | 28605 | 469156 |
| Neste OYJ | 19632 | 406847 |
| Nokia OYJ | 228704 | 1547923 |
| Nordea Bank Abp | 143032 | 2445775 |
| Orion OYJ, Cl. B | 4823 | 337064 |
| Sampo OYJ, Cl. A | 109275 | 1219380 |
| Stora Enso OYJ, Cl. R | 24189 | 281982 |
| UPM-Kymmene OYJ | 23735 | 637755 |
| Wartsila OYJ Abp | 22356 | 732040 |
|  |  | **10231139** |
| **France — 8.3%** | **France — 8.3%** | **France — 8.3%** |
| Air Liquide SA | 25606 | 4962788 |
| Airbus SE | 26736 | 6585252 |
| AXA SA | 77523 | 3367025 |
| BNP Paribas SA | 45405 | 3514381 |
| Bollore SE | 32298 | 180055 |
| Bouygues SA | 9295 | 419798 |
| Capgemini SE | 6964 | 1073054 |
| Cie de Saint-Gobain SA | 20452 | 1984297 |
| Cie Generale des Etablissements Michelin SCA | 30567 | 976916 |
| Credit Agricole SA | 44561 | 804402 |
| Danone SA | 28665 | 2536972 |
| Dassault Systemes SE | 30542 | 868247 |
| Engie SA | 78020 | 1828031 |
| EssilorLuxottica SA | 13273 | 4860945 |
| Hermes International SCA | 1469 | 3643676 |
| Kering SA | 3121 | 1105174 |
| Legrand SA | 11333 | 1955544 |

---

**42**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** |
| **France — 8.3% (continued)** | **France — 8.3% (continued)** | **France — 8.3% (continued)** |
| L'Oreal SA | 10188 | 4264402 |
| LVMH Moet Hennessy Louis Vuitton SE | 11692 | 8260242 |
| Orange SA | 83688 | 1336361 |
| Pernod Ricard SA | 8355 | 819299 |
| Publicis Groupe SA | 10294 | 1031301 |
| Safran SA | 15919 | 5657272 |
| Sanofi SA | 49797 | 5034877 |
| Sartorius Stedim Biotech | 1212 | 289850 |
| Schneider Electric SE | 24493 | 6957211 |
| Societe Generale SA | 32237 | 2041230 |
| Thales SA | 3917 | 1116237 |
| TotalEnergies SE | 92853 | 5781878 |
| Vinci SA | 21670 | 2898838 |
|  |  | **86155555** |
| **Germany — 7.5%** | **Germany — 7.5%** | **Germany — 7.5%** |
| adidas AG | 7519 | 1421528 |
| Allianz SE | 17501 | 7033527 |
| Aumovio SE<sup>(a)</sup> <br>| 2524 | 108662 |
| BASF SE | 40486 | 1999534 |
| Bayer AG | 43546 | 1354530 |
| Bayerische Motoren Werke AG | 12510 | 1165521 |
| Beiersdorf AG | 4175 | 441979 |
| BioNTech SE, ADR<sup>(a)</sup> <br>| 4114 | 423556 |
| Commerzbank AG | 41624 | 1513818 |
| Continental AG | 5092 | 384839 |
| Daimler Truck Holding AG | 22355 | 895593 |
| Deutsche Bank AG | 82115 | 2931460 |
| Deutsche Boerse AG | 8131 | 2059966 |
| Deutsche Post AG | 43877 | 2015587 |
| Deutsche Telekom AG | 146540 | 4548085 |
| E.ON SE | 100766 | 1877151 |
| Fresenius Medical Care AG | 9138 | 491073 |
| Fresenius SE & Co. KGaA | 18893 | 1090752 |
| Hannover Rueck SE | 2636 | 752708 |
| Hapag-Lloyd AG<sup>(c)</sup> <br>| 288 | 41418 |
| Heidelberg Materials AG | 5690 | 1333840 |
| Henkel AG & Co. KGaA | 4717 | 352523 |
| Infineon Technologies AG | 58554 | 2319452 |
| Knorr-Bremse AG | 2964 | 275737 |
| Mercedes-Benz Group AG | 31432 | 2039234 |
| Merck KGaA | 5608 | 734335 |
| MTU Aero Engines AG | 2440 | 1064825 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 5895 | 3649674 |
| Rheinmetall AG | 2072 | 4069146 |
| RWE AG | 30492 | 1501372 |
| SAP SE | 46524 | 12052530 |
| Siemens AG | 33611 | 9525832 |
| Siemens Energy AG<sup>(a)</sup> <br>| 29191 | 3615183 |
| Siemens Healthineers AG<sup>(c)</sup> <br>| 13817 | 774575 |
| Symrise AG | 5682 | 470746 |

---

**43**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** |
| **Germany — 7.5% (continued)** | **Germany — 7.5% (continued)** | **Germany — 7.5% (continued)** |
| Talanx AG | 2701 | 328896 |
| Volkswagen AG | 1306 | 137700 |
| Vonovia SE | 31673 | 952310 |
|  |  | **77749197** |
| **Hong Kong — 2.0%** | **Hong Kong — 2.0%** | **Hong Kong — 2.0%** |
| AIA Group Ltd. | 481400 | 4673275 |
| Alibaba Health Information Technology Ltd.<sup>(a)</sup> <br>| 240000 | 179100 |
| Budweiser Brewing Co. APAC Ltd.<sup>(b),(c)</sup> <br>| 92300 | 93580 |
| Cathay Pacific Airways Ltd. | 23000 | 32759 |
| China Gas Holdings Ltd. | 134600 | 138372 |
| Chow Tai Fook Jewellery Group Ltd. | 77400 | 151570 |
| CK Asset Holdings Ltd. | 79000 | 390721 |
| CK Hutchison Holdings Ltd. | 120500 | 798455 |
| CK Infrastructure Holdings Ltd. | 23500 | 152843 |
| CLP Holdings Ltd. | 84000 | 716554 |
| Futu Holdings Ltd., ADR | 2761 | 549550 |
| Galaxy Entertainment Group Ltd. | 94000 | 468295 |
| Geely Automobile Holdings Ltd. | 262000 | 620262 |
| Hang Lung Properties Ltd. | 84000 | 93487 |
| Hang Seng Bank Ltd. | 30800 | 600767 |
| Henderson Land Development Co. Ltd. | 56000 | 196557 |
| HK Electric Investments & HK Electric Investments Ltd. | 94000 | 73050 |
| HKT Trust & HKT Ltd. | 172000 | 250735 |
| Hong Kong & China Gas Co. Ltd. | 478507 | 445126 |
| Hong Kong Exchanges & Clearing Ltd. | 53700 | 2926754 |
| Hongkong Land Holdings Ltd. | 47468 | 288843 |
| Jardine Matheson Holdings Ltd. | 8524 | 500785 |
| Link REIT | 116603 | 607304 |
| MTR Corp. Ltd.<sup>(b)</sup> <br>| 75500 | 276852 |
| Power Assets Holdings Ltd. | 63500 | 403278 |
| Prudential PLC | 114785 | 1591052 |
| Sino Biopharmaceutical Ltd. | 441000 | 401157 |
| Sino Land Co. Ltd. | 154000 | 191207 |
| Sun Hung Kai Properties Ltd. | 64000 | 777746 |
| Swire Pacific Ltd., Cl. A | 16000 | 132163 |
| Swire Pacific Ltd., Cl. B | 27500 | 40761 |
| Swire Properties Ltd. | 53600 | 146203 |
| Techtronic Industries Co. Ltd. | 63500 | 741849 |
| The Wharf Holdings Ltd.<sup>(b)</sup> <br>| 36000 | 94583 |
| WH Group Ltd.<sup>(c)</sup> <br>| 343000 | 329222 |
| Wharf Real Estate Investment Co. Ltd. | 67000 | 190512 |
| Xinyi Glass Holdings Ltd. | 78851 | 92220 |
|  |  | **20357549** |
| **Ireland — .8%** | **Ireland — .8%** | **Ireland — .8%** |
| AerCap Holdings NV | 7810 | 1017174 |
| AIB Group PLC | 92864 | 855862 |
| Bank of Ireland Group PLC | 43396 | 710494 |
| DCC PLC | 4581 | 301540 |
| Experian PLC | 41726 | 1944531 |
| ICON PLC<sup>(a)</sup> <br>| 3453 | 593295 |

---

**44**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** |
| **Ireland — .8% (continued)** | **Ireland — .8% (continued)** | **Ireland — .8% (continued)** |
| James Hardie Industries PLC, CDI<sup>(a)</sup> <br>| 24803 | 523004 |
| Kerry Group PLC, Cl. A | 6766 | 617718 |
| Kingspan Group PLC | 7109 | 532519 |
| Ryanair Holdings PLC | 45927 | 1391486 |
|  |  | **8487623** |
| **Israel — 1.3%** | **Israel — 1.3%** | **Israel — 1.3%** |
| Airport City Ltd.<sup>(a)</sup> <br>| 2723 | 53955 |
| Amot Investments Ltd. | 12972 | 102845 |
| Azrieli Group Ltd. | 1872 | 197716 |
| Bank Hapoalim BM | 58903 | 1200070 |
| Bank Leumi Le-Israel BM | 68012 | 1386281 |
| Bezeq The Israeli Telecommunication Corp. Ltd. | 89144 | 182742 |
| Big Shopping Centers Ltd. | 713 | 159528 |
| Camtek Ltd.<sup>(a)</sup> <br>| 1191 | 147750 |
| Cellebrite DI Ltd.<sup>(a)</sup> <br>| 5069 | 86477 |
| Check Point Software Technologies Ltd.<sup>(a)</sup> <br>| 3908 | 764717 |
| Clal Insurance Enterprises Holdings Ltd. | 2735 | 153046 |
| CyberArk Software Ltd.<sup>(a)</sup> <br>| 2155 | 1122281 |
| Delek Group Ltd. | 438 | 115267 |
| Elbit Systems Ltd. | 1202 | 576215 |
| Energix-Renewable Energies Ltd. | 12489 | 57606 |
| Enlight Renewable Energy Ltd.<sup>(a)</sup> <br>| 4832 | 168679 |
| Etoro Group Ltd., Cl. A<sup>(a),(b)</sup> <br>| 338 | 12526 |
| Fattal Holdings 1998 Ltd.<sup>(a)</sup> <br>| 280 | 50877 |
| Global-e Online Ltd.<sup>(a)</sup> <br>| 4629 | 168635 |
| Harel Insurance Investments & Financial Services Ltd. | 4836 | 169413 |
| ICL Group Ltd. | 32151 | 211330 |
| Israel Corp. Ltd. | 157 | 55815 |
| Israel Discount Bank Ltd., Cl. A | 55947 | 561155 |
| Melisron Ltd. | 1123 | 146388 |
| Menora Mivtachim Holdings Ltd. | 827 | 82847 |
| Migdal Insurance & Financial Holdings Ltd. | 18738 | 67370 |
| Mivne Real Estate KD Ltd. | 27177 | 120510 |
| Mizrahi Tefahot Bank Ltd. | 6723 | 438394 |
| Monday.com Ltd.<sup>(a)</sup> <br>| 1710 | 350960 |
| Next Vision Stabilized Systems Ltd. | 2158 | 94829 |
| Nice Ltd.<sup>(a)</sup> <br>| 2989 | 405612 |
| Nova Ltd.<sup>(a)</sup> <br>| 1260 | 436869 |
| Oddity Tech Ltd., Cl. A<sup>(a)</sup> <br>| 1400 | 63350 |
| OPC Energy Ltd.<sup>(a)</sup> <br>| 6601 | 119679 |
| Phoenix Financial Ltd. | 10634 | 410433 |
| Plus500 Ltd. | 2936 | 122128 |
| Shapir Engineering and Industry Ltd. | 6154 | 55031 |
| Shufersal Ltd. | 12956 | 161641 |
| Strauss Group Ltd. | 2356 | 66578 |
| Teva Pharmaceutical Industries Ltd.<sup>(a),(b)</sup> <br>| 51220 | 1036614 |
| The First International Bank of Israel Ltd. | 2512 | 181403 |
| Tower Semiconductor Ltd.<sup>(a)</sup> <br>| 5074 | 419897 |

---

**45**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** |
| **Israel — 1.3% (continued)** | **Israel — 1.3% (continued)** | **Israel — 1.3% (continued)** |
| Wix.com Ltd.<sup>(a)</sup> <br>| 2371 | 345075 |
| ZIM Integrated Shipping Services Ltd.<sup>(b)</sup> <br>| 6156 | 94679 |
|  |  | **12925213** |
| **Italy — 2.5%** | **Italy — 2.5%** | **Italy — 2.5%** |
| A2A SpA | 78861 | 229920 |
| Banca Mediolanum SpA | 9362 | 188126 |
| Banco BPM SpA | 48505 | 705685 |
| Davide Campari-Milano NV<sup>(b)</sup> <br>| 27340 | 190408 |
| Enel SpA | 349010 | 3533605 |
| Eni SpA | 92489 | 1702037 |
| Ferrari NV | 5485 | 2193620 |
| FinecoBank Banca Fineco SpA | 27639 | 631958 |
| Generali | 40703 | 1566765 |
| Infrastrutture Wireless Italiane SpA<sup>(c)</sup> <br>| 15615 | 171668 |
| Intesa Sanpaolo SpA | 664774 | 4278370 |
| Leonardo SpA | 17931 | 1053012 |
| Moncler SpA | 9712 | 582899 |
| Nexi SpA<sup>(b),(c)</sup> <br>| 22150 | 116732 |
| Poste Italiane SpA<sup>(c)</sup> <br>| 20483 | 493871 |
| PRADA SpA | 19100 | 112897 |
| Prysmian SpA | 12892 | 1336518 |
| Recordati Industria Chimica e Farmaceutica SpA | 5082 | 302081 |
| Snam SpA | 91980 | 567762 |
| Telecom Italia SpA<sup>(a)</sup> <br>| 473427 | 279335 |
| Telecom Italia SpA<sup>(a)</sup> <br>| 286423 | 190486 |
| Terna - Rete Elettrica Nazionale | 63936 | 655743 |
| UniCredit SpA | 63128 | 4665381 |
| Unipol Assicurazioni SpA | 16566 | 362620 |
|  |  | **26111499** |
| **Japan — 22.1%** | **Japan — 22.1%** | **Japan — 22.1%** |
| ABC-Mart, Inc. | 4300 | 73786 |
| Acom Co. Ltd. | 19800 | 56538 |
| Advantest Corp. | 33100 | 4970747 |
| Aeon Co. Ltd. | 106630 | 1688513 |
| AGC, Inc. | 8800 | 275330 |
| Air Water, Inc. | 9100 | 127295 |
| Aisin Corp. | 23900 | 430434 |
| Ajinomoto Co., Inc. | 39500 | 1121246 |
| Alfresa Holdings Corp. | 7500 | 105961 |
| ALSOK Co. Ltd. | 18500 | 126512 |
| Amada Co. Ltd. | 15200 | 181842 |
| ANA Holdings, Inc. | 19200 | 360058 |
| Asahi Group Holdings Ltd. | 67100 | 723463 |
| Asahi Intecc Co. Ltd. | 9500 | 150897 |
| Asahi Kasei Corp. | 56800 | 435987 |
| Asics Corp. | 28400 | 726891 |
| Astellas Pharma, Inc. | 81400 | 852546 |
| Azbil Corp. | 22900 | 226317 |
| Bandai Namco Holdings, Inc. | 25000 | 779267 |
| BayCurrent, Inc. | 5600 | 256817 |

---

**46**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** |
| **Japan — 22.1% (continued)** | **Japan — 22.1% (continued)** | **Japan — 22.1% (continued)** |
| Bridgestone Corp. | 25000 | 1097660 |
| Brother Industries Ltd. | 12900 | 220185 |
| Calbee, Inc. | 2700 | 50230 |
| Canon, Inc. | 40300 | 1159650 |
| Capcom Co. Ltd. | 15200 | 398019 |
| Central Japan Railway Co. | 42600 | 1041392 |
| Chubu Electric Power Co., Inc. | 28800 | 401000 |
| Chugai Pharmaceutical Co. Ltd. | 28800 | 1317784 |
| Coca-Cola Bottlers Japan Holdings, Inc. | 5700 | 91149 |
| Cosmos Pharmaceutical Corp. | 1600 | 71652 |
| CyberAgent, Inc. | 19400 | 193553 |
| Dai Nippon Printing Co. Ltd. | 19100 | 319811 |
| Daifuku Co. Ltd. | 15600 | 499022 |
| Dai-ichi Life Holdings, Inc. | 159400 | 1122645 |
| Daiichi Sankyo Co. Ltd. | 77800 | 1852898 |
| Daikin Industries Ltd. | 12300 | 1435153 |
| Daito Trust Construction Co. Ltd. | 13700 | 255805 |
| Daiwa House Industry Co. Ltd. | 25700 | 872988 |
| Daiwa House REIT Investment Corp. | 205 | 176716 |
| Daiwa Securities Group, Inc. | 62400 | 481807 |
| Denso Corp. | 75600 | 1060721 |
| Dentsu Group, Inc. | 8700 | 171905 |
| Disco Corp. | 4000 | 1340041 |
| East Japan Railway Co. | 45000 | 1097141 |
| Ebara Corp. | 21300 | 571162 |
| Eisai Co. Ltd. | 12200 | 361910 |
| Electric Power Development Co. Ltd. | 7100 | 135059 |
| ENEOS Holdings, Inc. | 119600 | 755230 |
| FANUC Corp. | 41200 | 1312848 |
| Fast Retailing Co. Ltd. | 7900 | 2905547 |
| Food & Life Cos., Ltd. | 4600 | 224394 |
| Fuji Electric Co. Ltd. | 6000 | 430755 |
| Fuji Media Holdings, Inc.<sup>(b)</sup> <br>| 6500 | 144848 |
| FUJIFILM Holdings Corp. | 52900 | 1229314 |
| Fujikura Ltd. | 11000 | 1511603 |
| Fujitsu Ltd. | 82500 | 2158693 |
| Fukuoka Financial Group, Inc. | 8000 | 232904 |
| GLP J-REIT | 226 | 204941 |
| GMO Payment Gateway, Inc. | 1700 | 92992 |
| Hakuhodo DY Holdings, Inc. | 9900 | 71653 |
| Hamamatsu Photonics KK | 13400 | 150522 |
| Hankyu Hanshin Holdings, Inc. | 10300 | 276530 |
| Haseko Corp. | 11900 | 192340 |
| Hikari Tsushin, Inc. | 600 | 158904 |
| Hirose Electric Co. Ltd. | 1100 | 147804 |
| Hitachi Construction Machinery Co. Ltd. | 4300 | 140426 |
| Hitachi Ltd. | 197400 | 6814275 |
| Honda Motor Co. Ltd. | 208600 | 2112337 |
| Hoshizaki Corp. | 4800 | 169186 |
| Hoya Corp. | 15300 | 2491321 |

---

**47**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** |
| **Japan — 22.1% (continued)** | **Japan — 22.1% (continued)** | **Japan — 22.1% (continued)** |
| Hulic Co. Ltd. | 25600 | 264217 |
| Ibiden Co. Ltd. | 5400 | 512291 |
| Idemitsu Kosan Co. Ltd. | 39300 | 273344 |
| IHI Corp. | 47300 | 987112 |
| Iida Group Holdings Co. Ltd. | 7000 | 107371 |
| Inpex Corp. | 38600 | 711841 |
| Isetan Mitsukoshi Holdings Ltd. | 15200 | 239216 |
| Isuzu Motors Ltd. | 25100 | 308750 |
| ITOCHU Corp. | 55900 | 3240680 |
| J Front Retailing Co. Ltd. | 12100 | 182378 |
| Japan Airlines Co. Ltd. | 20200 | 364257 |
| Japan Exchange Group, Inc. | 46200 | 518665 |
| Japan Metropolitan Fund Invest | 290 | 224199 |
| Japan Post Bank Co. Ltd. | 61800 | 693197 |
| Japan Post Holdings Co. Ltd. | 78100 | 733320 |
| Japan Post Insurance Co. Ltd. | 7900 | 204711 |
| Japan Real Estate Investment Corp. | 300 | 247509 |
| Japan Tobacco, Inc. | 50100 | 1744744 |
| JFE Holdings, Inc. | 26600 | 305359 |
| Kajima Corp. | 20200 | 652463 |
| Kansai Paint Co. Ltd. | 6700 | 107597 |
| Kao Corp. | 20600 | 871844 |
| Kawasaki Heavy Industries Ltd. | 6800 | 547337 |
| Kawasaki Kisen Kaisha Ltd. | 16900 | 242768 |
| KDDI Corp. | 132100 | 2110702 |
| Keio Corp. | 4700 | 111570 |
| Keisei Electric Railway Co. Ltd. | 20100 | 160221 |
| Kewpie Corp. | 4400 | 122014 |
| Keyence Corp. | 8300 | 3090916 |
| Kikkoman Corp. | 35600 | 283312 |
| Kinden Corp. | 4300 | 172441 |
| Kintetsu Group Holdings Co. Ltd. | 8600 | 163090 |
| Kioxia Holdings Corp.<sup>(a)</sup> <br>| 3600 | 252962 |
| Kirin Holdings Company Ltd. | 35900 | 504401 |
| Kobayashi Pharmaceutical Co. Ltd. | 2000 | 66535 |
| Kobe Bussan Co. Ltd. | 6500 | 150923 |
| Koei Tecmo Holdings Co. Ltd. | 4100 | 55370 |
| Koito Manufacturing Co. Ltd. | 9400 | 140553 |
| Kokusai Electric Corp. | 6600 | 242999 |
| Komatsu Ltd. | 40500 | 1358106 |
| Konami Group Corp. | 4200 | 701749 |
| Kose Corp. | 1800 | 69042 |
| Kubota Corp. | 43100 | 559680 |
| Kuraray Co. Ltd. | 14200 | 154162 |
| Kurita Water Industries Ltd. | 5000 | 190127 |
| Kyocera Corp. | 59800 | 795755 |
| Kyoto Financial Group, Inc. | 13400 | 271732 |
| Kyowa Kirin Co. Ltd. | 10500 | 162351 |
| Kyushu Electric Power Co., Inc. | 21100 | 207501 |
| Kyushu Railway Co. | 6400 | 162311 |

---

**48**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** |
| **Japan — 22.1% (continued)** | **Japan — 22.1% (continued)** | **Japan — 22.1% (continued)** |
| Lasertec Corp. | 3400 | 627010 |
| Lixil Corp. | 13900 | 154289 |
| LY Corp. | 108000 | 317575 |
| M3, Inc. | 19800 | 278836 |
| Makita Corp. | 10500 | 318704 |
| Marubeni Corp. | 66700 | 1645257 |
| Marui Group Co. Ltd. | 6300 | 120884 |
| MatsukiyoCocokara & Co. | 15300 | 277338 |
| Mazda Motor Corp. | 23900 | 166309 |
| McDonald's Holdings Co. Japan Ltd. | 3900 | 152653 |
| Mebuki Financial Group, Inc. | 43100 | 269111 |
| Medipal Holdings Corp. | 6700 | 109162 |
| MEIJI Holdings Co. Ltd. | 10900 | 209644 |
| Metaplanet, Inc.<sup>(a)</sup> <br>| 24700 | 78723 |
| Minebea Mitsumi, Inc. | 15300 | 303507 |
| MISUMI Group, Inc. | 12700 | 198841 |
| Mitsubishi Chemical Group Corp. | 58800 | 307674 |
| Mitsubishi Corp. | 152200 | 3667303 |
| Mitsubishi Electric Corp. | 87800 | 2460372 |
| Mitsubishi Estate Co. Ltd. | 51100 | 1082668 |
| Mitsubishi Gas Chemical Co., Inc. | 7400 | 137235 |
| Mitsubishi HC Capital, Inc. | 40000 | 313135 |
| Mitsubishi Heavy Industries Ltd. | 140800 | 4252653 |
| Mitsubishi Motors Corp. | 33100 | 81023 |
| Mitsubishi UFJ Financial Group, Inc. | 520400 | 7870773 |
| Mitsui & Co. Ltd. | 109200 | 2695001 |
| Mitsui Chemicals, Inc. | 8500 | 201224 |
| Mitsui Fudosan Co. Ltd. | 123900 | 1288020 |
| Mitsui O.S.K. Lines Ltd. | 15600 | 464086 |
| Mizuho Financial Group, Inc. | 112860 | 3772134 |
| MonotaRO Co. Ltd. | 10800 | 150901 |
| MS&AD Insurance Group Holdings, Inc. | 59200 | 1224311 |
| Murata Manufacturing Co. Ltd. | 75000 | 1651358 |
| NEC Corp. | 55700 | 2031240 |
| Nexon Co. Ltd. | 14800 | 302619 |
| NGK Insulators Ltd. | 10900 | 184385 |
| NH Foods Ltd. | 3700 | 136419 |
| Nichirei Corp. | 9300 | 109991 |
| NIDEC Corp. | 39600 | 484027 |
| Nikon Corp. | 12900 | 150893 |
| Nintendo Co. Ltd. | 52200 | 4420168 |
| Nippon Building Fund, Inc. | 376 | 347066 |
| Nippon Express Holdings, Inc. | 9700 | 206335 |
| Nippon Paint Holdings Co. Ltd. | 40700 | 259568 |
| Nippon Prologis REIT, Inc. | 294 | 170993 |
| Nippon Sanso Holdings Corp. | 8000 | 266295 |
| Nippon Steel Corp. | 228000 | 941718 |
| Nippon Television Holdings, Inc. | 6400 | 155498 |
| Nippon Yusen KK | 19200 | 664407 |
| Nissan Chemical Corp. | 5600 | 189641 |

---

**49**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** |
| **Japan — 22.1% (continued)** | **Japan — 22.1% (continued)** | **Japan — 22.1% (continued)** |
| Nissan Motor Co. Ltd.<sup>(a)</sup> <br>| 97300 | 223268 |
| Nisshin Seifun Group, Inc. | 10800 | 122088 |
| Nissin Foods Holdings Co. Ltd. | 6700 | 120861 |
| Niterra Co. Ltd. | 6900 | 284053 |
| Nitori Holdings Co. Ltd. | 17200 | 279121 |
| Nitto Denko Corp. | 31300 | 783033 |
| Nomura Holdings, Inc. | 138100 | 987869 |
| Nomura Real Estate Holdings, Inc. | 20000 | 114115 |
| Nomura Real Estate Master Fund, Inc. | 175 | 186751 |
| Nomura Research Institute Ltd. | 18300 | 716296 |
| NTT, Inc. | 2433600 | 2502238 |
| Obayashi Corp. | 28700 | 486608 |
| OBIC Business Consultants Co. Ltd. | 1000 | 57330 |
| OBIC Co. Ltd. | 15200 | 472314 |
| Odakyu Electric Railway Co. Ltd. | 12800 | 135432 |
| Oji Holdings Corp. | 39000 | 197057 |
| Olympus Corp. | 46900 | 578278 |
| Omron Corp. | 7900 | 221018 |
| Ono Pharmaceutical Co. Ltd. | 18400 | 224125 |
| Open House Group Co. Ltd. | 2900 | 139659 |
| Oracle Corp. | 1600 | 147791 |
| Oriental Land Co. Ltd. | 48500 | 982247 |
| ORIX Corp. | 51800 | 1264276 |
| Orix JREIT, Inc. | 281 | 190246 |
| Osaka Gas Co. Ltd. | 16400 | 516096 |
| Otsuka Corp. | 9700 | 192042 |
| Otsuka Holdings Co. Ltd. | 19700 | 1070837 |
| Pan Pacific International Holdings Corp. | 88800 | 529036 |
| Panasonic Holdings Corp. | 100700 | 1175612 |
| Persol Holdings Co. Ltd. | 85300 | 141691 |
| Rakuten Bank Ltd.<sup>(a)</sup> <br>| 3900 | 214803 |
| Rakuten Group, Inc.<sup>(a)</sup> <br>| 64600 | 423314 |
| Recruit Holdings Co. Ltd. | 66200 | 3312256 |
| Renesas Electronics Corp. | 71900 | 891895 |
| Resona Holdings, Inc. | 97700 | 947161 |
| Resonac Holdings Corp. | 7800 | 305762 |
| Ricoh Co. Ltd. | 22400 | 192513 |
| Rinnai Corp. | 4500 | 102207 |
| Rohm Co. Ltd. | 13800 | 221886 |
| Rohto Pharmaceutical Co. Ltd. | 8800 | 136466 |
| Ryohin Keikaku Co. Ltd. | 23700 | 487523 |
| Sanrio Co. Ltd. | 7100 | 329848 |
| Santen Pharmaceutical Co. Ltd. | 16600 | 162600 |
| Sanwa Holdings Corp. | 8000 | 218623 |
| SBI Holdings, Inc. | 12300 | 552025 |
| SCREEN Holdings Co. Ltd. | 3900 | 371760 |
| SCSK Corp. | 6200 | 228231 |
| SECOM Co. Ltd. | 19400 | 656468 |
| Sega Sammy Holdings, Inc. | 6700 | 124167 |
| Seibu Holdings, Inc. | 9700 | 341331 |

---

**50**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** |
| **Japan — 22.1% (continued)** | **Japan — 22.1% (continued)** | **Japan — 22.1% (continued)** |
| Seiko Epson Corp. | 10800 | 137160 |
| Sekisui Chemical Co. Ltd. | 17400 | 302132 |
| Sekisui House Ltd. | 27900 | 599636 |
| Seven & i Holdings Co. Ltd. | 104400 | 1332319 |
| SG Holdings Co. Ltd. | 13000 | 119532 |
| Sharp Corp.<sup>(a)</sup> <br>| 14200 | 79040 |
| Shimadzu Corp. | 10600 | 285547 |
| Shimamura Co. Ltd. | 2200 | 142021 |
| Shimano, Inc. | 3400 | 357645 |
| Shimizu Corp. | 23700 | 318990 |
| Shin-Etsu Chemical Co. Ltd. | 75800 | 2290409 |
| Shionogi & Co. Ltd. | 35000 | 586154 |
| Shiseido Co. Ltd. | 16600 | 280160 |
| Shizuoka Financial Group, Inc. | 20600 | 277466 |
| SMC Corp. | 2600 | 887229 |
| SoftBank Corp. | 1265300 | 1796249 |
| SoftBank Group Corp. | 44800 | 7870644 |
| Sojitz Corp. | 9900 | 263220 |
| Sompo Holdings, Inc. | 40100 | 1225477 |
| Sony Financial Group, Inc.<sup>(a)</sup> <br>| 273300 | 275686 |
| Sony Group Corp. | 273300 | 7685149 |
| Square Enix Holdings Co. Ltd. | 11600 | 224839 |
| Stanley Electric Co. Ltd. | 5100 | 100474 |
| Subaru Corp. | 25100 | 534895 |
| Sugi Holdings Co. Ltd. | 3700 | 79930 |
| Sumitomo Chemical Co. Ltd. | 67000 | 197275 |
| Sumitomo Corp. | 48400 | 1409382 |
| Sumitomo Electric Industries Ltd. | 32800 | 1202947 |
| Sumitomo Forestry Co. Ltd. | 24700 | 257734 |
| Sumitomo Heavy Industries Ltd. | 5300 | 142120 |
| Sumitomo Metal Mining Co. Ltd. | 12200 | 402060 |
| Sumitomo Mitsui Financial Group, Inc. | 174300 | 4710077 |
| Sumitomo Mitsui Trust Group, Inc. | 28700 | 788223 |
| Sumitomo Realty & Development Co. Ltd. | 19500 | 833011 |
| Sumitomo Rubber Industries Ltd. | 8000 | 93940 |
| Sundrug Co. Ltd. | 2400 | 64808 |
| Suntory Beverage & Food Ltd. | 5900 | 178545 |
| Suzuki Motor Corp. | 72900 | 1092163 |
| Sysmex Corp. | 19300 | 216358 |
| T&D Holdings, Inc. | 23500 | 506595 |
| Taisei Corp. | 7000 | 510500 |
| Takeda Pharmaceutical Co. Ltd. | 70000 | 1887053 |
| TBS Holdings, Inc. | 5700 | 196987 |
| TDK Corp. | 86000 | 1492181 |
| Terumo Corp. | 60000 | 970368 |
| The Chiba Bank Ltd. | 28700 | 280470 |
| The Kansai Electric Power Company, Inc. | 40500 | 632915 |
| The Yokohama Rubber Company Ltd. | 5800 | 208048 |
| TIS, Inc. | 9400 | 324306 |
| Tobu Railway Co. Ltd. | 8700 | 140252 |

---

**51**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** |
| **Japan — 22.1% (continued)** | **Japan — 22.1% (continued)** | **Japan — 22.1% (continued)** |
| Toei Animation Co. Ltd. | 1500 | 28217 |
| Toho Co. Ltd. | 4700 | 276286 |
| Tohoku Electric Power Co., Inc. | 20800 | 142578 |
| Tokio Marine Holdings, Inc. | 78600 | 2950019 |
| Tokyo Century Corp. | 6400 | 75692 |
| Tokyo Electric Power Co. Holdings, Inc.<sup>(a)</sup> <br>| 67600 | 338801 |
| Tokyo Electron Ltd. | 20500 | 4548311 |
| Tokyo Gas Co. Ltd. | 15300 | 536501 |
| Tokyo Metro Co. Ltd. | 12700 | 133508 |
| Tokyu Corp. | 21400 | 238372 |
| Tokyu Fudosan Holdings Corp. | 25100 | 201869 |
| TOPPAN Holdings, Inc. | 12000 | 294440 |
| Toray Industries, Inc. | 67500 | 414539 |
| Tosoh Corp. | 13800 | 197072 |
| TOTO Ltd. | 6900 | 175708 |
| Toyo Suisan Kaisha Ltd. | 4000 | 290675 |
| Toyota Industries Corp. | 7300 | 797264 |
| Toyota Motor Corp. | 478200 | 9740623 |
| Toyota Tsusho Corp. | 29700 | 909382 |
| Trend Micro, Inc. | 5500 | 281435 |
| Tsuruha Holdings, Inc. | 7000 | 121638 |
| Unicharm Corp. | 47500 | 293994 |
| United Urban Investment Corp. | 160 | 193697 |
| USS Co., Ltd. | 16600 | 183397 |
| West Japan Railway Co. | 20000 | 410373 |
| Yakult Honsha Co. Ltd. | 10200 | 152515 |
| Yamada Holdings Co., Ltd. | 32800 | 98663 |
| Yamaha Corp. | 17500 | 110745 |
| Yamaha Motor Co. Ltd. | 37100 | 268518 |
| Yamato Holdings Co. Ltd. | 10700 | 156414 |
| Yamazaki Baking Co. Ltd. | 6200 | 121541 |
| Yaskawa Electric Corp. | 8900 | 245240 |
| Yokogawa Electric Corp. | 9800 | 294086 |
| Yokohama Financial Group, Inc. | 47900 | 348550 |
| Zensho Holdings Co. Ltd. | 4000 | 249391 |
| ZOZO, Inc. | 18700 | 161867 |
|  |  | **227846013** |
| **Luxembourg — .2%** | **Luxembourg — .2%** | **Luxembourg — .2%** |
| ArcelorMittal SA | 18527 | 709090 |
| CVC Capital Partners PLC<sup>(c)</sup> <br>| 28705 | 480073 |
| Tenaris SA | 14555 | 290378 |
| Zabka Group SA<sup>(a)</sup> <br>| 17717 | 102989 |
|  |  | **1582530** |
| **Macau — .0%** | **Macau — .0%** | **Macau — .0%** |
| Sands China Ltd. | 115200 | **299998** |
| **Mexico — .0%** | **Mexico — .0%** | **Mexico — .0%** |
| Fresnillo PLC | 8696 | **253869** |
| **Netherlands — 4.3%** | **Netherlands — 4.3%** | **Netherlands — 4.3%** |
| ABN AMRO Bank NV, CVA<sup>(c)</sup> <br>| 22498 | 672811 |
| Adyen NV<sup>(a),(c)</sup> <br>| 1257 | 2159707 |

---

**52**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** |
| **Netherlands — 4.3% (continued)** | **Netherlands — 4.3% (continued)** | **Netherlands — 4.3% (continued)** |
| Argenx SE<sup>(a)</sup> <br>| 2734 | 2226582 |
| ASM International NV | 2081 | 1349864 |
| ASML Holding NV | 17521 | 18566517 |
| EXOR NV | 3422 | 297016 |
| Ferrovial SE | 21659 | 1329939 |
| Heineken Holding NV | 5527 | 373825 |
| Heineken NV | 13074 | 1011635 |
| ING Groep NV | 136016 | 3409819 |
| Koninklijke Ahold Delhaize NV | 40653 | 1666191 |
| Koninklijke KPN NV | 152493 | 707199 |
| Koninklijke Philips NV | 37264 | 1021061 |
| NXP Semiconductors NV | 11421 | 2388359 |
| Prosus NV | 57872 | 4003080 |
| Stellantis NV | 85338 | 864609 |
| Universal Music Group NV | 43344 | 1164145 |
| Wolters Kluwer NV | 10576 | 1296976 |
|  |  | **44509335** |
| **New Zealand — .3%** | **New Zealand — .3%** | **New Zealand — .3%** |
| Auckland International Airport Ltd. | 78753 | 366195 |
| Contact Energy Ltd. | 35422 | 189050 |
| Fisher & Paykel Healthcare Corp. Ltd. | 24384 | 518045 |
| Infratil Ltd. | 40895 | 289453 |
| Mainfreight Ltd. | 4157 | 143425 |
| Mercury NZ Ltd. | 31236 | 115910 |
| Meridian Energy Ltd. | 55912 | 189546 |
| Spark New Zealand Ltd. | 67329 | 94462 |
| The a2 Milk Company Ltd. | 30747 | 190158 |
| Xero Ltd.<sup>(a)</sup> <br>| 7230 | 686304 |
|  |  | **2782548** |
| **Norway — .6%** | **Norway — .6%** | **Norway — .6%** |
| Aker ASA, Cl. A | 985 | 76623 |
| Aker BP ASA | 13589 | 353125 |
| AutoStore Holdings Ltd.<sup>(a),(c)</sup> <br>| 28165 | 27366 |
| DNB Bank ASA | 36506 | 932050 |
| Equinor ASA | 25432 | 608340 |
| Frontline PLC | 6187 | 152153 |
| Gjensidige Forsikring ASA | 8105 | 218388 |
| Kongsberg Gruppen ASA | 18009 | 461130 |
| Leroy Seafood Group ASA | 14096 | 66405 |
| Mowi ASA | 20702 | 455500 |
| Nordic Semiconductor ASA<sup>(a)</sup> <br>| 7631 | 110879 |
| Norsk Hydro ASA | 58783 | 398241 |
| Opera Ltd., ADR | 4722 | 69602 |
| Orkla ASA | 34502 | 350240 |
| Protector Forsikring ASA | 2281 | 102924 |
| Salmar ASA | 3003 | 169044 |
| SpareBank 1 SMN | 5471 | 100725 |
| SpareBank 1 Sor-Norge ASA | 9314 | 160374 |
| Sparebanken Norge | 6070 | 105897 |
| Storebrand ASA | 17695 | 274775 |

---

**53**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** |
| **Norway — .6% (continued)** | **Norway — .6% (continued)** | **Norway — .6% (continued)** |
| Telenor ASA | 29365 | 437125 |
| TOMRA Systems ASA | 11003 | 134860 |
| Var Energi ASA | 40249 | 135583 |
| Vend Marketplaces ASA, Cl. B | 7388 | 254861 |
| Wallenius Wilhelmsen ASA | 4417 | 34600 |
| Yara International ASA | 6872 | 250781 |
|  |  | **6441591** |
| **Poland — .5%** | **Poland — .5%** | **Poland — .5%** |
| Allegro.eu SA<sup>(a),(c)</sup> <br>| 25508 | 238489 |
| Asseco Poland SA | 2305 | 134177 |
| Bank Millennium SA<sup>(a)</sup> <br>| 27198 | 113804 |
| Bank Polska Kasa Opieki SA | 8310 | 426648 |
| Budimex SA<sup>(b)</sup> <br>| 679 | 107941 |
| CCC SA<sup>(a),(b)</sup> <br>| 2231 | 91296 |
| CD Projekt SA | 3195 | 219754 |
| Dino Polska SA<sup>(a),(c)</sup> <br>| 21427 | 255905 |
| InPost SA<sup>(a)</sup> <br>| 10010 | 126165 |
| KGHM Polska Miedz SA<sup>(a)</sup> <br>| 6259 | 328809 |
| LPP SA | 50 | 242954 |
| mBank SA<sup>(a)</sup> <br>| 642 | 170713 |
| ORLEN SA | 26151 | 709124 |
| PGE Polska Grupa Energetyczna SA<sup>(a)</sup> <br>| 44336 | 134570 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 37934 | 778212 |
| Powszechny Zaklad Ubezpieczen SA | 25046 | 400872 |
| Santander Bank Polska SA | 1795 | 236998 |
|  |  | **4716431** |
| **Portugal — .2%** | **Portugal — .2%** | **Portugal — .2%** |
| Banco Comercial Portugues SA, Cl. R | 343178 | 303093 |
| EDP SA | 133311 | 663170 |
| Galp Energia SGPS SA | 19298 | 387452 |
| Jeronimo Martins SGPS SA | 12478 | 321744 |
| The Navigator Company SA<sup>(b)</sup> <br>| 14771 | 51214 |
|  |  | **1726673** |
| **Russia — .0%** | **Russia — .0%** | **Russia — .0%** |
| Evraz PLC<sup>(a),(d)</sup> <br>| 2845 | **0** |
| **Singapore — 1.5%** | **Singapore — 1.5%** | **Singapore — 1.5%** |
| CapitaLand Ascendas REIT | 169296 | 366833 |
| CapitaLand Integrated Commercial Trust | 257001 | 468011 |
| CapitaLand Investment Ltd. | 100200 | 203256 |
| City Developments Ltd. | 14100 | 78330 |
| DBS Group Holdings Ltd. | 91299 | 3783284 |
| Genting Singapore Ltd. | 246500 | 138265 |
| Grab Holdings Ltd., Cl. A<sup>(a)</sup> <br>| 119712 | 719469 |
| Hafnia Ltd. | 10256 | 64190 |
| Jardine Cycle & Carriage Ltd. | 1500 | 37447 |
| Keppel Ltd. | 64100 | 501886 |
| Mapletree Industrial Trust | 101800 | 166609 |
| Mapletree Logistics Trust | 143600 | 147853 |
| Mapletree Pan Asia Commercial Trust | 99400 | 109982 |
| Oversea-Chinese Banking Corp. Ltd. | 145819 | 1908101 |

---

**54**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** |
| **Singapore — 1.5% (continued)** | **Singapore — 1.5% (continued)** | **Singapore — 1.5% (continued)** |
| SATS Ltd. | 45400 | 119304 |
| Sea Ltd., ADR<sup>(a)</sup> <br>| 13360 | 2087500 |
| Seatrium Ltd. | 134980 | 225062 |
| Sembcorp Industries Ltd. | 40200 | 201703 |
| Singapore Airlines Ltd. | 58300 | 296999 |
| Singapore Exchange Ltd. | 38000 | 494325 |
| Singapore Technologies Engineering Ltd. | 65800 | 429246 |
| Singapore Telecommunications Ltd. | 321600 | 1050213 |
| United Overseas Bank Ltd. | 58200 | 1550420 |
| UOL Group Ltd. | 26900 | 164321 |
| Wilmar International Ltd. | 76500 | 183983 |
|  |  | **15496592** |
| **Spain — 2.7%** | **Spain — 2.7%** | **Spain — 2.7%** |
| ACS Actividades de Construccion y Servicios SA | 7729 | 635163 |
| Aena SME SA<sup>(c)</sup> <br>| 33934 | 922375 |
| Amadeus IT Group SA | 20460 | 1566144 |
| Banco Bilbao Vizcaya Argentaria SA | 257114 | 5174033 |
| Banco Santander SA | 661323 | 6736885 |
| CaixaBank SA | 156525 | 1655219 |
| Cellnex Telecom SA<sup>(c)</sup> <br>| 25880 | 807406 |
| Endesa SA | 14428 | 517736 |
| Iberdrola SA | 249919 | 5066744 |
| Industria de Diseno Textil SA | 50529 | 2793559 |
| Naturgy Energy Group SA | 5142 | 155969 |
| Redeia Corp. SA | 17860 | 321785 |
| Repsol SA | 52535 | 962596 |
| Telefonica SA | 177760 | 900084 |
|  |  | **28215698** |
| **Sweden — 3.0%** | **Sweden — 3.0%** | **Sweden — 3.0%** |
| AAK AB | 8596 | 240335 |
| AddTech AB, Cl. B | 10742 | 364385 |
| Alfa Laval AB | 12811 | 612715 |
| Assa Abloy AB, Cl. B | 44565 | 1684010 |
| Atlas Copco AB, Cl. A | 114757 | 1936090 |
| Atlas Copco AB, Cl. B | 69924 | 1051530 |
| Avanza Bank Holding AB | 5676 | 219685 |
| Axfood AB | 5298 | 144554 |
| Beijer Ref AB | 17404 | 276117 |
| Boliden AB<sup>(a)</sup> <br>| 12623 | 570479 |
| Castellum AB | 16077 | 182660 |
| Embracer Group AB<sup>(a)</sup> <br>| 8106 | 84711 |
| Epiroc AB, Cl. A | 28574 | 605645 |
| Epiroc AB, Cl. B | 17085 | 320372 |
| EQT AB | 23274 | 808123 |
| Essity AB, Cl. B | 26760 | 735495 |
| Evolution AB<sup>(c)</sup> <br>| 6073 | 406381 |
| Fastighets AB Balder, Cl. B<sup>(a)</sup> <br>| 29025 | 212875 |
| Getinge AB, Cl. B | 10183 | 239543 |
| H & M Hennes & Mauritz AB, Cl. B | 23979 | 455456 |
| Hexagon AB, Cl. B | 93454 | 1147439 |

---

**55**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** |
| **Sweden — 3.0% (continued)** | **Sweden — 3.0% (continued)** | **Sweden — 3.0% (continued)** |
| Holmen AB, Cl. B | 2936 | 111099 |
| Husqvarna AB, Cl. B | 17067 | 81447 |
| Industrivarden AB, Cl. A | 4403 | 183588 |
| Industrivarden AB, Cl. C | 7478 | 311331 |
| Indutrade AB | 11903 | 318500 |
| Investment AB Latour, Cl. B | 6598 | 168834 |
| Investor AB, Cl. A | 23680 | 781808 |
| Investor AB, Cl. B | 79656 | 2631144 |
| L E Lundbergforetagen AB, Cl. B | 2062 | 110567 |
| Lifco AB, Cl. B | 9783 | 379468 |
| Nibe Industrier AB, Cl. B | 61605 | 240839 |
| Nordnet AB publ | 6374 | 184656 |
| Saab AB, Cl. B | 13626 | 752175 |
| Sagax AB, Cl. B | 9198 | 206586 |
| Sandvik AB | 47630 | 1447591 |
| Sectra AB, Cl. B | 5824 | 185165 |
| Securitas AB, Cl. B | 23005 | 339774 |
| Skandinaviska Enskilda Banken AB, Cl. A | 73084 | 1396622 |
| Skanska AB, Cl. B | 15344 | 419626 |
| SKF AB, Cl. B | 15350 | 396181 |
| SSAB AB, Cl. A | 11205 | 71226 |
| SSAB AB, Cl. B | 24572 | 152984 |
| Svenska Cellulosa AB SCA, Cl. B | 29005 | 387294 |
| Svenska Handelsbanken AB, Cl. A | 62845 | 825575 |
| Svenska Handelsbanken AB, Cl. B | 2255 | 49602 |
| Sweco AB, Cl. B | 8120 | 146789 |
| Swedbank AB, Cl. A | 39060 | 1189185 |
| Swedish Orphan Biovitrum AB<sup>(a)</sup> <br>| 8478 | 292231 |
| Tele2 AB, Cl. B | 24650 | 390687 |
| Telefonaktiebolaget LM Ericsson, Cl. B | 132897 | 1341220 |
| Telia Co. AB | 100524 | 394789 |
| Thule Group AB<sup>(c)</sup> <br>| 5072 | 130587 |
| Trelleborg AB, Cl. B | 9099 | 381022 |
| Volvo AB, Cl. A | 9452 | 260285 |
| Volvo AB, Cl. B | 66527 | 1836194 |
| Volvo Car AB, Cl. B<sup>(a),(b)</sup> <br>| 25586 | 88867 |
|  |  | **30884138** |
| **Switzerland — 7.4%** | **Switzerland — 7.4%** | **Switzerland — 7.4%** |
| ABB Ltd. | 72072 | 5356357 |
| Alcon AG | 22038 | 1641697 |
| Chocoladefabriken Lindt & Spruengli AG | 43 | 662610 |
| Cie Financiere Richemont SA, Cl. A | 23973 | 4739352 |
| DSM-Firmenich AG | 11344 | 925693 |
| Galderma Group AG | 4865 | 899972 |
| Geberit AG | 1471 | 1075649 |
| Givaudan SA | 420 | 1725519 |
| Glencore PLC | 439695 | 2105408 |
| Holcim AG | 21942 | 1949975 |
| Kuehne + Nagel International AG | 2312 | 443535 |
| Lonza Group AG | 3191 | 2202992 |

---

**56**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** |
| **Switzerland — 7.4% (continued)** | **Switzerland — 7.4% (continued)** | **Switzerland — 7.4% (continued)** |
| Nestle SA | 116594 | 11166299 |
| Novartis AG | 86162 | 10655001 |
| Partners Group Holding AG | 978 | 1196870 |
| Roche Holding AG | 31812 | 10259890 |
| Roche Holding AG, BR | 1282 | 434067 |
| Schindler Holding AG | 900 | 304391 |
| Schindler Holding AG, PC | 1838 | 654834 |
| SGS SA | 7620 | 860199 |
| Sika AG | 6985 | 1367851 |
| STMicroelectronics NV | 28120 | 692614 |
| Straumann Holding AG | 4630 | 582535 |
| Swiss Life Holding AG | 1299 | 1411707 |
| Swiss Re AG | 13311 | 2430885 |
| Swisscom AG | 1157 | 849644 |
| UBS Group AG | 143879 | 5507819 |
| Zurich Insurance Group AG | 6588 | 4587595 |
|  |  | **76690960** |
| **United Kingdom — 12.3%** | **United Kingdom — 12.3%** | **United Kingdom — 12.3%** |
| 3i Group PLC | 43062 | 2489395 |
| Admiral Group PLC | 10661 | 458869 |
| Anglo American PLC | 45299 | 1711092 |
| Ashtead Group PLC | 19474 | 1298233 |
| Associated British Foods PLC | 13586 | 409658 |
| AstraZeneca PLC | 68090 | 11155696 |
| Auto Trader Group PLC<sup>(c)</sup> <br>| 37613 | 385658 |
| Aviva PLC | 135090 | 1186688 |
| BAE Systems PLC | 136197 | 3348021 |
| Barclays PLC | 636204 | 3402026 |
| Barratt Redrow PLC | 56737 | 280509 |
| BP PLC | 658735 | 3828023 |
| British American Tobacco PLC | 93735 | 4807934 |
| BT Group PLC | 271539 | 662686 |
| Bunzl PLC | 14218 | 431890 |
| Centrica PLC | 219254 | 516505 |
| Coca-Cola European Partners PLC | 9188 | 816170 |
| Compass Group PLC | 77550 | 2568630 |
| Convatec Group PLC<sup>(c)</sup> <br>| 67937 | 217971 |
| Croda International PLC | 5181 | 196520 |
| Diageo PLC | 99317 | 2283539 |
| GSK PLC | 185147 | 4331173 |
| Haleon PLC | 403995 | 1879528 |
| Halma PLC | 17408 | 811025 |
| Hikma Pharmaceuticals PLC | 7299 | 176357 |
| HSBC Holdings PLC | 793856 | 11091371 |
| ICG PLC | 13829 | 350849 |
| Imperial Brands PLC | 34009 | 1351656 |
| Informa PLC | 59527 | 756914 |
| InterContinental Hotels Group PLC | 6439 | 777634 |
| International Consolidated Airlines Group SA | 156501 | 859283 |
| Intertek Group PLC | 7334 | 488053 |

---

**57**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** | **Common Stocks — 99.2% (continued)** |
| **United Kingdom — 12.3% (continued)** | **United Kingdom — 12.3% (continued)** | **United Kingdom — 12.3% (continued)** |
| J Sainsbury PLC | 78129 | 350653 |
| JD Sports Fashion PLC | 109941 | 134595 |
| Kingfisher PLC | 80589 | 326964 |
| Land Securities Group PLC | 33050 | 269873 |
| Legal & General Group PLC | 256526 | 801475 |
| Lloyds Banking Group PLC | 2727769 | 3192528 |
| London Stock Exchange Group PLC | 21531 | 2683454 |
| M&G PLC | 102736 | 355402 |
| Marks & Spencer Group PLC | 91659 | 479056 |
| Melrose Industries PLC | 56660 | 465715 |
| Mondi PLC | 18258 | 203949 |
| National Grid PLC | 220858 | 3307995 |
| NatWest Group PLC | 353733 | 2714159 |
| Next PLC | 5288 | 993515 |
| Pearson PLC | 28513 | 397096 |
| Phoenix Group Holdings PLC | 32400 | 286914 |
| Reckitt Benckiser Group PLC | 30361 | 2319997 |
| RELX PLC | 83020 | 3661685 |
| Rentokil Initial PLC | 109325 | 605717 |
| Rightmove PLC | 34932 | 306582 |
| Rio Tinto PLC | 48026 | 3461618 |
| Rolls-Royce Holdings PLC | 385514 | 5910958 |
| Schroders PLC | 37415 | 186505 |
| Segro PLC | 58987 | 540487 |
| Severn Trent PLC | 12435 | 454353 |
| Shell PLC | 266910 | 9985629 |
| Smith & Nephew PLC | 40523 | 748040 |
| Smiths Group PLC | 15672 | 518474 |
| Spirax Group PLC | 3479 | 324305 |
| SSE PLC | 48939 | 1231962 |
| Standard Chartered PLC | 86910 | 1780746 |
| Taylor Wimpey PLC | 167236 | 231149 |
| Tesco PLC | 296840 | 1791679 |
| The Sage Group PLC | 42510 | 642018 |
| The Weir Group PLC | 11719 | 455753 |
| Unilever PLC | 109626 | 6609650 |
| United Utilities Group PLC | 31467 | 496323 |
| Vodafone Group PLC | 892365 | 1080283 |
| Whitbread PLC | 7791 | 296544 |
| Wise PLC, Cl. A<sup>(a)</sup> <br>| 29339 | 372558 |
| WPP PLC | 42555 | 160744 |
|  |  | **126466658** |
| **United States — .2%** | **United States — .2%** | **United States — .2%** |
| Brookfield Asset Management Ltd., Cl. A | 18199 | 985446 |
| RB Global, Inc. | 8478 | 842022 |
|  |  | **1827468** |
| **Total Common Stocks** <br>(cost $845,976,177)<br>|  | **1024017714** |

---

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

**58**

------

---

| | | | |
|:---|:---|:---|:---|
| **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** | **BNY Mellon International Equity ETF (continued)** |
| Description | Preferred <br>Dividend <br>Rate (%)<br>| Shares | Value ($) |
| **Preferred Stocks — .2%** |  |  |  |
| **Germany — .2%** |  |  |  |
| Bayerische Motoren Werke AG | 4.32 | 2685 | 232582 |
| Dr. Ing. h.c. F. Porsche AG<sup>(b),(c)</sup> <br>| 2.31 | 4379 | 229716 |
| Henkel AG & Co. KGaA | 2.04 | 7595 | 615910 |
| Porsche Automobil Holding SE | 1.91 | 6874 | 273405 |
| Sartorius AG | 0.74 | 988 | 271517 |
| Volkswagen AG | 6.36 | 9154 | 953225 |
| **Total Preferred Stocks** <br>(cost $2,753,780)<br>|  |  | **2576355** |

---

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

---

| | | |
|:---|:---|:---|
|  | Number <br>of Rights<br>|  |
| **Rights — .0%** |  |  |
| **Norway — .0%** |  |  |
| Vend Marketplaces ASA <br>(cost $0)<br>| 3198 | **7141** |

---

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

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **Warrants — .0%** |  |  |
| **Canada — .0%** |  |  |
| Constellation Software, Inc. <br>(cost $0)<br>| 563 | **0** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | 1-Day <br>Yield (%)<br>|  |  |
| **Investment Companies — .1%** |  |  |  |
| **Registered Investment Companies — .1%** |  |  |  |
| Dreyfus Institutional Preferred Government Money Market Fund, <br> Institutional Shares<sup>(e)</sup> <br>(cost $814,347)<br>| 4.04 | 814347 | **814347** |
| **Investment of Cash Collateral for Securities Loaned — .0%** |  |  |  |
| **Registered Investment Companies — .0%** |  |  |  |
| Dreyfus Institutional Preferred Government Money Market Fund, <br> Institutional Shares<sup>(e)</sup> <br>(cost $366,686)<br>| 4.04 | 366686 | **366686** |
| **Total Investments** (cost $849,910,990) |  | **99.5%** | **1027782243** |
| **Cash and Receivables (Net)** |  | **.5%** | **4859672** |
| **Net Assets** |  | **100.0%** | **1032641915** |

---

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

---

| |
|:---|
| ADR—American Depositary Receipt |
| BR—Bearer Certificate |
| CDI—CREST Depository Interest |
| CVA—Company Voluntary Arrangement |
| PC—Participation Certificate |
| REIT—Real Estate Investment Trust |

---

&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 October 31, 2025, the value of the fund's securities on loan was $2,942,753 and the value of the collateral was $3,103,123, consisting of cash collateral of $366,686 and U.S. Government & Agency securities valued at $2,736,437. In addition, the value of collateral may include pending sales that are also on loan. 

**59**

------

SCHEDULES OF INVESTMENTS (continued)

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

<sup>(c)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2025, these securities amounted to $10,336,916 or 1.0% of net assets. 

<sup>(d)</sup> The fund held Level 3 securities at October 31, 2025. These securities were valued at $0 or .0% of net assets.

<sup>(e)</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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BNY Mellon International Equity ETF** | **BNY Mellon International Equity ETF** | **BNY Mellon International Equity ETF** | **BNY Mellon International Equity ETF** | **BNY Mellon International Equity ETF** | **BNY Mellon International Equity ETF** |
| **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** |
| Description | Value ($) <br>10/31/2024<br>| Purchases ($)<sup>†</sup> <br>| Sales ($) | Value ($) <br>10/31/2025<br>| Dividends/ <br>Distributions ($)<br>|
| **Registered Investment Companies - .1%** | **Registered Investment Companies - .1%** | **Registered Investment Companies - .1%** | **Registered Investment Companies - .1%** | **Registered Investment Companies - .1%** | **Registered Investment Companies - .1%** |
| Dreyfus Institutional Preferred Government Money <br> Market Fund, Institutional Shares - .1%<br>| 307275 | 46711283 | (46204211) | 814347 | 58794 |
| **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** |
| Dreyfus Institutional Preferred Government Money <br> Market Fund, Institutional Shares - .0%<br>| 399531 | 11403604 | (11436449) | 366686 | 7522 <br><sup>††</sup><br>|
| **Total - .1%** | **706806** | **58114887** | **(57640660)** | **1181033** | **66316** |

---

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

---

| | |
|:---|:---|
| <sup>†</sup> <br>| Includes reinvested dividends/distributions. |
| <sup>††</sup> <br>| 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>|

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BNY Mellon International Equity ETF** | **BNY Mellon International Equity ETF** | **BNY Mellon International Equity ETF** | **BNY Mellon International Equity ETF** | **BNY Mellon International Equity ETF** | **BNY Mellon International Equity ETF** |
| **Futures** | **Futures** | **Futures** | **Futures** | **Futures** | **Futures** |
| Description | Number of <br>Contracts<br>| Expiration | Notional <br>Value ($)<br>| Market <br>Value ($)<br>| Unrealized <br>Appreciation ($)<br>|
| **Futures Long** |  |  |  |  |  |
| MSCI EAFE Index | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; 4041013 | &nbsp;&nbsp; 4070295 | &nbsp;&nbsp; 29282 |
| S&P/TSX 60 Index | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 12/18/2025 | &nbsp;&nbsp; 499555<sup>(a)</sup> <br>| &nbsp;&nbsp; 508611 | &nbsp;&nbsp; 9056 |
| **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** |  |  | **38338** |

---

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

<sup>(a)</sup> Notional amounts in foreign currency have been converted to USD using relevant foreign exchange rates.

See notes to financial statements.

**60**

------

SCHEDULES OF INVESTMENTS

October 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF** | **BNY Mellon Emerging Markets Equity ETF** | **BNY Mellon Emerging Markets Equity ETF** | **BNY Mellon Emerging Markets Equity ETF** | **BNY Mellon Emerging Markets Equity ETF** | **BNY Mellon Emerging Markets Equity ETF** |
| Description |  | Coupon <br>Rate (%)<br>| Maturity <br>Date<br>| Principal <br>Amount ($)<sup>(a)</sup> <br>| Value ($) |
| **Bonds and Notes — .0%** | **Bonds and Notes — .0%** | **Bonds and Notes — .0%** | **Bonds and Notes — .0%** | **Bonds and Notes — .0%** | **Bonds and Notes — .0%** |
| **India — .0%** |  |  |  |  |  |
| TVS Motor Co. Ltd., Notes <br>(cost $0)<br>| INR | 6.00 | 9/1/2026 | 55760 | **628** |

---

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

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **Common Stocks — 98.2%** | **Common Stocks — 98.2%** | **Common Stocks — 98.2%** |
| **Australia — .0%** | **Australia — .0%** | **Australia — .0%** |
| MMG Ltd.<sup>(b),(c)</sup> <br>| 28000 | **24894** |
| **Brazil — 3.1%** | **Brazil — 3.1%** | **Brazil — 3.1%** |
| Ambev SA | 29044 | 68765 |
| B3 SA - Brasil Bolsa Balcao | 32124 | 75640 |
| Banco Bradesco SA | 13399 | 38641 |
| Banco BTG Pactual SA | 7945 | 72219 |
| Banco do Brasil SA | 12244 | 49930 |
| Banco Santander Brasil SA | 2097 | 12138 |
| BB Seguridade Participacoes SA | 4356 | 26693 |
| Caixa Seguridade Participacoes SA | 3920 | 10941 |
| Centrais Eletricas Brasileiras SA | 6503 | 67166 |
| Cia de Saneamento Basico do Estado de Sao Paulo | 3084 | 75726 |
| Cia Paranaense de Energia - Copel | 3690 | 8976 |
| CPFL Energia SA | 1124 | 8658 |
| CSN Mineracao SA | 3008 | 3391 |
| Embraer SA | 4333 | 70066 |
| Energisa SA | 1653 | 15873 |
| Eneva SA<sup>(b)</sup> <br>| 5967 | 20244 |
| Engie Brasil Energia SA | 1276 | 9454 |
| Equatorial Energia SA | 7966 | 54096 |
| Hapvida Participacoes e Investimentos SA<sup>(b),(d)</sup> <br>| 2389 | 13912 |
| Itau Unibanco Holding SA | 4016 | 26183 |
| JBS NV, Cl. A<sup>(b)</sup> <br>| 2124 | 28058 |
| Klabin SA | 5100 | 17018 |
| Localiza Rent a Car SA | 5659 | 41277 |
| Lojas Renner SA | 8222 | 22597 |
| Motiva Infraestrutura de Mobilidade SA | 8531 | 25141 |
| Natura Cosmeticos SA<sup>(b)</sup> <br>| 2036 | 3414 |
| Neoenergia SA | 814 | 4402 |
| NU Holdings Ltd., Cl. A<sup>(b)</sup> <br>| 22459 | 361814 |
| Pagseguro Digital Ltd., Cl. A | 1241 | 11901 |
| Petroleo Brasileiro SA | 23411 | 136549 |
| Porto Seguro SA | 783 | 6979 |
| PRIO SA<sup>(b)</sup> <br>| 5069 | 33774 |
| Raia Drogasil SA | 6400 | 23793 |
| Rede D'Or Sao Luiz SA<sup>(d)</sup> <br>| 4794 | 38440 |
| Rumo SA | 7812 | 23211 |
| StoneCo Ltd., Cl. A<sup>(b)</sup> <br>| 1483 | 28192 |
| Suzano SA | 4781 | 43316 |
| Telefonica Brasil SA | 5474 | 32792 |

---

**61**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **Brazil — 3.1% (continued)** | **Brazil — 3.1% (continued)** | **Brazil — 3.1% (continued)** |
| TIM SA | 5000 | 22525 |
| TOTVS SA | 2994 | 24746 |
| Ultrapar Participacoes SA | 4577 | 18223 |
| Vale SA | 23336 | 281714 |
| Vibra Energia SA | 7624 | 33723 |
| WEG SA | 9427 | 73646 |
| XP, Inc., Cl. A | 1878 | 34217 |
|  |  | **2100174** |
| **Canada — .0%** | **Canada — .0%** | **Canada — .0%** |
| China Gold International Resources Corp. Ltd. | 1400 | **23669** |
| **Chile — .4%** | **Chile — .4%** | **Chile — .4%** |
| Banco de Chile | 242901 | 42645 |
| Banco de Credito e Inversiones SA | 605 | 31112 |
| Banco Santander Chile | 341271 | 24693 |
| Cencosud SA | 8192 | 25415 |
| Cia Sud Americana de Vapores SA | 122776 | 6112 |
| Empresas CMPC SA | 5052 | 7292 |
| Empresas Copec SA | 2692 | 19255 |
| Enel Americas SA | 86341 | 8156 |
| Enel Chile SA | 176433 | 13483 |
| Falabella SA | 6968 | 43746 |
| Latam Airlines Group SA<sup>(b)</sup> <br>| 1855137 | 42294 |
| Plaza SA | 2679 | 7549 |
|  |  | **271752** |
| **China — 23.1%** | **China — 23.1%** | **China — 23.1%** |
| 360 Security Technology, Inc., Cl. A | 2900 | 4880 |
| 3SBio, Inc.<sup>(d)</sup> <br>| 12000 | 47554 |
| AAC Technologies Holdings, Inc. | 5500 | 28306 |
| Accelink Technologies Co. Ltd., Cl. A | 600 | 5312 |
| Advanced Micro-Fabrication Equipment, Inc. China, Cl. A | 138 | 5420 |
| AECC Aero-Engine Control Co. Ltd., Cl. A | 1400 | 3694 |
| AECC Aviation Power Co. Ltd., Cl. A | 200 | 1099 |
| Agricultural Bank of China Ltd., Cl. A | 35200 | 39389 |
| Agricultural Bank of China Ltd., Cl. H | 200000 | 152338 |
| Aier Eye Hospital Group Co. Ltd., Cl. A | 3800 | 6544 |
| Air China Ltd., Cl. A<sup>(b)</sup> <br>| 300 | 331 |
| Air China Ltd., Cl. H<sup>(b)</sup> <br>| 20000 | 14693 |
| Aisino Corp., Cl. A | 2500 | 2921 |
| Akeso, Inc.<sup>(b),(d)</sup> <br>| 4000 | 58362 |
| Aluminum Corp. of China Ltd., Cl. A | 6900 | 9690 |
| Aluminum Corp. of China Ltd., Cl. H | 24000 | 30509 |
| Amlogic Shanghai Co. Ltd., Cl. A<sup>(b)</sup> <br>| 140 | 1693 |
| Angang Steel Co. Ltd., Cl. A<sup>(b)</sup> <br>| 10700 | 4001 |
| Angel Yeast Co. Ltd., Cl. A | 1200 | 6549 |
| Anhui Conch Cement Co. Ltd., Cl. A | 1600 | 5216 |
| Anhui Conch Cement Co. Ltd., Cl. H | 8500 | 25307 |
| Anhui Expressway Co. Ltd., Cl. H | 4000 | 6341 |
| Anhui Gujing Distillery Co. Ltd., Cl. A | 200 | 4527 |
| Anhui Gujing Distillery Co. Ltd., Cl. B | 800 | 10108 |
| Anhui Jianghuai Automobile Group Corp. Ltd., Cl. A<sup>(b)</sup> <br>| 800 | 5728 |
| Anhui Kouzi Distillery Co. Ltd., Cl. A | 1800 | 8204 |

---

**62**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **China — 23.1% (continued)** | **China — 23.1% (continued)** | **China — 23.1% (continued)** |
| Anhui Yingjia Distillery Co. Ltd., Cl. A | 700 | 4170 |
| Anker Innovations Technology Co. Ltd., Cl. A | 520 | 8546 |
| ANTA Sports Products Ltd. | 6600 | 68784 |
| Ascentage Pharma Group International<sup>(b),(d)</sup> <br>| 1600 | 13690 |
| Asia - Potash International Investment Guangzhou Co. Ltd., Cl. A<sup>(b)</sup> <br>| 300 | 1762 |
| ASR Microelectronics Co. Ltd., Cl. A<sup>(b)</sup> <br>| 119 | 1562 |
| Asymchem Laboratories Tianjin Co. Ltd., Cl. A | 440 | 6067 |
| Asymchem Laboratories Tianjin Co. Ltd., Cl. H<sup>(d)</sup> <br>| 140 | 1508 |
| Atour Lifestyle Holdings Ltd., ADR | 318 | 12389 |
| Autohome, Inc., ADR | 266 | 6703 |
| Avary Holding Shenzhen Co. Ltd., Cl. A | 400 | 2955 |
| AviChina Industry & Technology Co. Ltd., Cl. H | 16000 | 8152 |
| BAIC BluePark New Energy Technology Co. Ltd., Cl. A<sup>(b)</sup> <br>| 3100 | 3639 |
| Baidu, Inc., Cl. A<sup>(b)</sup> <br>| 13900 | 210319 |
| Bank of Beijing Co. Ltd., Cl. A | 8000 | 6287 |
| Bank of Changsha Co. Ltd., Cl. A | 2900 | 3901 |
| Bank of Chengdu Co. Ltd., Cl. A | 2200 | 5199 |
| Bank of China Ltd., Cl. A | 15500 | 12224 |
| Bank of China Ltd., Cl. H | 413000 | 233808 |
| Bank of Chongqing Co. Ltd., Cl. A | 3300 | 4950 |
| Bank of Communications Co. Ltd., Cl. A | 20500 | 20692 |
| Bank of Communications Co. Ltd., Cl. H | 49000 | 43501 |
| Bank of Guiyang Co. Ltd., Cl. A | 1100 | 940 |
| Bank of Hangzhou Co. Ltd., Cl. A | 2600 | 5738 |
| Bank of Jiangsu Co. Ltd., Cl. A | 8200 | 12427 |
| Bank of Nanjing Co. Ltd., Cl. A | 2200 | 3498 |
| Bank of Ningbo Co. Ltd., Cl. A | 2900 | 11554 |
| Bank of Shanghai Co. Ltd., Cl. A | 2900 | 3869 |
| Bank of Suzhou Co. Ltd., Cl. A | 3200 | 3720 |
| Baoshan Iron & Steel Co. Ltd., Cl. A | 9700 | 10050 |
| Beijing Capital Eco-Environment Protection Group Co. Ltd., Cl. A | 7900 | 3543 |
| Beijing Compass Technology Development Co. Ltd., Cl. A<sup>(b)</sup> <br>| 245 | 4971 |
| Beijing Dabeinong Technology Group Co. Ltd., Cl. A | 2200 | 1274 |
| Beijing Easpring Material Technology Co. Ltd., Cl. A | 1000 | 9725 |
| Beijing E-Hualu Information Technology Co. Ltd., Cl. A<sup>(b)</sup> <br>| 400 | 1147 |
| Beijing Kingsoft Office Software, Inc., Cl. A | 184 | 9286 |
| Beijing New Building Materials PLC, Cl. A | 1200 | 4010 |
| Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Cl. A | 800 | 1451 |
| Beijing Shiji Information Technology Co. Ltd., Cl. A | 1690 | 2345 |
| Beijing Tiantan Biological Products Corp. Ltd., Cl. A | 340 | 881 |
| Beijing United Information Technology Co. Ltd., Cl. A | 700 | 2795 |
| Beijing Yanjing Brewery Co. Ltd., Cl. A | 300 | 496 |
| Beijing-Shanghai High Speed Railway Co. Ltd., Cl. A | 19000 | 13863 |
| Beiqi Foton Motor Co. Ltd., Cl. A<sup>(b)</sup> <br>| 6200 | 2615 |
| Bethel Automotive Safety Systems Co. Ltd., Cl. A | 560 | 3946 |
| Bilibili, Inc., Cl. Z<sup>(b)</sup> <br>| 1740 | 52028 |
| Biwin Storage Technology Co. Ltd., Cl. A<sup>(b)</sup> <br>| 273 | 5028 |
| Bloks Group Ltd.<sup>(b)</sup> <br>| 300 | 3439 |
| Bloomage Biotechnology Corp. Ltd., Cl. A | 97 | 736 |
| Bluefocus Intelligent Communications Group Co. Ltd., Cl. A<sup>(b)</sup> <br>| 3320 | 3430 |

---

**63**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **China — 23.1% (continued)** | **China — 23.1% (continued)** | **China — 23.1% (continued)** |
| BOC International China Co. Ltd., Cl. A | 1900 | 3753 |
| BOE Technology Group Co. Ltd., Cl. A | 14300 | 8162 |
| BTG Hotels Group Co. Ltd., Cl. A | 800 | 1634 |
| BYD Co. Ltd., Cl. A | 2600 | 36839 |
| BYD Co. Ltd., Cl. H | 22000 | 284758 |
| By-health Co. Ltd., Cl. A | 3400 | 5999 |
| Caitong Securities Co. Ltd., Cl. A | 2300 | 2781 |
| Cambricon Technologies Corp. Ltd., Cl. A<sup>(b)</sup> <br>| 170 | 32860 |
| Canmax Technologies Co. Ltd., Cl. A | 100 | 428 |
| Capital Securities Co. Ltd., Cl. A | 200 | 585 |
| Cathay Biotech, Inc., Cl. A | 159 | 1135 |
| CCCC Design & Consulting Group Co. Ltd., Cl. A | 400 | 431 |
| CCOOP Group Co. Ltd., Cl. A<sup>(b)</sup> <br>| 12800 | 4822 |
| CECEP Solar Energy Co. Ltd., Cl. A | 9200 | 6027 |
| CECEP Wind-Power Corp., Cl. A | 3000 | 1303 |
| CGN Power Co. Ltd., Cl. A | 2500 | 1385 |
| CGN Power Co. Ltd., Cl. H<sup>(d)</sup> <br>| 69000 | 27344 |
| Chagee Holdings, Ltd., ADR<sup>(b),(c)</sup> <br>| 253 | 3959 |
| Changjiang Securities Co. Ltd., Cl. A | 3900 | 4836 |
| Chaozhou Three-Circle Group Co. Ltd., Cl. A | 1500 | 10478 |
| Chifeng Jilong Gold Mining Co. Ltd., Cl. H | 1200 | 4447 |
| China Baoan Group Co. Ltd., Cl. A | 2400 | 3866 |
| China Cinda Asset Management Co. Ltd., Cl. H | 58000 | 9403 |
| China CITIC Bank Corp. Ltd., Cl. H | 57000 | 54344 |
| China CITIC Financial Asset Management Co. Ltd., Cl. H<sup>(b),(d)</sup> <br>| 87000 | 11530 |
| China Coal Energy Co. Ltd., Cl. A | 3200 | 6109 |
| China Coal Energy Co. Ltd., Cl. H | 15000 | 21133 |
| China Communications Services Corp. Ltd., Cl. H | 28000 | 16788 |
| China Construction Bank Corp., Cl. A | 4600 | 5904 |
| China Construction Bank Corp., Cl. H | 608000 | 602352 |
| China CSSC Holdings Ltd., Cl. A | 1900 | 9589 |
| China Eastern Airlines Corp. Ltd., Cl. A<sup>(b)</sup> <br>| 3300 | 2227 |
| China Eastern Airlines Corp. Ltd., Cl. H<sup>(b)</sup> <br>| 24000 | 12321 |
| China Energy Engineering Corp. Ltd., Cl. A | 5400 | 1829 |
| China Energy Engineering Corp. Ltd., Cl. H | 64000 | 9552 |
| China Everbright Bank Co. Ltd., Cl. A | 8000 | 3756 |
| China Everbright Bank Co. Ltd., Cl. H | 61000 | 25037 |
| China Feihe Ltd.<sup>(d)</sup> <br>| 13000 | 6941 |
| China Galaxy Securities Co. Ltd., Cl. A | 1600 | 3954 |
| China Galaxy Securities Co. Ltd., Cl. H | 20500 | 29488 |
| China Great Wall Securities Co. Ltd., Cl. A | 3100 | 4816 |
| China Greatwall Technology Group Co. Ltd., Cl. A<sup>(b)</sup> <br>| 1900 | 4517 |
| China Hongqiao Group Ltd. | 15000 | 56972 |
| China International Capital Corp. Ltd., Cl. A | 1200 | 6216 |
| China International Capital Corp. Ltd., Cl. H<sup>(d)</sup> <br>| 9600 | 26112 |
| China International Marine Containers Group Co. Ltd., Cl. A | 3300 | 3660 |
| China Jushi Co. Ltd., Cl. A | 2100 | 4842 |
| China Life Insurance Co. Ltd., Cl. A | 1000 | 6181 |
| China Life Insurance Co. Ltd., Cl. H | 48000 | 151432 |
| China Literature Ltd.<sup>(b),(d)</sup> <br>| 3200 | 17202 |

---

**64**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **China — 23.1% (continued)** | **China — 23.1% (continued)** | **China — 23.1% (continued)** |
| China Longyuan Power Group Corp. Ltd., Cl. H | 22000 | 20380 |
| China Merchants Bank Co. Ltd., Cl. A | 9000 | 51735 |
| China Merchants Bank Co. Ltd., Cl. H | 24500 | 153326 |
| China Merchants Energy Shipping Co. Ltd., Cl. A | 2600 | 3385 |
| China Merchants Expressway Network & Technology Holdings Co. Ltd., Cl. A | 2500 | 3606 |
| China Merchants Securities Co. Ltd., Cl. A | 2400 | 5847 |
| China Merchants Securities Co. Ltd., Cl. H<sup>(d)</sup> <br>| 2200 | 4413 |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd., Cl. A | 3100 | 4118 |
| China Minsheng Banking Corp. Ltd., Cl. A | 16600 | 9124 |
| China Minsheng Banking Corp. Ltd., Cl. H | 43000 | 22019 |
| China National Building Material Co. Ltd., Cl. H | 32000 | 22686 |
| China National Chemical Engineering Co. Ltd., Cl. A | 4600 | 4999 |
| China National Nuclear Power Co. Ltd., Cl. A | 8200 | 10352 |
| China National Software & Service Co. Ltd., Cl. A<sup>(b)</sup> <br>| 90 | 662 |
| China Nonferrous Mining Corp. Ltd. | 11000 | 20310 |
| China Northern Rare Earth Group High-Tech Co. Ltd., Cl. A | 2100 | 15000 |
| China Oilfield Services Ltd., Cl. A | 1100 | 2225 |
| China Oilfield Services Ltd., Cl. H | 12000 | 11688 |
| China Pacific Insurance Group Co. Ltd., Cl. A | 4100 | 20461 |
| China Pacific Insurance Group Co. Ltd., Cl. H | 15000 | 60794 |
| China Petroleum & Chemical Corp., Cl. A | 15100 | 11611 |
| China Petroleum & Chemical Corp., Cl. H | 116000 | 61640 |
| China Railway Group Ltd., Cl. A | 7400 | 5846 |
| China Railway Group Ltd., Cl. H | 28000 | 14194 |
| China Railway Signal & Communication Corp. Ltd., Cl. A | 3228 | 2410 |
| China Railway Signal & Communication Corp. Ltd., Cl. H<sup>(d)</sup> <br>| 11000 | 4826 |
| China Reinsurance Group Corp., Cl. H | 29000 | 5895 |
| China Resources Beverage Holdings Co. Ltd. | 3400 | 4598 |
| China Resources Microelectronics Ltd., Cl. A | 295 | 2104 |
| China Resources Mixc Lifestyle Services Ltd.<sup>(d)</sup> <br>| 4000 | 20905 |
| China Resources Pharmaceutical Group Ltd.<sup>(d)</sup> <br>| 500 | 320 |
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Cl. A | 600 | 2432 |
| China Science Publishing & Media Ltd., Cl. A | 100 | 274 |
| China Shenhua Energy Co. Ltd., Cl. A | 2100 | 12550 |
| China Shenhua Energy Co. Ltd., Cl. H | 25000 | 130143 |
| China Southern Airlines Co. Ltd., Cl. A<sup>(b)</sup> <br>| 2800 | 2625 |
| China Southern Airlines Co. Ltd., Cl. H<sup>(b)</sup> <br>| 22000 | 13247 |
| China Southern Power Grid Energy Storage Co. Ltd., Cl. A | 2900 | 5165 |
| China State Construction Engineering Corp. Ltd., Cl. A | 18700 | 14275 |
| China Suntien Green Energy Corp. Ltd., Cl. H | 15000 | 8395 |
| China Three Gorges Renewables Group Co. Ltd., Cl. A | 12600 | 7528 |
| China Tourism Group Duty Free Corp. Ltd., Cl. A | 400 | 4278 |
| China Tourism Group Duty Free Corp., Ltd., Cl. H<sup>(d)</sup> <br>| 800 | 6876 |
| China Tower Corp. Ltd., Cl. H<sup>(d)</sup> <br>| 26400 | 38145 |
| China United Network Communications Ltd., Cl. A | 13300 | 10134 |
| China Vanke Co. Ltd., Cl. A<sup>(b)</sup> <br>| 3200 | 2821 |
| China Vanke Co. Ltd., Cl. H<sup>(b)</sup> <br>| 14200 | 8039 |
| China XD Electric Co. Ltd., Cl. A | 2900 | 3249 |
| China Yangtze Power Co. Ltd., Cl. A | 8900 | 35158 |
| China Zhenhua Group Science & Technology Co. Ltd., Cl. A | 200 | 1418 |

---

**65**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **China — 23.1% (continued)** | **China — 23.1% (continued)** | **China — 23.1% (continued)** |
| China Zheshang Bank Co. Ltd., Cl. A | 15600 | 6557 |
| China Zheshang Bank Co. Ltd., Cl. H | 10000 | 3255 |
| Chongqing Brewery Co., Ltd., Cl. A | 700 | 5284 |
| Chongqing Changan Automobile Co. Ltd., Cl. A | 3186 | 5549 |
| Chongqing Changan Automobile Co. Ltd., Cl. B | 12150 | 7066 |
| Chongqing Rural Commercial Bank Co. Ltd., Cl. A | 800 | 778 |
| Chongqing Rural Commercial Bank Co. Ltd., Cl. H | 12000 | 9866 |
| Chongqing Zhifei Biological Products Co. Ltd., Cl. A | 1100 | 3184 |
| CITIC Ltd. | 36000 | 55675 |
| Citic Pacific Special Steel Group Co. Ltd., Cl. A | 1100 | 2256 |
| CITIC Securities Co. Ltd., Cl. A | 4035 | 16665 |
| CITIC Securities Co. Ltd., Cl. H | 11500 | 43768 |
| CMOC Group Ltd., Cl. A | 4200 | 10061 |
| CMOC Group Ltd., Cl. H | 30000 | 64924 |
| CNGR Advanced Material Co. Ltd., Cl. A | 1120 | 7249 |
| CNPC Capital Co. Ltd., Cl. A | 2800 | 4121 |
| Contemporary Amperex Technology Co. Ltd., Cl. A | 1900 | 103841 |
| Contemporary Amperex Technology Co. Ltd., Cl. H | 700 | 50301 |
| COSCO SHIPPING Development Co. Ltd., Cl. A | 18100 | 6667 |
| COSCO Shipping Energy Transportation Co. Ltd., Cl. A | 3600 | 6827 |
| COSCO Shipping Energy Transportation Co. Ltd., Cl. H | 2000 | 2831 |
| COSCO SHIPPING Holdings Co. Ltd., Cl. A | 5700 | 12028 |
| COSCO SHIPPING Holdings Co. Ltd., Cl. H | 17000 | 29506 |
| Country Garden Services Holdings Co. Ltd. | 14000 | 11132 |
| CRRC Corp. Ltd., Cl. A | 11100 | 11969 |
| CRRC Corp. Ltd., Cl. H | 29000 | 21977 |
| CSC Financial Co. Ltd., Cl. A | 1100 | 4050 |
| CSC Financial Co. Ltd., Cl. H<sup>(d)</sup> <br>| 6000 | 10167 |
| CSPC Innovation Pharmaceutical Co. Ltd., Cl. A | 400 | 1991 |
| CSSC Science & Technology Co. Ltd., Cl. A | 2000 | 3368 |
| Daqin Railway Co. Ltd., Cl. A | 6700 | 5397 |
| DaShenLin Pharmaceutical Group Co. Ltd., Cl. A | 1200 | 3084 |
| Datang International Power Generation Co. Ltd., Cl. A | 4600 | 2354 |
| Datang International Power Generation Co. Ltd., Cl. H | 8000 | 2460 |
| DHC Software Co. Ltd., Cl. A | 2000 | 2907 |
| Do-Fluoride New Materials Co. Ltd., Cl. A | 1100 | 4392 |
| Dong-E-E-Jiao Co. Ltd., Cl. A | 1000 | 6676 |
| Dongfang Electric Corp. Ltd., Cl. H | 3200 | 7819 |
| Dongfeng Motor Group Co. Ltd., Cl. H<sup>(b)</sup> <br>| 14000 | 16932 |
| Dongguan Yiheda Automation Co. Ltd., Cl. A | 100 | 404 |
| Dongxing Securities Co. Ltd., Cl. A | 2000 | 3562 |
| Duality Biotherapeutics, Inc.<sup>(b)</sup> <br>| 400 | 16160 |
| East Money Information Co. Ltd., Cl. A | 6700 | 24018 |
| Eastern Air Logistics Co. Ltd., Cl. A | 100 | 225 |
| Eastroc Beverage Group Co. Ltd., Cl. A | 230 | 9053 |
| Easyhome New Retail Group Co. Ltd., Cl. A<sup>(b)</sup> <br>| 300 | 122 |
| Ecovacs Robotics Co. Ltd., Cl. A | 700 | 8797 |
| ENN Energy Holdings Ltd. | 4100 | 35687 |
| ENN Natural Gas Co. Ltd., Cl. A | 1500 | 4116 |
| Eoptolink Technology, Inc. Ltd., Cl. A | 400 | 19361 |

---

**66**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **China — 23.1% (continued)** | **China — 23.1% (continued)** | **China — 23.1% (continued)** |
| Eve Energy Co. Ltd., Cl. A | 900 | 10524 |
| Everbright Securities Co. Ltd., Cl. A | 2400 | 6279 |
| FAW Jiefang Group Co., Ltd., Cl. A | 5800 | 5854 |
| Flat Glass Group Co. Ltd., Cl. A | 700 | 1821 |
| Flat Glass Group Co. Ltd., Cl. H | 4000 | 6289 |
| Focus Media Information Technology Co. Ltd., Cl. A | 5600 | 6101 |
| Foshan Haitian Flavouring & Food Co. Ltd., Cl. A | 1882 | 10083 |
| Founder Securities Co. Ltd., Cl. A | 4800 | 5553 |
| Foxconn Industrial Internet Co. Ltd., Cl. A | 4200 | 42511 |
| Fujian Kuncai Material Technology Co. Ltd., Cl. A<sup>(b)</sup> <br>| 200 | 519 |
| Fujian Sunner Development Co. Ltd., Cl. A | 200 | 476 |
| Full Truck Alliance Co. Ltd., ADR | 4504 | 58552 |
| Fuyao Glass Industry Group Co. Ltd., Cl. A | 2100 | 19927 |
| Fuyao Glass Industry Group Co. Ltd., Cl. H<sup>(d)</sup> <br>| 2400 | 21415 |
| GalaxyCore, Inc., Cl. A | 881 | 1977 |
| Gan & Lee Pharmaceuticals Co. Ltd., Cl. A | 800 | 7645 |
| Ganfeng Lithium Co. Ltd., Cl. A | 200 | 1941 |
| Ganfeng Lithium Co. Ltd., Cl. H<sup>(d)</sup> <br>| 2960 | 19537 |
| GD Power Development Co. Ltd., Cl. A | 5400 | 4016 |
| GDS Holdings Ltd., Cl. A<sup>(b)</sup> <br>| 7300 | 32085 |
| GEM Co. Ltd., Cl. A | 2200 | 2635 |
| Gemdale Corp., Cl. A<sup>(b)</sup> <br>| 4800 | 2638 |
| Genscript Biotech Corp.<sup>(b)</sup> <br>| 10000 | 20715 |
| GF Securities Co. Ltd., Cl. A | 3400 | 10788 |
| GF Securities Co. Ltd., Cl. H | 6000 | 14490 |
| Giant Biogene Holding Co. Ltd.<sup>(d)</sup> <br>| 2600 | 12444 |
| GigaDevice Semiconductor, Inc., Cl. A | 180 | 5567 |
| Glodon Co. Ltd., Cl. A | 1400 | 2895 |
| GoerTek, Inc., Cl. A | 800 | 3694 |
| Goldwind Science & Technology Co. Ltd., Cl. A | 1600 | 3531 |
| Goldwind Science & Technology Co. Ltd., Cl. H | 4000 | 6793 |
| Goneo Group Co. Ltd., Cl. A | 112 | 688 |
| Gotion High-tech Co. Ltd., Cl. A | 1100 | 7038 |
| Great Wall Motor Co. Ltd., Cl. A | 200 | 641 |
| Great Wall Motor Co. Ltd., Cl. H | 17500 | 34067 |
| Gree Electric Appliances, Inc. of Zhuhai, Cl. A | 2800 | 15647 |
| Greenland Holdings Corp. Ltd., Cl. A<sup>(b)</sup> <br>| 4900 | 1219 |
| Greentown China Holdings Ltd. | 8000 | 8543 |
| GRG Banking Equipment Co. Ltd., Cl. A | 1400 | 2529 |
| Guangdong Haid Group Co. Ltd., Cl. A | 800 | 6567 |
| Guanghui Energy Co. Ltd., Cl. A | 1600 | 1185 |
| Guangshen Railway Co. Ltd., Cl. H | 22000 | 6454 |
| Guangzhou Automobile Group Co. Ltd., Cl. H | 16000 | 6711 |
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Cl. A | 300 | 1112 |
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Cl. H | 2000 | 4827 |
| Guangzhou Haige Communications Group, Inc. Co., Cl. A | 2200 | 3622 |
| Guangzhou Kingmed Diagnostics Group Co. Ltd., Cl. A | 200 | 841 |
| Guangzhou Shiyuan Electronic Technology Co. Ltd., Cl. A | 1100 | 6451 |
| Guangzhou Tinci Materials Technology Co. Ltd., Cl. A | 200 | 1121 |
| Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Cl. A | 3100 | 3526 |

---

**67**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **China — 23.1% (continued)** | **China — 23.1% (continued)** | **China — 23.1% (continued)** |
| Guolian Minsheng Securities Co. Ltd., Cl. A | 7500 | 11608 |
| Guosen Securities Co. Ltd., Cl. A | 2800 | 5526 |
| Guotai Haitong Securities Co. Ltd. | 4700 | 12805 |
| Guotai Haitong Securities Co. Ltd., Cl. H<sup>(d)</sup> <br>| 15800 | 30249 |
| Guoyuan Securities Co. Ltd., Cl. A | 3000 | 3694 |
| H World Group Ltd. | 12800 | 49835 |
| Haidilao International Holding Ltd.<sup>(c),(d)</sup> <br>| 8000 | 13175 |
| Haier Smart Home Co. Ltd., Cl. A | 4300 | 16206 |
| Haier Smart Home Co. Ltd., Cl. H | 13800 | 44815 |
| Hainan Airlines Holding Co. Ltd., Cl. A<sup>(b)</sup> <br>| 15200 | 3782 |
| Hainan Airport Infrastructure Co. Ltd., Cl. A | 8300 | 5752 |
| Haitian International Holdings Ltd. | 5000 | 13664 |
| Hangcha Group Co. Ltd., Cl. A | 300 | 1212 |
| Hangzhou Binjiang Real Estate Group Co. Ltd., Cl. A | 3000 | 4479 |
| Hangzhou First Applied Material Co. Ltd., Cl. A | 1479 | 3264 |
| Hangzhou Lion Electronics Co. Ltd., Cl. A<sup>(b)</sup> <br>| 200 | 984 |
| Hangzhou Silan Microelectronics Co. Ltd., Cl. A | 1200 | 5376 |
| Hangzhou Tigermed Consulting Co. Ltd., Cl. A | 700 | 5893 |
| Hangzhou Tigermed Consulting Co. Ltd., Cl. H<sup>(d)</sup> <br>| 200 | 1198 |
| Han's Laser Technology Industry Group Co. Ltd., Cl. A | 400 | 2316 |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(d)</sup> <br>| 8000 | 36685 |
| Haohua Chemical Science & Technology Co. Ltd., Cl. A | 100 | 446 |
| Hebei Hengshui Laobaigan Liquor Co. Ltd., Cl. A | 300 | 713 |
| Hebei Sinopack Electronic Technology Co. Ltd., Cl. A | 1400 | 11220 |
| Heilongjiang Agriculture Co. Ltd., Cl. A | 200 | 406 |
| Henan Shenhuo Coal & Power Co. Ltd., Cl. A | 600 | 2086 |
| Henan Shuanghui Investment & Development Co. Ltd., Cl. A | 600 | 2171 |
| Hengdian Group DMEGC Magnetics Co. Ltd., Cl. A | 300 | 893 |
| Hengli Petrochemical Co. Ltd., Cl. A | 2000 | 5047 |
| Hengtong Optic-electric Co. Ltd., Cl. A | 1200 | 3772 |
| Hengyi Petrochemical Co. Ltd., Cl. A | 2800 | 2637 |
| Hisense Home Appliances Group Co. Ltd., Cl. A | 500 | 1799 |
| Hisense Home Appliances Group Co. Ltd., Cl. H | 2000 | 5903 |
| Hithink RoyalFlush Information Network Co. Ltd., Cl. A | 200 | 10213 |
| HLA Group Corp. Ltd., Cl. A | 3800 | 3307 |
| Hongta Securities Co. Ltd., Cl. A | 2800 | 3452 |
| Horizon Robotics<sup>(b)</sup> <br>| 55800 | 63179 |
| Hoshine Silicon Industry Co. Ltd., Cl. A | 200 | 1394 |
| Hua Hong Semiconductor Ltd., Cl. H<sup>(b),(d)</sup> <br>| 6000 | 61566 |
| Huaan Securities Co., Ltd., Cl. A | 9200 | 8575 |
| Huadian Power International Corp. Ltd., Cl. A | 2000 | 1521 |
| Huadian Power International Corp. Ltd., Cl. H | 20000 | 11786 |
| Huadong Medicine Co. Ltd., Cl. A | 1100 | 6430 |
| Huafon Chemical Co. Ltd., Cl. A | 2300 | 2900 |
| Huaibei Mining Holdings Co. Ltd., Cl. A | 1900 | 3547 |
| Hualan Biological Engineering, Inc., Cl. A | 1000 | 2266 |
| Huaneng Lancang River Hydropower, Inc., Cl. A | 3200 | 4427 |
| Huaneng Power International, Inc., Cl. A | 3200 | 3657 |
| Huaneng Power International, Inc., Cl. H | 22000 | 18172 |
| Huatai Securities Co. Ltd., Cl. A | 2100 | 6412 |

---

**68**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **China — 23.1% (continued)** | **China — 23.1% (continued)** | **China — 23.1% (continued)** |
| Huatai Securities Co. Ltd., Cl. H<sup>(d)</sup> <br>| 10000 | 25141 |
| Huaxi Securities Co. Ltd., Cl. A | 2000 | 2837 |
| Huaxia Bank Co. Ltd., Cl. A | 1900 | 1819 |
| Huaxia Eye Hospital Group Co. Ltd., Cl. A | 1300 | 3573 |
| Huayu Automotive Systems Co. Ltd., Cl. A | 1100 | 3158 |
| Hubei Feilihua Quartz Glass Co. Ltd., Cl. A | 300 | 3313 |
| Hubei Xingfa Chemicals Group Co. Ltd., Cl. A | 1400 | 5623 |
| Huizhou Desay Sv Automotive Co. Ltd., Cl. A | 500 | 8328 |
| Humanwell Healthcare Group Co. Ltd., Cl. A | 300 | 892 |
| Hunan Valin Steel Co. Ltd., Cl. A | 4200 | 3407 |
| Hundsun Technologies, Inc., Cl. A | 700 | 3096 |
| Hwatsing Technology Co. Ltd., Cl. A | 89 | 1718 |
| Hygon Information Technology Co. Ltd., Cl. A | 859 | 27693 |
| IEIT Systems Co. Ltd., Cl. A | 700 | 6419 |
| Iflytek Co. Ltd., Cl. A | 1400 | 10943 |
| Imeik Technology Development Co. Ltd., Cl. A | 80 | 1800 |
| Industrial & Commercial Bank of China Ltd., Cl. A | 25700 | 28108 |
| Industrial & Commercial Bank of China Ltd., Cl. H | 432000 | 334608 |
| Industrial Bank Co. Ltd., Cl. A | 8300 | 23605 |
| Industrial Securities Co. Ltd., Cl. A | 2100 | 2031 |
| INESA Intelligent Tech, Inc., Cl. B | 10000 | 7170 |
| Ingenic Semiconductor Co. Ltd., Cl. A | 200 | 2441 |
| Inner Mongolia BaoTou Steel Union Co. Ltd., Cl. A | 22700 | 8106 |
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Cl. A | 5100 | 3707 |
| Inner Mongolia Yili Industrial Group Co. Ltd., Cl. A | 2500 | 9633 |
| Inner Mongolia Yitai Coal Co. Ltd., Cl. B | 6500 | 12681 |
| Inner Mongolia Yuan Xing Energy Co. Ltd., Cl. A | 3200 | 3041 |
| InnoScience Suzhou Technology Holding Co. Ltd., Cl. H<sup>(b)</sup> <br>| 1500 | 15140 |
| Innovent Biologics, Inc.<sup>(b),(d)</sup> <br>| 9500 | 106341 |
| iQIYI, Inc., ADR<sup>(b)</sup> <br>| 4966 | 11471 |
| Isoftstone Information Technology Group Co. Ltd., Cl. A | 800 | 5984 |
| J&T Global Express Ltd.<sup>(b)</sup> <br>| 36400 | 46693 |
| JA Solar Technology Co. Ltd., Cl. A<sup>(b)</sup> <br>| 1576 | 3119 |
| Jason Furniture Hangzhou Co. Ltd., Cl. A | 800 | 3465 |
| JCET Group Co. Ltd., Cl. A | 1500 | 8439 |
| JD Health International, Inc.<sup>(b)</sup> <br>| 6700 | 52326 |
| JD Logistics, Inc.<sup>(b),(d)</sup> <br>| 9800 | 15963 |
| JD.com, Inc., Cl. A | 17816 | 292494 |
| Jiangsu Eastern Shenghong Co. Ltd., Cl. A<sup>(b)</sup> <br>| 2800 | 3641 |
| Jiangsu Expressway Co. Ltd., Cl. H | 10000 | 12172 |
| Jiangsu Hengli Hydraulic Co. Ltd., Cl. A | 644 | 8698 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Cl. A | 3340 | 30121 |
| Jiangsu Hengrui Pharmaceuticals Co., Ltd., Cl. H<sup>(b)</sup> <br>| 800 | 7740 |
| Jiangsu Pacific Quartz Co. Ltd., Cl. A | 100 | 580 |
| Jiangsu Xukuang Energy Co. Ltd., Cl. A | 8800 | 6049 |
| Jiangsu Yanghe Distillery Co., Ltd., Cl. A | 1100 | 10948 |
| Jiangsu Yangnong Chemical Co. Ltd., Cl. A | 700 | 6393 |
| Jiangsu Yoke Technology Co. Ltd., Cl. A | 600 | 6528 |
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Cl. A | 1100 | 5572 |
| Jiangsu Zhongtian Technology Co. Ltd., Cl. A | 2100 | 5004 |

---

**69**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **China — 23.1% (continued)** | **China — 23.1% (continued)** | **China — 23.1% (continued)** |
| Jiangxi Copper Co. Ltd., Cl. A | 1900 | 10975 |
| Jiangxi Copper Co. Ltd., Cl. H | 9000 | 37588 |
| Jiangxi Zhengbang Technology Co. Ltd., Cl. A<sup>(b)</sup> <br>| 5900 | 2414 |
| Jinduicheng Molybdenum Co. Ltd., Cl. A | 1700 | 3590 |
| Joincare Pharmaceutical Group Industry Co. Ltd., Cl. A | 1700 | 2906 |
| Jonjee Hi-Tech Industrial and Commercial Holding Co. Ltd., Cl. A | 1100 | 2819 |
| Juneyao Airlines Co. Ltd., Cl. A | 1400 | 2549 |
| Kanzhun Ltd., ADR | 1941 | 43013 |
| KE Holdings, Inc., Cl. A | 13400 | 75929 |
| Keda Industrial Group Co. Ltd., Cl. A | 1400 | 2580 |
| Kingdee International Software Group Co. Ltd.<sup>(b)</sup> <br>| 21000 | 39610 |
| Kingfa Sci & Tech Co. Ltd., Cl. A | 1300 | 3690 |
| Kingnet Network Co. Ltd., Cl. A | 1300 | 4353 |
| Kingsoft Cloud Holdings Ltd.<sup>(b)</sup> <br>| 14000 | 11726 |
| Kingsoft Corp. Ltd. | 6600 | 28753 |
| Kuaishou Technology<sup>(d)</sup> <br>| 18300 | 170351 |
| Kuang-Chi Technologies Co. Ltd., Cl. A | 1500 | 9607 |
| Kunlun Tech Co. Ltd., Cl. A<sup>(b)</sup> <br>| 1100 | 7124 |
| Kweichow Moutai Co. Ltd., Cl. A | 400 | 80412 |
| Lao Feng Xiang Co. Ltd., Cl. B | 1400 | 5121 |
| Laopu Gold Co. Ltd. | 200 | 17614 |
| LB Group Co. Ltd., Cl. A | 2000 | 5176 |
| Lenovo Group Ltd. | 48000 | 70158 |
| Lens Technology Co. Ltd., Cl. A | 2800 | 11584 |
| Lepu Medical Technology Beijing Co. Ltd., Cl. A | 600 | 1531 |
| Levima Advanced Materials Corp., Cl. A | 1100 | 3091 |
| Li Auto, Inc., Cl. A<sup>(b),(c)</sup> <br>| 7400 | 75931 |
| Li Ning Co. Ltd. | 15500 | 33664 |
| Liaoning Port Co. Ltd., Cl. A | 8600 | 2067 |
| Lingyi iTech Guangdong Co., Cl. A | 3600 | 7910 |
| Livzon Pharmaceutical Group, Inc., Cl. H | 1800 | 7240 |
| Longfor Group Holdings Ltd.<sup>(d)</sup> <br>| 14500 | 17929 |
| LONGi Green Energy Technology Co. Ltd., Cl. A<sup>(b)</sup> <br>| 2436 | 7229 |
| Loongson Technology Corp. Ltd., Cl. A<sup>(b)</sup> <br>| 87 | 1687 |
| Lufax Holding Ltd., ADR<sup>(b),(c)</sup> <br>| 1586 | 4948 |
| Luxshare Precision Industry Co. Ltd., Cl. A | 2200 | 19484 |
| Luzhou Laojiao Co. Ltd., Cl. A | 600 | 11348 |
| Mao Geping Cosmetics Co. Ltd., Cl. H | 800 | 9243 |
| Meihua Holdings Group Co. Ltd., Cl. A | 2500 | 3926 |
| Meinian Onehealth Healthcare Holdings Co. Ltd., Cl. A | 4000 | 3166 |
| Meitu, Inc.<sup>(d)</sup> <br>| 15500 | 17191 |
| Meituan, Cl. B<sup>(b),(d)</sup> <br>| 33470 | 439250 |
| Metallurgical Corp. of China Ltd., Cl. A | 6500 | 3189 |
| Metallurgical Corp. of China Ltd., Cl. H | 18000 | 5489 |
| Midea Group Co. Ltd., Cl. A | 2900 | 31147 |
| Midea Group Co. Ltd., Cl. H | 4000 | 43231 |
| Ming Yang Smart Energy Group Ltd., Cl. A | 2600 | 5534 |
| MINISO Group Holding Ltd. | 3000 | 15903 |
| Mixue Group, Cl. H<sup>(b)</sup> <br>| 200 | 10638 |
| Montage Technology Co. Ltd., Cl. A | 535 | 10251 |

---

**70**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **China — 23.1% (continued)** | **China — 23.1% (continued)** | **China — 23.1% (continued)** |
| Muyuan Foods Co. Ltd., Cl. A | 2020 | 14284 |
| Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Cl. A | 1200 | 1694 |
| Nanjing Securities Co. Ltd., Cl. A | 2200 | 2620 |
| NARI Technology Co. Ltd., Cl. A | 3144 | 10709 |
| National Silicon Industry Group Co. Ltd., Cl. A<sup>(b)</sup> <br>| 1196 | 3844 |
| NAURA Technology Group Co. Ltd., Cl. A | 210 | 12017 |
| NavInfo Co. Ltd., Cl. A<sup>(b)</sup> <br>| 2500 | 3163 |
| NetEase, Inc. | 11200 | 312704 |
| New China Life Insurance Co. Ltd., Cl. A | 300 | 2860 |
| New China Life Insurance Co. Ltd., Cl. H | 5900 | 37273 |
| New Hope Liuhe Co. Ltd., Cl. A | 6000 | 8207 |
| New Oriental Education & Technology Group, Inc.<sup>(b)</sup> <br>| 8400 | 50472 |
| Ninestar Corp., Cl. A<sup>(b)</sup> <br>| 100 | 305 |
| Ningbo Deye Technology Co. Ltd., Cl. A | 442 | 4628 |
| Ningbo Shanshan Co. Ltd., Cl. A<sup>(b)</sup> <br>| 2400 | 4639 |
| Ningbo Tuopu Group Co. Ltd., Cl. A | 840 | 8712 |
| Ningbo Zhoushan Port Co. Ltd., Cl. A | 1600 | 846 |
| Ningxia Baofeng Energy Group Co. Ltd., Cl. A | 4000 | 10369 |
| NIO, Inc., Cl. A<sup>(b)</sup> <br>| 10610 | 74536 |
| Nongfu Spring Co. Ltd., Cl. H<sup>(d)</sup> <br>| 11200 | 74357 |
| North Industries Group Red Arrow Co. Ltd., Cl. A<sup>(b)</sup> <br>| 1200 | 3099 |
| OFILM Group Co. Ltd., Cl. A<sup>(b)</sup> <br>| 1300 | 2253 |
| OmniVision Integrated Circuits Group, Inc. | 740 | 13598 |
| Onewo, Inc., Cl. H | 500 | 1435 |
| Oppein Home Group, Inc., Cl. A | 700 | 5265 |
| Orient Securities Co. Ltd., Cl. A | 1592 | 2437 |
| Orient Securities Co. Ltd., Cl. H<sup>(d)</sup> <br>| 6800 | 6352 |
| Oriental Pearl Group Co. Ltd., Cl. A | 4200 | 5727 |
| Ovctek China, Inc., Cl. A | 400 | 937 |
| Pangang Group Vanadium Titanium & Resources Co. Ltd., Cl. A<sup>(b)</sup> <br>| 4300 | 1826 |
| People.cn Co. Ltd., Cl. A | 1000 | 2840 |
| Perfect World Co. Ltd., Cl. A | 1700 | 4094 |
| PetroChina Co. Ltd., Cl. A | 7400 | 9519 |
| PetroChina Co. Ltd., Cl. H | 140000 | 144464 |
| Pharmaron Beijing Co. Ltd., Cl. H<sup>(d)</sup> <br>| 1900 | 6361 |
| PICC Property & Casualty Co. Ltd., Cl. H | 44000 | 103940 |
| Ping An Bank Co. Ltd., Cl. A | 6200 | 9866 |
| Ping An Insurance Group Co. of China Ltd., Cl. A | 5500 | 44713 |
| Ping An Insurance Group Co. of China Ltd., Cl. H | 40000 | 288979 |
| Piotech, Inc., Cl. A | 66 | 2830 |
| Poly Developments and Holdings Group Co. Ltd., Cl. A | 5900 | 6080 |
| Poly Property Development Co. Ltd., Cl. H | 2200 | 9494 |
| Pony AI, Inc., ADR<sup>(b),(c)</sup> <br>| 1019 | 19035 |
| Pop Mart International Group Ltd.<sup>(d)</sup> <br>| 4200 | 119750 |
| Postal Savings Bank of China Co. Ltd., Cl. A | 8500 | 6871 |
| Postal Savings Bank of China Co. Ltd., Cl. H<sup>(d)</sup> <br>| 68000 | 47945 |
| Power Construction Corp. of China Ltd., Cl. A | 4700 | 3726 |
| Qfin Holdings, Inc., ADR | 529 | 12775 |
| Qinghai Salt Lake Industry Co. Ltd., Cl. A<sup>(b)</sup> <br>| 4100 | 14294 |
| Qunabox Group Ltd.<sup>(b)</sup> <br>| 100 | 471 |

---

**71**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **China — 23.1% (continued)** | **China — 23.1% (continued)** | **China — 23.1% (continued)** |
| Quzhou Xin'an Development Co. Ltd., Cl. A<sup>(b)</sup> <br>| 8000 | 4858 |
| Range Intelligent Computing Technology Group Co. Ltd., Cl. A | 700 | 4972 |
| Raytron Technology Co. Ltd., Cl. A | 226 | 2639 |
| Remegen Co., Ltd., Cl. H<sup>(b),(d)</sup> <br>| 1500 | 17370 |
| Rongsheng Petrochemical Co. Ltd., Cl. A | 3300 | 4727 |
| SAIC Motor Corp. Ltd., Cl. A | 3200 | 7481 |
| Sailun Group Co. Ltd., Cl. A | 1800 | 3884 |
| Sanan Optoelectronics Co. Ltd., Cl. A | 400 | 780 |
| Sangfor Technologies, Inc., Cl. A | 200 | 3683 |
| Sany Heavy Equipment International Holdings Co. Ltd. | 10000 | 9431 |
| Sany Heavy Industry Co. Ltd., Cl. A | 2200 | 6847 |
| Satellite Chemical Co. Ltd., Cl. A | 242 | 609 |
| SDIC Capital Co. Ltd., Cl. A | 3900 | 4298 |
| SDIC Power Holdings Co. Ltd., Cl. A | 2600 | 5245 |
| Sealand Securities Co. Ltd., Cl. A | 3300 | 2120 |
| Seazen Holdings Co. Ltd., Cl. A<sup>(b)</sup> <br>| 2600 | 5179 |
| SenseTime Group, Inc., Cl. B<sup>(b)</sup> <br>| 164000 | 50009 |
| Seres Group Co. Ltd., Cl. A | 700 | 15272 |
| SF Holding Co. Ltd., Cl. A | 2200 | 12473 |
| SF Holding Co. Ltd., Cl. H | 2200 | 10207 |
| SG Micro Corp., Cl. A | 650 | 6734 |
| Shaanxi Coal Industry Co. Ltd., Cl. A | 3100 | 9893 |
| Shaanxi Energy Investment Co. Ltd., Cl. A | 2800 | 3869 |
| Shan Xi Hua Yang Group New Energy Co. Ltd., Cl. A | 500 | 562 |
| Shandong Gold Mining Co. Ltd., Cl. A | 1800 | 9120 |
| Shandong Gold Mining Co. Ltd., Cl. H<sup>(d)</sup> <br>| 5150 | 21668 |
| Shandong Hualu Hengsheng Chemical Co. Ltd., Cl. A | 1400 | 5052 |
| Shandong Linglong Tyre Co. Ltd., Cl. A | 400 | 865 |
| Shandong Nanshan Aluminum Co. Ltd., Cl. A | 9700 | 6286 |
| Shandong Sinocera Functional Material Co. Ltd., Cl. A | 1200 | 3973 |
| Shandong Sun Paper Industry JSC Ltd., Cl. A | 1200 | 2399 |
| Shandong Weifang Rainbow Chemical Co. Ltd., Cl. A | 100 | 1042 |
| Shandong Weigao Group Medical Polymer Co. Ltd., Cl. H | 6800 | 4751 |
| Shanghai Aiko Solar Energy Co. Ltd., Cl. A<sup>(b)</sup> <br>| 1500 | 3328 |
| Shanghai Bairun Investment Holding Group Co. Ltd., Cl. A | 600 | 2124 |
| Shanghai Baosight Software Co. Ltd., Cl. A | 33 | 107 |
| Shanghai Baosight Software Co. Ltd., Cl. B | 4004 | 4492 |
| Shanghai BOCHU Electronic Technology Corp. Ltd., Cl. A | 88 | 1694 |
| Shanghai Electric Group Co. Ltd., Cl. A<sup>(b)</sup> <br>| 6500 | 8507 |
| Shanghai Electric Group Co. Ltd., Cl. H<sup>(b)</sup> <br>| 12000 | 6994 |
| Shanghai Fosun Pharmaceutical Group Co. Ltd., Cl. A | 500 | 2052 |
| Shanghai Fosun Pharmaceutical Group Co. Ltd., Cl. H | 3000 | 9194 |
| Shanghai Fudan Microelectronics Group Co. Ltd., Cl. A | 76 | 675 |
| Shanghai Fudan Microelectronics Group Co. Ltd., Cl. H | 2000 | 10890 |
| Shanghai International Airport Co. Ltd., Cl. A | 500 | 2270 |
| Shanghai International Port Group Co. Ltd., Cl. A | 4700 | 3687 |
| Shanghai Jinjiang International Hotels Co. Ltd., Cl. A | 1800 | 5696 |
| Shanghai Junshi Biosciences Co. Ltd., Cl. H<sup>(b),(d)</sup> <br>| 1200 | 4104 |
| Shanghai Lingang Holdings Corp. Ltd., Cl. A | 100 | 159 |
| Shanghai Pharmaceuticals Holding Co. Ltd., Cl. H | 6400 | 9643 |

---

**72**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **China — 23.1% (continued)** | **China — 23.1% (continued)** | **China — 23.1% (continued)** |
| Shanghai Pudong Development Bank Co. Ltd., Cl. A | 11400 | 18414 |
| Shanghai Putailai New Energy Technology Co. Ltd., Cl. A | 1230 | 5054 |
| Shanghai Rural Commercial Bank Co. Ltd., Cl. A | 3700 | 4437 |
| Shanghai United Imaging Healthcare Co. Ltd., Cl. A | 320 | 6294 |
| Shanghai Yuyuan Tourist Mart Group Co. Ltd., Cl. A | 2500 | 1954 |
| Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Cl. A | 300 | 1877 |
| Shanghai Zhonggu Logistics Co. Ltd., Cl. A | 1600 | 2488 |
| Shanjin International Gold Co. Ltd., Cl. A | 1200 | 3659 |
| Shanxi Lu'an Environmental Energy Development Co. Ltd., Cl. A | 200 | 416 |
| Shanxi Meijin Energy Co. Ltd., Cl. A<sup>(b)</sup> <br>| 2900 | 2136 |
| Shanxi Securities Co. Ltd., Cl. A | 5000 | 4499 |
| Shanxi Taigang Stainless Steel Co. Ltd., Cl. A<sup>(b)</sup> <br>| 6400 | 3788 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Cl. A | 560 | 14997 |
| Shanxi Xishan Coal & Electricity Power Co. Ltd., Cl. A | 3400 | 3499 |
| Shenergy Co. Ltd., Cl. A | 2400 | 2777 |
| Shengyi Technology Co. Ltd., Cl. A | 1500 | 13559 |
| Shennan Circuits Co. Ltd., Cl. A | 240 | 7236 |
| Shenwan Hongyuan Group Co. Ltd., Cl. A | 10000 | 7690 |
| Shenzhen Dobot Corp. Ltd., Cl. H<sup>(b)</sup> <br>| 1000 | 6440 |
| Shenzhen Energy Group Co. Ltd., Cl. A | 4700 | 4645 |
| Shenzhen Expressway Corp. Ltd., Cl. H | 12000 | 11209 |
| Shenzhen Goodix Technology Co. Ltd., Cl. A | 400 | 4620 |
| Shenzhen Han's CNC Technology Co. Ltd., Cl. A | 200 | 3296 |
| Shenzhen Inovance Technology Co. Ltd., Cl. A | 500 | 5413 |
| Shenzhen Kaifa Technology Co. Ltd., Cl. A | 1200 | 4605 |
| Shenzhen Kangtai Biological Products Co. Ltd., Cl. A | 1100 | 2661 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Cl. A | 400 | 12092 |
| Shenzhen Overseas Chinese Town Co. Ltd., Cl. A<sup>(b)</sup> <br>| 4100 | 1372 |
| Shenzhen Salubris Pharmaceuticals Co. Ltd., Cl. A | 600 | 5028 |
| Shenzhen SED Industry Co. Ltd., Cl. A | 700 | 2039 |
| Shenzhen Transsion Holdings Co. Ltd., Cl. A | 291 | 3121 |
| Shenzhou International Group Holdings Ltd. | 3700 | 31943 |
| Shijiazhuang Yiling Pharmaceutical Co. Ltd., Cl. A | 2300 | 5781 |
| Sichuan Biokin Pharmaceutical Co. Ltd., Cl. A<sup>(b)</sup> <br>| 69 | 3618 |
| Sichuan Changhong Electric Co. Ltd., Cl. A | 2900 | 4150 |
| Sichuan Chuantou Energy Co. Ltd., Cl. A | 3100 | 6415 |
| Sichuan Hebang Biotechnology Co. Ltd., Cl. A | 10000 | 3065 |
| Sichuan Kelun Pharmaceutical Co. Ltd., Cl. A | 500 | 2460 |
| Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., Cl. H<sup>(b)</sup> <br>| 200 | 11528 |
| Sichuan Road and Bridge Group Co. Ltd., Cl. A | 160 | 213 |
| Sichuan Swellfun Co. Ltd., Cl. A | 800 | 4756 |
| Silergy Corp. | 2000 | 14476 |
| Sinolink Securities Co. Ltd., Cl. A | 3200 | 4445 |
| Sinoma International Engineering Co., Cl. A | 1700 | 2275 |
| Sinoma Science & Technology Co. Ltd., Cl. A | 800 | 3897 |
| Sinomach Heavy Equipment Group Co. Ltd., Cl. A<sup>(b)</sup> <br>| 9300 | 4628 |
| Sinopec Engineering Group Co. Ltd., Cl. H | 8500 | 8005 |
| Sinopec Shanghai Petrochemical Co. Ltd., Cl. H | 44000 | 7529 |
| Sinopharm Group Co. Ltd., Cl. H | 6800 | 16947 |
| Sinotrans Ltd., Cl. H | 11000 | 7459 |

---

**73**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **China — 23.1% (continued)** | **China — 23.1% (continued)** | **China — 23.1% (continued)** |
| Sinotruk Hong Kong Ltd. | 5000 | 16701 |
| Skshu Paint Co. Ltd., Cl. A | 420 | 2604 |
| Smoore International Holdings Ltd.<sup>(d)</sup> <br>| 13000 | 21895 |
| Songcheng Performance Development Co. Ltd., Cl. A | 2000 | 2258 |
| SooChow Securities Co. Ltd., Cl. A | 2000 | 2699 |
| Spring Airlines Co. Ltd., Cl. A | 400 | 3013 |
| StarPower Semiconductor Ltd., Cl. A | 440 | 6469 |
| State Grid Information & Communication Co. Ltd., Cl. A | 300 | 777 |
| Sungrow Power Supply Co. Ltd., Cl. A | 800 | 21346 |
| Sunny Optical Technology Group Co. Ltd. | 4400 | 42572 |
| Sunresin New Materials Co. Ltd., Cl. A | 600 | 4686 |
| Sunshine Insurance Group Co. Ltd., Cl. H | 9000 | 4273 |
| Sunwoda Electronic Co. Ltd., Cl. A | 1300 | 6552 |
| SUPCON Technology Co. Ltd., Cl. A | 184 | 1353 |
| Suzhou Dongshan Precision Manufacturing Co. Ltd., Cl. A | 700 | 6741 |
| Suzhou TFC Optical Communication Co. Ltd., Cl. A | 372 | 8263 |
| TAL Education Group, ADR<sup>(b)</sup> <br>| 2743 | 33629 |
| Talkweb Information System Co. Ltd., Cl. A<sup>(b)</sup> <br>| 1000 | 4816 |
| TBEA Co. Ltd., Cl. A | 620 | 1707 |
| TCL Technology Group Corp., Cl. A | 10000 | 6059 |
| TCL Zhonghuan Renewable Energy Technology Co. Ltd., Cl. A<sup>(b)</sup> <br>| 2250 | 2992 |
| Tencent Holdings Ltd. | 38800 | 3140063 |
| Tencent Music Entertainment Group, Cl. A | 6900 | 77104 |
| The People's Insurance Company Group of China Ltd., Cl. A | 3900 | 4627 |
| The People's Insurance Company Group of China Ltd., Cl. H | 66000 | 59273 |
| Tianqi Lithium Corp., Cl. A<sup>(b)</sup> <br>| 400 | 3003 |
| Tianqi Lithium Corp., Cl. H<sup>(b)</sup> <br>| 1400 | 8592 |
| Tianshan Aluminum Group Co. Ltd., Cl. A | 3200 | 6015 |
| TianShan Material Co. Ltd., Cl. A<sup>(b)</sup> <br>| 200 | 169 |
| Tingyi Cayman Islands Holding Corp. | 10000 | 13716 |
| Tongcheng Travel Holdings Ltd. | 7600 | 20926 |
| Tongkun Group Co. Ltd., Cl. A | 1700 | 3398 |
| Tongling Nonferrous Metals Group Co. Ltd., Cl. A | 8000 | 5949 |
| Tongwei Co. Ltd., Cl. A<sup>(b)</sup> <br>| 2200 | 7664 |
| Topchoice Medical Corp., Cl. A | 280 | 1710 |
| Topsports International Holdings Ltd.<sup>(d)</sup> <br>| 11000 | 4359 |
| TravelSky Technology Ltd., Cl. H | 11000 | 14493 |
| Trina Solar Co. Ltd., Cl. A<sup>(b)</sup> <br>| 895 | 2563 |
| Tsingtao Brewery Co. Ltd., Cl. H | 4000 | 27019 |
| UBTech Robotics Corp. Ltd., Cl. H<sup>(b)</sup> <br>| 1300 | 23032 |
| Unigroup Guoxin Microelectronics Co. Ltd., Cl. A | 79 | 908 |
| Uni-President China Holdings Ltd. | 8000 | 8656 |
| Unisplendour Corp. Ltd., Cl. A | 1800 | 6852 |
| United Nova Technology Co. Ltd., Cl. A<sup>(b)</sup> <br>| 4110 | 3623 |
| Venustech Group, Inc., Cl. A<sup>(b)</sup> <br>| 1200 | 2642 |
| Verisilicon Microelectronics Shanghai Co. Ltd., Cl. A<sup>(b)</sup> <br>| 114 | 2556 |
| Victory Giant Technology Huizhou Co. Ltd., Cl. A | 300 | 12399 |
| Vipshop Holdings Ltd., ADR | 1742 | 30468 |
| Wanda Film Holding Co. Ltd., Cl. A<sup>(b)</sup> <br>| 1000 | 1552 |
| Wangfujing Group Co. Ltd., Cl. A | 1500 | 3045 |

---

**74**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **China — 23.1% (continued)** | **China — 23.1% (continued)** | **China — 23.1% (continued)** |
| Wanhua Chemical Group Co. Ltd., Cl. A | 1400 | 12326 |
| Weibo Corp., ADR<sup>(c)</sup> <br>| 595 | 6474 |
| Weichai Power Co. Ltd., Cl. A | 2900 | 6099 |
| Weichai Power Co. Ltd., Cl. H | 13000 | 26846 |
| Weihai Guangwei Composites Co. Ltd., Cl. A | 1300 | 5261 |
| Wens Foodstuffs Group Co. Ltd., Cl. A | 2300 | 5868 |
| Western Mining Co. Ltd., Cl. A | 1500 | 5055 |
| Western Securities Co. Ltd., Cl. A | 3200 | 3864 |
| Wintime Energy Co. Ltd., Cl. A | 18500 | 4187 |
| Wuhan Guide Infrared Co. Ltd., Cl. A<sup>(b)</sup> <br>| 3000 | 5854 |
| Wuliangye Yibin Co. Ltd., Cl. A | 1700 | 28437 |
| WUS Printed Circuit Kunshan Co. Ltd., Cl. A | 600 | 5985 |
| WuXi AppTec Co. Ltd., Cl. A | 1640 | 22917 |
| WuXi AppTec Co. Ltd., Cl. H<sup>(d)</sup> <br>| 2000 | 27946 |
| Wuxi Biologics Cayman, Inc.<sup>(b),(d)</sup> <br>| 21000 | 97810 |
| Wuxi Lead Intelligent Equipment Co. Ltd., Cl. A | 1400 | 11519 |
| WuXi XDC Cayman, Inc.<sup>(b)</sup> <br>| 2000 | 19325 |
| XCMG Construction Machinery Co. Ltd., Cl. A | 4600 | 6881 |
| Xiamen Faratronic Co. Ltd., Cl. A | 300 | 5073 |
| Xiamen Tungsten Co. Ltd., Cl. A | 600 | 3011 |
| Xiaomi Corp., Cl. B<sup>(b)</sup> <br>| 111000 | 616968 |
| Xinjiang Daqo New Energy Co. Ltd., Cl. A<sup>(b)</sup> <br>| 589 | 2480 |
| Xinyi Solar Holdings Ltd.<sup>(c)</sup> <br>| 26591 | 12248 |
| XPeng, Inc., Cl. A<sup>(b)</sup> <br>| 9100 | 102097 |
| XtalPi Holdings Ltd.<sup>(b)</sup> <br>| 16000 | 23386 |
| Yadea Group Holdings Ltd.<sup>(d)</sup> <br>| 10000 | 15633 |
| Yankuang Energy Group Co. Ltd., Cl. A | 6160 | 12747 |
| Yankuang Energy Group Co. Ltd., Cl. H | 22400 | 30752 |
| Yantai Jereh Oilfield Services Group Co. Ltd., Cl. A | 1200 | 8435 |
| Yifeng Pharmacy Chain Co. Ltd., Cl. A | 20 | 69 |
| Yihai Kerry Arawana Holdings Co. Ltd., Cl. A | 1500 | 6777 |
| Yongan Futures Co. Ltd., Cl. A | 2100 | 4599 |
| Yonghui Superstores Co. Ltd., Cl. A<sup>(b)</sup> <br>| 5800 | 3808 |
| YongXing Special Materials Technology Co. Ltd., Cl. A | 330 | 2281 |
| Yonyou Network Technology Co. Ltd., Cl. A<sup>(b)</sup> <br>| 2900 | 6360 |
| Youngor Group Co. Ltd., Cl. A | 2500 | 2636 |
| YTO Express Group Co. Ltd., Cl. A | 1000 | 2407 |
| YUNDA Holding Group Co. Ltd., Cl. A | 2900 | 2968 |
| Yunnan Aluminium Co. Ltd., Cl. A | 600 | 1939 |
| Yunnan Baiyao Group Co. Ltd., Cl. A | 580 | 4620 |
| Yunnan Chihong Zinc & Germanium Co. Ltd., Cl. A | 4400 | 4169 |
| Yunnan Tin Co. Ltd., Cl. A | 1100 | 3663 |
| Yunnan Yuntianhua Co. Ltd., Cl. A | 600 | 2426 |
| Zai Lab Ltd.<sup>(b)</sup> <br>| 6200 | 16034 |
| Zangge Mining Co. Ltd., Cl. A | 200 | 1655 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Cl. A | 400 | 10017 |
| Zhaojin Mining Industry Co. Ltd., Cl. H | 10500 | 39259 |
| Zhejiang China Commodities City Group Co. Ltd., Cl. A | 1800 | 4664 |
| Zhejiang Chint Electrics Co. Ltd., Cl. A | 700 | 2823 |
| Zhejiang Dahua Technology Co. Ltd., Cl. A | 800 | 2300 |

---

**75**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **China — 23.1% (continued)** | **China — 23.1% (continued)** | **China — 23.1% (continued)** |
| Zhejiang Expressway Co. Ltd., Cl. H | 14000 | 13654 |
| Zhejiang Huahai Pharmaceutical Co. Ltd., Cl. A | 1000 | 2696 |
| Zhejiang Huayou Cobalt Co. Ltd., Cl. A | 1150 | 10478 |
| Zhejiang Juhua Co. Ltd., Cl. A | 1600 | 7944 |
| Zhejiang Leapmotor Technology Co. Ltd., Cl. H<sup>(b),(d)</sup> <br>| 3700 | 27754 |
| Zhejiang Longsheng Group Co. Ltd., Cl. A | 1900 | 2813 |
| Zhejiang NHU Co. Ltd., Cl. A | 1180 | 4031 |
| Zhejiang Provincial New Energy Investment Group Co. Ltd., Cl. A | 3300 | 3660 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd., Cl. A | 1300 | 9125 |
| Zhejiang Sanmei Chemical Industry Co. Ltd., Cl. A | 100 | 786 |
| Zhejiang Supor Co. Ltd., Cl. A | 700 | 4694 |
| Zhejiang Wanfeng Auto Wheel Co. Ltd., Cl. A | 1100 | 2630 |
| Zhejiang Weiming Environment Protection Co. Ltd., Cl. A | 200 | 608 |
| Zhejiang Weixing New Building Materials Co. Ltd., Cl. A | 600 | 871 |
| Zhejiang Zheneng Electric Power Co. Ltd., Cl. A | 3900 | 2829 |
| Zheshang Securities Co. Ltd., Cl. A | 2300 | 3757 |
| ZhongAn Online P&C Insurance Co. Ltd., Cl. H<sup>(b),(d)</sup> <br>| 7100 | 15292 |
| Zhongji Innolight Co. Ltd., Cl. A | 440 | 29258 |
| Zhongjin Gold Corp. Ltd., Cl. A | 3100 | 9662 |
| Zhongsheng Group Holdings Ltd. | 4000 | 6320 |
| Zhongtai Securities Co. Ltd., Cl. A | 5100 | 5004 |
| Zhuhai Huafa Properties Co. Ltd., Cl. A | 1100 | 761 |
| Zhuzhou CRRC Times Electric Co. Ltd., Cl. A | 995 | 7302 |
| Zhuzhou CRRC Times Electric Co. Ltd., Cl. H | 2000 | 10195 |
| Zijin Mining Group Co. Ltd., Cl. A | 8300 | 35588 |
| Zijin Mining Group Co. Ltd., Cl. H | 34000 | 141036 |
| ZJLD Group, Inc.<sup>(d)</sup> <br>| 2200 | 2468 |
| ZMJ Group Co Ltd., Cl. H | 2600 | 7186 |
| Zoomlion Heavy Industry Science and Technology Co. Ltd., Cl. A | 4000 | 4594 |
| Zoomlion Heavy Industry Science and Technology Co. Ltd., Cl. H | 8600 | 8299 |
| ZTE Corp., Cl. A | 1200 | 7332 |
| ZTE Corp., Cl. H | 5800 | 24552 |
| ZTO Express Cayman, Inc. | 2400 | 44034 |
|  |  | **15725154** |
| **Colombia — .1%** | **Colombia — .1%** | **Colombia — .1%** |
| Ecopetrol SA | 32970 | 15201 |
| Grupo Argos SA | 2190 | 9871 |
| Grupo Cibest SA | 1120 | 18132 |
| Grupo de Inversiones Suramericana SA | 682 | 8278 |
| Grupo Energia Bogota SA ESP | 21171 | 17274 |
| Interconexion Electrica SA ESP | 2545 | 16481 |
|  |  | **85237** |
| **Cyprus — .0%** | **Cyprus — .0%** | **Cyprus — .0%** |
| Bank of Cyprus Holdings PLC | 1975 | **18191** |
| **Czechia — .1%** | **Czechia — .1%** | **Czechia — .1%** |
| CEZ AS | 965 | 59174 |
| Komercni Banka AS | 415 | 21276 |
|  |  | **80450** |

---

**76**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **Egypt — .1%** | **Egypt — .1%** | **Egypt — .1%** |
| Commercial International Bank | 16467 | 36772 |
| Talaat Moustafa Group | 5470 | 6659 |
|  |  | **43431** |
| **Greece — .5%** | **Greece — .5%** | **Greece — .5%** |
| Alpha Bank SA | 12419 | 48736 |
| Athens International Airport SA | 282 | 3261 |
| Eurobank Ergasias Services and Holdings SA | 17409 | 65525 |
| Hellenic Telecommunications Organization SA | 1230 | 23155 |
| JUMBO SA | 706 | 22441 |
| Motor Oil Hellas Corinth Refineries SA | 283 | 8499 |
| National Bank of Greece SA | 5459 | 80303 |
| OPAP SA | 1393 | 28860 |
| Piraeus Financial Holdings SA | 6226 | 48664 |
| Public Power Corp. SA | 1393 | 24262 |
|  |  | **353706** |
| **Hong Kong — 4.1%** | **Hong Kong — 4.1%** | **Hong Kong — 4.1%** |
| Alibaba Group Holding Ltd. | 102980 | 2187540 |
| Beijing Enterprises Holdings Ltd. | 3500 | 15356 |
| Beijing Enterprises Water Group Ltd. | 32000 | 10293 |
| BOC Hong Kong Holdings Ltd. | 21000 | 103160 |
| Brilliance China Automotive Holdings Ltd. | 24000 | 11796 |
| C&D International Investment Group Ltd. | 3712 | 7613 |
| China Everbright Environment Group Ltd. | 22000 | 13615 |
| China Medical System Holdings Ltd. | 10000 | 17280 |
| China Merchants Port Holdings Co. Ltd. | 10000 | 19351 |
| China Overseas Land & Investment Ltd. | 27000 | 45265 |
| China Power International Development Ltd.<sup>(c)</sup> <br>| 31000 | 13362 |
| China Resources Beer Holdings Co. Ltd. | 4000 | 13690 |
| China Resources Gas Group Ltd. | 4900 | 13466 |
| China Resources Land Ltd. | 14500 | 52349 |
| China Resources Power Holdings Co. Ltd.<sup>(c)</sup> <br>| 14000 | 33468 |
| China Ruyi Holdings Ltd.<sup>(b)</sup> <br>| 88000 | 31363 |
| China State Construction International Holdings Ltd. | 10000 | 11374 |
| China Taiping Insurance Holdings Co. Ltd. | 11600 | 26387 |
| Far East Horizon Ltd. | 17000 | 15267 |
| Guangdong Investment Ltd. | 20000 | 19017 |
| Guming Holdings Ltd.<sup>(b)</sup> <br>| 2400 | 7022 |
| Guotai Junan International Holdings Ltd. | 16000 | 7843 |
| Kunlun Energy Co. Ltd. | 26000 | 23885 |
| NetEase Cloud Music, Inc.<sup>(b),(d)</sup> <br>| 600 | 18589 |
| Orient Overseas International Ltd. | 1000 | 17305 |
| Shandong Hi-Speed Holdings Group Ltd.<sup>(b)</sup> <br>| 10000 | 2651 |
| Want Want China Holdings Ltd. | 30000 | 19377 |
| Yuexiu Property Co. Ltd.<sup>(c)</sup> <br>| 12000 | 6917 |
|  |  | **2764601** |
| **Hungary — .3%** | **Hungary — .3%** | **Hungary — .3%** |
| MOL Hungarian Oil & Gas PLC | 2366 | 20843 |
| OTP Bank Nyrt | 1451 | 138574 |
| Richter Gedeon Nyrt | 919 | 28362 |
|  |  | **187779** |

---

**77**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **India — 15.6%** | **India — 15.6%** | **India — 15.6%** |
| 360 ONE WAM Ltd. | 1602 | 19503 |
| ABB India Ltd. | 327 | 19229 |
| Adani Energy Solutions Ltd.<sup>(b)</sup> <br>| 2213 | 24585 |
| Adani Enterprises Ltd. | 1475 | 41224 |
| Adani Green Energy Ltd.<sup>(b)</sup> <br>| 1970 | 25299 |
| Adani Ports & Special Economic Zone Ltd. | 3941 | 64439 |
| Adani Power Ltd.<sup>(b)</sup> <br>| 28120 | 50002 |
| Adani Total Gas Ltd. | 1132 | 8054 |
| Aditya Birla Capital Ltd.<sup>(b)</sup> <br>| 3437 | 12552 |
| Alkem Laboratories Ltd. | 205 | 12716 |
| Ambuja Cements Ltd. | 4366 | 27808 |
| APL Apollo Tubes Ltd. | 930 | 18768 |
| Apollo Hospitals Enterprise Ltd. | 676 | 58491 |
| Ashok Leyland Ltd. | 20287 | 32344 |
| Asian Paints Ltd. | 1911 | 54051 |
| Astral Ltd. | 890 | 14538 |
| AU Small Finance Bank Ltd.<sup>(d)</sup> <br>| 3128 | 30932 |
| Aurobindo Pharma Ltd. | 1718 | 22041 |
| Avenue Supermarts Ltd.<sup>(b),(d)</sup> <br>| 1005 | 47023 |
| AWL Agri Business Ltd.<sup>(b)</sup> <br>| 2088 | 6465 |
| Axis Bank Ltd. | 14935 | 207408 |
| Bajaj Auto Ltd. | 434 | 43475 |
| Bajaj Finance Ltd. | 17097 | 200839 |
| Bajaj Finserv Ltd. | 2466 | 58011 |
| Bajaj Holdings & Investment Ltd. | 190 | 26333 |
| Balkrishna Industries Ltd. | 511 | 13123 |
| Bandhan Bank Ltd.<sup>(d)</sup> <br>| 4013 | 7077 |
| Bank of Baroda | 6511 | 20419 |
| Bank of India | 4921 | 7754 |
| Bank of Maharashtra | 5539 | 3683 |
| Berger Paints India Ltd. | 1373 | 8385 |
| Bharat Dynamics Ltd. | 607 | 10461 |
| Bharat Electronics Ltd. | 22150 | 106320 |
| Bharat Forge Ltd. | 1718 | 25637 |
| Bharat Heavy Electricals Ltd. | 8650 | 25870 |
| Bharat Petroleum Corp. Ltd. | 12709 | 51082 |
| Bharti Airtel Ltd. | 15512 | 359006 |
| Bharti Hexacom Ltd. | 492 | 10313 |
| Biocon Ltd. | 2714 | 11376 |
| Bosch Ltd. | 56 | 23495 |
| Britannia Industries Ltd. | 712 | 46812 |
| BSE Ltd. | 1308 | 36527 |
| Canara Bank | 11818 | 18237 |
| CG Power and Industrial Solutions Ltd. | 4241 | 35193 |
| Cholamandalam Investment and Finance Co. Ltd. | 2839 | 54266 |
| Cipla Ltd. | 3416 | 57771 |
| Coal India Ltd. | 9810 | 42949 |
| Cochin Shipyard Ltd.<sup>(d)</sup> <br>| 475 | 9575 |
| Coforge Ltd. | 1996 | 39980 |
| Colgate-Palmolive India Ltd. | 917 | 23170 |

---

**78**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **India — 15.6% (continued)** | **India — 15.6% (continued)** | **India — 15.6% (continued)** |
| Container Corp. of India Ltd. | 1341 | 8237 |
| Coromandel International Ltd. | 604 | 14456 |
| Cummins India Ltd. | 901 | 44091 |
| Dabur India Ltd. | 2629 | 14439 |
| Dalmia Bharat Ltd. | 219 | 5173 |
| Deepak Nitrite Ltd. | 92 | 1791 |
| Delhivery Ltd.<sup>(b)</sup> <br>| 2565 | 13463 |
| Divi's Laboratories Ltd. | 732 | 55561 |
| Dixon Technologies India Ltd. | 212 | 37002 |
| DLF Ltd. | 3830 | 32628 |
| Dr. Reddy's Laboratories Ltd. | 3476 | 46894 |
| Eicher Motors Ltd. | 869 | 68593 |
| Embassy Office Parks REIT | 4691 | 22667 |
| Eternal Ltd.<sup>(b)</sup> <br>| 30373 | 108718 |
| Exide Industries Ltd. | 2439 | 10493 |
| Federal Bank Ltd. | 12760 | 34010 |
| Fertilisers & Chemicals Travancore Ltd. | 474 | 4824 |
| Fortis Healthcare Ltd. | 3175 | 36591 |
| FSN E-Commerce Ventures Ltd.<sup>(b)</sup> <br>| 7313 | 20425 |
| GAIL India Ltd. | 14457 | 29764 |
| GE Vernova T&D India Ltd. | 787 | 26928 |
| General Insurance Corp. of India<sup>(d)</sup> <br>| 491 | 2070 |
| Gland Pharma Ltd.<sup>(d)</sup> <br>| 420 | 9126 |
| GlaxoSmithKline Pharmaceuticals Ltd. | 292 | 8614 |
| Glenmark Pharmaceuticals Ltd. | 829 | 17661 |
| GMR Infrastructure Ltd.<sup>(b)</sup> <br>| 15634 | 16550 |
| Godrej Consumer Products Ltd. | 2555 | 32195 |
| Godrej Properties Ltd.<sup>(b)</sup> <br>| 1078 | 27785 |
| Grasim Industries Ltd. | 2032 | 66192 |
| Gujarat Fluorochemicals Ltd. | 246 | 10374 |
| Gujarat Gas Ltd. | 1224 | 5617 |
| Havells India Ltd. | 1454 | 24469 |
| HCL Technologies Ltd. | 6250 | 108530 |
| HDFC Asset Management Co. Ltd.<sup>(d)</sup> <br>| 524 | 31751 |
| HDFC Bank Ltd. | 72465 | 805944 |
| HDFC Life Insurance Co. Ltd.<sup>(d)</sup> <br>| 6078 | 50108 |
| Hero Motocorp Ltd. | 863 | 53897 |
| Hindalco Industries Ltd. | 8398 | 80209 |
| Hindustan Aeronautics Ltd. | 1119 | 58991 |
| Hindustan Petroleum Corp. Ltd. | 6143 | 32939 |
| Hindustan Unilever Ltd. | 4702 | 130592 |
| Hindustan Zinc Ltd. | 1302 | 6989 |
| Hitachi Energy India Ltd. | 77 | 15421 |
| Honeywell Automation India Ltd. | 12 | 4933 |
| Housing & Urban Development Corp. Ltd. | 2532 | 6760 |
| Hyundai Motor India Ltd. | 976 | 26812 |
| ICICI Bank Ltd. | 33784 | 511986 |
| ICICI Lombard General Insurance Co. Ltd.<sup>(d)</sup> <br>| 1655 | 37169 |
| ICICI Prudential Life Insurance Co. Ltd.<sup>(d)</sup> <br>| 2521 | 16788 |
| IDFC First Bank Ltd. | 41237 | 37985 |

---

**79**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **India — 15.6% (continued)** | **India — 15.6% (continued)** | **India — 15.6% (continued)** |
| Indian Bank | 1477 | 14287 |
| Indian Oil Corp. Ltd. | 20076 | 37519 |
| Indian Railway Catering & Tourism Corp. Ltd. | 1328 | 10752 |
| Indian Railway Finance Corp. Ltd.<sup>(d)</sup> <br>| 12012 | 16686 |
| Indian Renewable Energy Development Agency Ltd.<sup>(b)</sup> <br>| 3291 | 5632 |
| Indraprastha Gas Ltd. | 4864 | 11613 |
| Indus Towers Ltd.<sup>(b)</sup> <br>| 8083 | 33107 |
| IndusInd Bank Ltd.<sup>(b)</sup> <br>| 3331 | 29824 |
| Info Edge India Ltd. | 2492 | 38692 |
| Infosys Ltd. | 20123 | 336013 |
| InterGlobe Aviation Ltd.<sup>(d)</sup> <br>| 1172 | 74264 |
| ITC Ltd. | 19737 | 93459 |
| Jindal Stainless Ltd. | 1987 | 16870 |
| Jindal Steel Ltd. | 2716 | 32639 |
| Jio Financial Services Ltd. | 18787 | 64929 |
| JK Cement Ltd. | 213 | 14910 |
| JSW Energy Ltd. | 2539 | 15086 |
| JSW Infrastructure Ltd. | 1347 | 4398 |
| JSW Steel Ltd. | 5572 | 75698 |
| Jubilant Foodworks Ltd. | 2096 | 14116 |
| Kalyan Jewellers India Ltd. | 2278 | 13080 |
| Kotak Mahindra Bank Ltd. | 7035 | 166596 |
| KPIT Technologies Ltd. | 1053 | 13839 |
| L&T Finance Ltd. | 4901 | 14934 |
| L&T Technology Services Ltd.<sup>(d)</sup> <br>| 100 | 4640 |
| Larsen & Toubro Ltd. | 4458 | 202428 |
| Life Insurance Corp. of India | 1344 | 13546 |
| Linde India Ltd. | 131 | 8874 |
| Lloyds Metals & Energy Ltd. | 618 | 9084 |
| Lodha Developers Ltd.<sup>(d)</sup> <br>| 1571 | 21199 |
| LTIMindtree Ltd.<sup>(d)</sup> <br>| 444 | 28432 |
| Lupin Ltd. | 1581 | 34970 |
| Mahindra & Mahindra Financial Services Ltd. | 2878 | 10230 |
| Mahindra & Mahindra Ltd. | 5698 | 223834 |
| MakeMyTrip Ltd.<sup>(b),(c)</sup> <br>| 456 | 36480 |
| Mankind Pharma Ltd. | 740 | 19873 |
| Marico Ltd. | 3060 | 24817 |
| Maruti Suzuki India Ltd. | 775 | 141309 |
| Max Financial Services Ltd.<sup>(b)</sup> <br>| 1494 | 26027 |
| Max Healthcare Institute Ltd. | 4948 | 63977 |
| Mazagon Dock Shipbuilders Ltd. | 353 | 10852 |
| Motilal Oswal Financial Services Ltd. | 994 | 10951 |
| Mphasis Ltd. | 578 | 17999 |
| MRF Ltd. | 14 | 24842 |
| Muthoot Finance Ltd. | 643 | 23024 |
| Nestle India Ltd. | 4079 | 58429 |
| NHPC Ltd. | 16963 | 16212 |
| Nippon Life India Asset Management Ltd.<sup>(d)</sup> <br>| 1355 | 13353 |
| NMDC Ltd. | 22976 | 19616 |
| NTPC Green Energy Ltd.<sup>(b)</sup> <br>| 6823 | 7927 |

---

**80**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **India — 15.6% (continued)** | **India — 15.6% (continued)** | **India — 15.6% (continued)** |
| NTPC Ltd. | 28658 | 108777 |
| Oberoi Realty Ltd. | 791 | 15846 |
| Oil & Natural Gas Corp. Ltd. | 18477 | 53153 |
| Oil India Ltd. | 3443 | 16808 |
| One 97 Communications Ltd.<sup>(b)</sup> <br>| 1974 | 28979 |
| Oracle Financial Services Software Ltd. | 154 | 14772 |
| Page Industries Ltd. | 22 | 10211 |
| Patanjali Foods Ltd. | 1785 | 12113 |
| PB Fintech Ltd.<sup>(b)</sup> <br>| 2197 | 44187 |
| Persistent Systems Ltd. | 671 | 44722 |
| Petronet LNG Ltd. | 4206 | 13326 |
| PI Industries Ltd. | 561 | 22608 |
| Pidilite Industries Ltd. | 2140 | 34825 |
| Polycab India Ltd. | 295 | 25602 |
| Power Finance Corp. Ltd. | 9659 | 43877 |
| Power Grid Corp. of India Ltd. | 28262 | 91738 |
| Premier Energies Ltd.<sup>(d)</sup> <br>| 235 | 2894 |
| Prestige Estates Projects Ltd. | 1008 | 19811 |
| Procter & Gamble Hygiene & Health Care Ltd. | 61 | 9174 |
| Punjab National Bank | 14275 | 19762 |
| Rail Vikas Nigam Ltd. | 3192 | 11823 |
| REC Ltd. | 8352 | 35268 |
| Reliance Industries Ltd. | 38525 | 645069 |
| Samvardhana Motherson International Ltd. | 26752 | 31760 |
| SBI Cards & Payment Services Ltd. | 1646 | 16292 |
| SBI Life Insurance Co. Ltd.<sup>(d)</sup> <br>| 2851 | 62810 |
| Schaeffler India Ltd. | 253 | 11461 |
| Shree Cement Ltd. | 64 | 20410 |
| Shriram Finance Ltd. | 9062 | 76450 |
| Siemens Ltd. | 613 | 21381 |
| SJVN Ltd. | 978 | 970 |
| Solar Industries India Ltd. | 150 | 23450 |
| Sona Blw Precision Forgings Ltd.<sup>(d)</sup> <br>| 2213 | 11785 |
| SRF Ltd. | 982 | 32418 |
| State Bank of India | 11854 | 125122 |
| Steel Authority of India Ltd. | 10117 | 15596 |
| Sun Pharmaceutical Industries Ltd. | 6646 | 126577 |
| Sundaram Finance Ltd. | 316 | 16355 |
| Supreme Industries Ltd. | 393 | 16878 |
| Suzlon Energy Ltd.<sup>(b)</sup> <br>| 71194 | 47558 |
| Swiggy Ltd.<sup>(b)</sup> <br>| 2854 | 13180 |
| Tata Communications Ltd. | 762 | 16098 |
| Tata Consultancy Services Ltd. | 4980 | 171552 |
| Tata Elxsi Ltd. | 165 | 10138 |
| Tata Global Beverages Ltd. | 3997 | 52455 |
| Tata Motors Ltd.<sup>(b)</sup> <br>| 12461 | 36602 |
| Tata Motors Passenger Vehicles Limited | 12461 | 57553 |
| Tata Steel Ltd. | 47666 | 98177 |
| Tata Technologies Ltd. | 1735 | 13530 |
| Tech Mahindra Ltd. | 3573 | 57331 |

---

**81**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **India — 15.6% (continued)** | **India — 15.6% (continued)** | **India — 15.6% (continued)** |
| The Indian Hotels Co. Ltd. | 5680 | 47464 |
| The Phoenix Mills Ltd. | 1146 | 21722 |
| The Tata Power Company Ltd. | 10075 | 45954 |
| Thermax Ltd. | 231 | 8376 |
| Titan Company Ltd. | 2415 | 101928 |
| Torrent Pharmaceuticals Ltd. | 583 | 23381 |
| Torrent Power Ltd. | 776 | 11508 |
| Trent Ltd. | 1209 | 63933 |
| Tube Investments of India Ltd. | 673 | 22918 |
| TVS Motor Co. Ltd. | 1476 | 58339 |
| UltraTech Cement Ltd. | 774 | 104166 |
| Union Bank of India Ltd. | 9802 | 16416 |
| United Breweries Ltd. | 366 | 7411 |
| United Spirits Ltd. | 2071 | 33394 |
| UNO Minda Ltd. | 959 | 13344 |
| UPL Ltd. | 3435 | 27864 |
| Varun Beverages Ltd. | 8835 | 46742 |
| Vedanta Ltd. | 8696 | 48348 |
| Vishal Mega Mart Ltd.<sup>(b)</sup> <br>| 4470 | 7286 |
| Vodafone Idea Ltd.<sup>(b)</sup> <br>| 168796 | 16600 |
| Voltas Ltd. | 1564 | 24377 |
| Wipro Ltd. | 16591 | 44980 |
| Yes Bank Ltd.<sup>(b)</sup> <br>| 71729 | 18374 |
| Zydus Lifesciences Ltd. | 1658 | 18200 |
|  |  | **10613943** |
| **Indonesia — 1.1%** | **Indonesia — 1.1%** | **Indonesia — 1.1%** |
| Adaro Energy Tbk PT | 10200 | 1156 |
| Adaro Minerals Indonesia Tbk PT | 48000 | 4026 |
| Amman Mineral Internasional PT<sup>(b)</sup> <br>| 79200 | 33814 |
| Aneka Tambang Tbk | 65400 | 12191 |
| Astra International Tbk PT | 164200 | 60723 |
| Bank Central Asia Tbk PT | 260800 | 133693 |
| Bank Mandiri Persero Tbk PT | 221100 | 62754 |
| Bank Negara Indonesia Persero Tbk PT | 43000 | 11325 |
| Bank Rakyat Indonesia Persero Tbk PT | 377200 | 90274 |
| Barito Pacific Tbk PT<sup>(b)</sup> <br>| 192944 | 40028 |
| Barito Renewables Energy Tbk PT | 35100 | 18310 |
| Chandra Asri Pacific Tbk PT | 48500 | 20269 |
| Charoen Pokphand Indonesia Tbk PT | 80400 | 22578 |
| Dian Swastatika Sentosa Tbk PT<sup>(b)</sup> <br>| 10300 | 52383 |
| GoTo Gojek Tokopedia Tbk PT<sup>(b)</sup> <br>| 3192700 | 11519 |
| Indofood CBP Sukses Makmur Tbk PT | 32200 | 16845 |
| Indofood Sukses Makmur Tbk PT | 27400 | 12192 |
| Indosat Tbk PT | 34300 | 3888 |
| Kalbe Farma Tbk PT | 57400 | 4401 |
| Pantai Indah Kapuk Dua Tbk PT | 10500 | 8871 |
| Petrindo Jaya Kreasi Tbk PT<sup>(b)</sup> <br>| 120600 | 14576 |
| Sumber Alfaria Trijaya Tbk PT | 100200 | 12111 |
| Telekomunikasi Indonesia Persero Tbk PT | 355900 | 68698 |

---

**82**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **Indonesia — 1.1% (continued)** | **Indonesia — 1.1% (continued)** | **Indonesia — 1.1% (continued)** |
| Unilever Indonesia Tbk PT | 40600 | 6299 |
| United Tractor Tbk PT | 5800 | 9382 |
|  |  | **732306** |
| **Ireland — 1.0%** | **Ireland — 1.0%** | **Ireland — 1.0%** |
| PDD Holdings, Inc., ADR<sup>(b)</sup> <br>| 4888 | **659245** |
| **Kuwait — .7%** | **Kuwait — .7%** | **Kuwait — .7%** |
| Al Ahli Bank of Kuwait KSCP | 6166 | 5765 |
| Boubyan Bank KSCP | 8690 | 20271 |
| Burgan Bank SAK | 8124 | 6246 |
| Gulf Bank KSCP | 16477 | 18842 |
| Kuwait Finance House KSCP | 80744 | 211231 |
| Mabanee Co .KPSC | 5831 | 19130 |
| Mobile Telecommunications Co. KSCP | 11732 | 20295 |
| National Bank of Kuwait SAKP | 51713 | 176897 |
| Warba Bank KSCP<sup>(b)</sup> <br>| 17577 | 16549 |
|  |  | **495226** |
| **Luxembourg — .0%** | **Luxembourg — .0%** | **Luxembourg — .0%** |
| Reinet Investments SCA | 963 | **30808** |
| **Malaysia — 1.2%** | **Malaysia — 1.2%** | **Malaysia — 1.2%** |
| 99 Speed Mart Retail Holdings Bhd | 6500 | 4858 |
| AMMB Holdings Bhd | 14400 | 19599 |
| Axiata Group Bhd | 23000 | 13785 |
| CelcomDigi Bhd | 16400 | 14097 |
| CIMB Group Holdings Bhd | 50429 | 87901 |
| Dialog Group Bhd | 27700 | 12964 |
| Gamuda Bhd | 27961 | 33649 |
| Genting Bhd | 11900 | 9604 |
| Genting Malaysia Bhd | 22000 | 12240 |
| Hong Leong Bank Bhd | 4300 | 21110 |
| IHH Healthcare Bhd | 15400 | 30337 |
| IJM Corp. Bhd | 18500 | 10955 |
| IOI Corp. Bhd | 17900 | 17182 |
| Kuala Lumpur Kepong Bhd | 2800 | 13706 |
| Malayan Banking Bhd | 43499 | 102515 |
| Maxis Bhd | 9600 | 8711 |
| MISC Bhd | 11900 | 22135 |
| Mr. DIY Group M Bhd<sup>(d)</sup> <br>| 13950 | 5329 |
| Nestle Malaysia Bhd | 400 | 10793 |
| Petronas Chemicals Group Bhd | 13600 | 12665 |
| Petronas Dagangan Bhd | 1800 | 9748 |
| Petronas Gas Bhd | 4100 | 18111 |
| PPB Group Bhd | 4700 | 12502 |
| Press Metal Aluminium Holdings Bhd | 23200 | 35066 |
| Public Bank Bhd | 99000 | 99756 |
| QL Resources Bhd | 13100 | 12981 |
| RHB Bank Bhd | 14117 | 22820 |
| SD Guthrie Bhd | 11500 | 14499 |
| Sunway Bhd | 14400 | 18602 |
| Telekom Malaysia Bhd | 15400 | 26843 |
| Tenaga Nasional Bhd | 18200 | 57712 |

---

**83**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **Malaysia — 1.2% (continued)** | **Malaysia — 1.2% (continued)** | **Malaysia — 1.2% (continued)** |
| TIME dotCom Bhd | 6600 | 7517 |
| United Plantations Bhd | 1650 | 9771 |
| Westports Holdings Bhd | 8900 | 10944 |
| YTL Corp. Bhd | 25120 | 15595 |
| YTL Power International Bhd | 14540 | 13853 |
|  |  | **850455** |
| **Mexico — 1.8%** | **Mexico — 1.8%** | **Mexico — 1.8%** |
| America Movil SAB de CV | 99566 | 113458 |
| Arca Continental SAB de CV | 3042 | 29480 |
| Becle SAB de CV | 6370 | 7836 |
| Cemex SAB de CV | 98775 | 100311 |
| Coca-Cola Femsa SAB de CV | 2709 | 23298 |
| El Puerto de Liverpool SAB de CV | 1229 | 5997 |
| Fibra Uno Administracion SA de CV | 19090 | 27856 |
| Fomento Economico Mexicano SAB de CV | 11250 | 106142 |
| Gruma SAB de CV, Cl. B | 564 | 9566 |
| Grupo Aeroportuario del Centro Norte SAB de CV | 1906 | 23524 |
| Grupo Aeroportuario del Pacifico SAB de CV, Cl. B | 2571 | 53475 |
| Grupo Aeroportuario del Sureste SAB de CV, Cl. B | 1144 | 34665 |
| Grupo Bimbo SAB de CV | 8226 | 28449 |
| Grupo Carso SAB de CV | 3466 | 24656 |
| Grupo Comercial Chedraui SA de CV | 3129 | 22760 |
| Grupo Financiero Banorte SAB de CV, Cl. O | 18769 | 176455 |
| Grupo Financiero Inbursa SAB de CV, Cl. O | 13474 | 32691 |
| Grupo Mexico SAB de CV | 20409 | 176361 |
| Industrias Penoles SAB de CV<sup>(b)</sup> <br>| 1302 | 55086 |
| Kimberly-Clark de Mexico SAB de CV, Cl. A | 11653 | 22619 |
| Prologis Property Mexico SA de CV | 6435 | 25831 |
| Vista Energy SAB de CV, ADR<sup>(b)</sup> <br>| 313 | 15165 |
| Wal-Mart de Mexico SAB de CV | 27953 | 92667 |
|  |  | **1208348** |
| **Philippines — .3%** | **Philippines — .3%** | **Philippines — .3%** |
| Ayala Corp. | 2180 | 17336 |
| Ayala Land, Inc. | 28300 | 9570 |
| Bank of the Philippine Islands | 16122 | 28874 |
| BDO Unibank, Inc. | 15853 | 35962 |
| Globe Telecom, Inc. | 15 | 377 |
| International Container Terminal Services, Inc. | 5440 | 48992 |
| Jollibee Foods Corp. | 1280 | 4711 |
| Manila Electric Co. | 1220 | 12128 |
| Metropolitan Bank & Trust Co | 7010 | 8219 |
| PLDT, Inc. | 340 | 6471 |
| Sm Investments Corp. | 3085 | 38215 |
| SM Prime Holdings, Inc. | 48400 | 18422 |
|  |  | **229277** |
| **Qatar — .6%** | **Qatar — .6%** | **Qatar — .6%** |
| Al Rayan Bank | 46915 | 30139 |
| Dukhan Bank | 11994 | 11454 |
| Industries Qatar QSC | 12688 | 44256 |
| Mesaieed Petrochemical Holding Co. | 37536 | 12887 |

---

**84**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **Qatar — .6% (continued)** | **Qatar — .6% (continued)** | **Qatar — .6% (continued)** |
| Ooredoo QPSC | 5817 | 21648 |
| Qatar Electricity & Water Co. QSC | 1252 | 5282 |
| Qatar Fuel QSC | 4187 | 17249 |
| Qatar Gas Transport Co. Ltd. | 21899 | 26632 |
| Qatar International Islamic Bank QSC | 7293 | 22294 |
| Qatar Islamic Bank SAQ | 10077 | 67752 |
| Qatar National Bank QPSC | 28341 | 143923 |
| The Commercial Bank PSQC | 19213 | 21846 |
|  |  | **425362** |
| **Russia — .0%** | **Russia — .0%** | **Russia — .0%** |
| Alrosa PJSC<sup>(e)</sup> <br>| 11270 | 0 |
| Gazprom PJSC<sup>(b),(e)</sup> <br>| 67050 | 0 |
| GMK Norilsk Nickel PJSC<sup>(b),(e)</sup> <br>| 34100 | 0 |
| LUKOIL PJSC<sup>(b),(e)</sup> <br>| 2071 | 0 |
| Magnitogorsk Iron & Steel Works PJSC<sup>(e)</sup> <br>| 5210 | 0 |
| Novatek PJSC<sup>(e)</sup> <br>| 5535 | 0 |
| Novolipetsk Steel PJSC<sup>(b),(e)</sup> <br>| 6530 | 0 |
| PhosAgro PJSC<sup>(e)</sup> <br>| 229 | 0 |
| PIK Group PJSC<sup>(b),(e)</sup> <br>| 401 | 0 |
| Polyus PJSC<sup>(b),(e)</sup> <br>| 1810 | 0 |
| Rosneft Oil Co. PJSC<sup>(b),(e)</sup> <br>| 13131 | 0 |
| Sberbank of Russia PJSC<sup>(b),(e)</sup> <br>| 59440 | 0 |
| Severstal PJSC<sup>(e)</sup> <br>| 859 | 0 |
| Surgutneftegas PJSC<sup>(b),(e)</sup> <br>| 45300 | 0 |
| Tatneft PJSC<sup>(e)</sup> <br>| 7934 | 0 |
| United Co. RUSAL International PJSC<sup>(b),(e)</sup> <br>| 10710 | 0 |
| VTB Bank PJSC<sup>(b),(e)</sup> <br>| 4246 | 0 |
|  |  | **0** |
| **Saudi Arabia — 3.2%** | **Saudi Arabia — 3.2%** | **Saudi Arabia — 3.2%** |
| ACWA Power Co.<sup>(b)</sup> <br>| 924 | 59552 |
| Ades Holding Co. | 2989 | 13470 |
| Advanced Petrochemical Co.<sup>(b)</sup> <br>| 1064 | 10725 |
| Al Rajhi Bank | 12929 | 364411 |
| Al Rajhi Co. for Co.-operative Insurance<sup>(b)</sup> <br>| 300 | 9432 |
| Alinma Bank | 7975 | 55078 |
| Almarai Co. JSC | 2905 | 38406 |
| Arab National Bank | 6110 | 39493 |
| Arabian Internet & Communications Services Co. | 30 | 2014 |
| Bank AlBilad | 4880 | 38596 |
| Bank Al-Jazira<sup>(b)</sup> <br>| 4297 | 14472 |
| Banque Saudi Fransi | 7691 | 36567 |
| Bupa Arabia for Cooperative Insurance Co. | 391 | 17099 |
| Dar Al Arkan Real Estate Development Co.<sup>(b)</sup> <br>| 3345 | 15351 |
| Dr. Sulaiman Al Habib Medical Services Group Co. | 596 | 43260 |
| Elm Co. | 190 | 47954 |
| Etihad Etisalat Co. | 2585 | 46700 |
| Jabal Omar Development Co.<sup>(b)</sup> <br>| 3412 | 16095 |
| Jarir Marketing Co. | 4235 | 16036 |
| Makkah Construction & Development Co. | 646 | 15340 |
| Mouwasat Medical Services Co. | 667 | 13669 |

---

**85**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **Saudi Arabia — 3.2% (continued)** | **Saudi Arabia — 3.2% (continued)** | **Saudi Arabia — 3.2% (continued)** |
| Nahdi Medical Co. | 363 | 11228 |
| Rabigh Refining & Petrochemical Co.<sup>(b)</sup> <br>| 3023 | 7247 |
| Riyad Bank | 9317 | 67527 |
| Riyadh Cables Group Co. | 388 | 14661 |
| Sahara International Petrochemical Co. | 2718 | 13698 |
| SAL Saudi Logistics Services | 235 | 11016 |
| Saudi Arabian Fertilizer Co. | 1556 | 50869 |
| Saudi Arabian Mining Co.<sup>(b)</sup> <br>| 9169 | 157089 |
| Saudi Arabian Oil Co.<sup>(d)</sup> <br>| 36892 | 254791 |
| Saudi Aramco Base Oil Co. | 575 | 14788 |
| Saudi Awwal Bank | 5896 | 50877 |
| Saudi Basic Industries Corp. | 5625 | 91571 |
| Saudi Electricity Co. | 4096 | 17508 |
| Saudi Industrial Investment Group | 2372 | 10310 |
| Saudi Research & Media Group<sup>(b)</sup> <br>| 224 | 10262 |
| Saudi Tadawul Group Holding Co. | 327 | 17352 |
| Saudi Telecom Co. | 12028 | 144908 |
| The Company for Cooperative Insurance | 507 | 18414 |
| The Saudi Investment Bank | 3763 | 13797 |
| The Saudi National Bank | 19352 | 205794 |
| The Savola Group<sup>(b)</sup> <br>| 897 | 5891 |
| Umm Al Qura for Development & Construction Co.<sup>(b)</sup> <br>| 4312 | 27791 |
| Yanbu National Petrochemical Co. | 1819 | 16734 |
|  |  | **2147843** |
| **Singapore — .4%** | **Singapore — .4%** | **Singapore — .4%** |
| BOC Aviation Ltd.<sup>(d)</sup> <br>| 1400 | 12267 |
| Trip.com Group Ltd. | 4100 | 286708 |
|  |  | **298975** |
| **South Africa — 2.9%** | **South Africa — 2.9%** | **South Africa — 2.9%** |
| Absa Group Ltd. | 5379 | 60157 |
| Aspen Pharmacare Holdings Ltd. | 1585 | 8973 |
| Bid Corp. Ltd. | 2137 | 52880 |
| Bidvest Group Ltd. | 1680 | 21807 |
| Capitec Bank Holdings Ltd. | 581 | 128471 |
| Clicks Group Ltd. | 1732 | 36478 |
| Discovery Ltd. | 3677 | 46203 |
| E Media Holdings Ltd. | 1403 | 159 |
| Exxaro Resources Ltd. | 1375 | 14030 |
| FirstRand Ltd. | 31303 | 148510 |
| Gold Fields Ltd. | 5559 | 217459 |
| Harmony Gold Mining Co. Ltd. | 3484 | 58534 |
| Impala Platinum Holdings Ltd. | 5593 | 60149 |
| Investec Ltd. | 1539 | 11579 |
| Kumba Iron Ore Ltd. | 627 | 12489 |
| Mr Price Group Ltd. | 483 | 5765 |
| MTN Group Ltd. | 10706 | 106816 |
| Naspers Ltd., Cl. N | 5190 | 365323 |
| Nedbank Group Ltd. | 1496 | 20383 |
| Northam Platinum Holdings Ltd. | 2106 | 35231 |
| Old Mutual Ltd. | 27464 | 21470 |

---

**86**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **South Africa — 2.9% (continued)** | **South Africa — 2.9% (continued)** | **South Africa — 2.9% (continued)** |
| OUTsurance Group Ltd. | 5991 | 25232 |
| Pepkor Holdings Ltd.<sup>(d)</sup> <br>| 12500 | 19039 |
| Remgro Ltd. | 3345 | 33223 |
| Sanlam Ltd. | 11710 | 61460 |
| Sasol Ltd.<sup>(b)</sup> <br>| 3467 | 21543 |
| Shoprite Holdings Ltd. | 3020 | 50538 |
| Sibanye Stillwater Ltd.<sup>(b)</sup> <br>| 17701 | 47315 |
| Standard Bank Group Ltd. | 8493 | 124735 |
| Valterra Platinum Ltd. | 1365 | 84582 |
| Vodacom Group Ltd. | 4259 | 34411 |
| Woolworths Holdings Ltd./South Africa | 5871 | 17736 |
|  |  | **1952680** |
| **South Korea — 12.6%** | **South Korea — 12.6%** | **South Korea — 12.6%** |
| Alteogen, Inc.<sup>(b)</sup> <br>| 240 | 82288 |
| Amorepacific Corp. | 184 | 15614 |
| Amorepacific Holdings Corp. | 205 | 3655 |
| APR Corp. | 164 | 29352 |
| BGF retail Co. Ltd. | 50 | 3636 |
| BNK Financial Group, Inc. | 1864 | 18068 |
| Celltrion Pharm, Inc.<sup>(b)</sup> <br>| 145 | 6493 |
| Celltrion, Inc. | 967 | 119182 |
| Cheil Worldwide, Inc. | 106 | 1514 |
| CJ CheilJedang Corp. | 52 | 8376 |
| CJ Corp. | 92 | 11023 |
| CJ Logistics Corp. | 75 | 4338 |
| Coway Co. Ltd. | 352 | 22038 |
| DB HiTek Co. Ltd. | 258 | 10648 |
| DB Insurance Co. Ltd. | 293 | 26076 |
| Dongsuh Cos., Inc. | 219 | 4150 |
| Doosan Bobcat, Inc. | 355 | 15025 |
| Doosan Co. Ltd. | 56 | 37301 |
| Doosan Enerbility Co. Ltd.<sup>(b)</sup> <br>| 2826 | 175937 |
| Doosan Robotics, Inc.<sup>(b)</sup> <br>| 134 | 7336 |
| Ecopro BM Co. Ltd.<sup>(b)</sup> <br>| 259 | 29086 |
| Ecopro Co. Ltd. | 558 | 34465 |
| Ecopro Materials Co. Ltd.<sup>(b)</sup> <br>| 218 | 9640 |
| E-Mart, Inc. | 133 | 6740 |
| F&F Co. Ltd. | 121 | 5206 |
| GS Holdings Corp. | 311 | 10467 |
| Hana Financial Group, Inc. | 1837 | 110239 |
| Hanjin Kal Corp. | 179 | 13154 |
| Hankook Tire & Technology Co. Ltd. | 468 | 15225 |
| Hanmi Pharm Co. Ltd. | 38 | 11335 |
| Hanmi Science Co. Ltd. | 121 | 3346 |
| Hanmi Semiconductor Co. Ltd. | 295 | 29754 |
| Hanon Systems<sup>(b)</sup> <br>| 245 | 751 |
| Hanwha Aerospace Co. Ltd. | 200 | 137428 |
| Hanwha Corp. | 231 | 15500 |
| Hanwha Life Insurance Co. Ltd.<sup>(b)</sup> <br>| 2082 | 4428 |
| Hanwha Ocean Co. Ltd.<sup>(b)</sup> <br>| 695 | 67122 |

---

**87**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **South Korea — 12.6% (continued)** | **South Korea — 12.6% (continued)** | **South Korea — 12.6% (continued)** |
| Hanwha Solutions Corp. | 767 | 16473 |
| Hanwha Systems Co. Ltd. | 395 | 16607 |
| HD Hyundai Co. Ltd. | 294 | 42302 |
| HD Hyundai Electric Co. Ltd. | 133 | 81214 |
| HD Hyundai Heavy Industries Co. Ltd. | 147 | 61906 |
| HD Hyundai Marine Solution Co. Ltd. | 86 | 14517 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 305 | 101470 |
| HLB, Inc.<sup>(b)</sup> <br>| 825 | 28142 |
| HMM Co. Ltd. | 1703 | 24563 |
| Hotel Shilla Co. Ltd.<sup>(b)</sup> <br>| 132 | 4512 |
| Hugel, Inc.<sup>(b)</sup> <br>| 51 | 9378 |
| HYBE Co. Ltd. | 114 | 27285 |
| Hyundai Autoever Corp. | 51 | 7284 |
| Hyundai Elevator Co. Ltd. | 152 | 8076 |
| Hyundai Engineering & Construction Co. Ltd. | 490 | 24178 |
| Hyundai Glovis Co. Ltd. | 254 | 33659 |
| Hyundai Marine & Fire Insurance Co. Ltd.<sup>(b)</sup> <br>| 423 | 8105 |
| Hyundai Mipo Dockyard Co. Ltd. | 164 | 27798 |
| Hyundai Mobis Co. Ltd. | 393 | 87165 |
| Hyundai Motor Co. | 939 | 191128 |
| Hyundai Rotem Co. Ltd. | 485 | 78465 |
| Hyundai Steel Co. | 403 | 9334 |
| Industrial Bank of Korea | 1277 | 17325 |
| JYP Entertainment Corp. | 169 | 9596 |
| Kakao Corp. | 1966 | 89831 |
| KakaoBank Corp. | 1443 | 23446 |
| Kakaopay Corp.<sup>(b)</sup> <br>| 274 | 10058 |
| Kangwon Land, Inc. | 911 | 10793 |
| KB Financial Group, Inc. | 2436 | 199360 |
| KCC Corp. | 26 | 8020 |
| KEPCO Engineering & Construction Co. Inc. | 98 | 7030 |
| KEPCO Plant Service & Engineering Co. Ltd. | 149 | 5302 |
| Kia Corp. | 1566 | 131787 |
| KIWOOM Securities Co. Ltd. | 107 | 22305 |
| Korea Aerospace Industries Ltd. | 470 | 34110 |
| Korea Electric Power Corp. | 1674 | 49994 |
| Korea Gas Corp. | 126 | 3688 |
| Korea Investment Holdings Co. Ltd. | 302 | 38642 |
| Korea Zinc Co. Ltd. | 60 | 43502 |
| Korean Air Lines Co. Ltd. | 1034 | 16075 |
| Krafton, Inc.<sup>(b)</sup> <br>| 192 | 37194 |
| KT Corp. | 534 | 18421 |
| KT&G Corp. | 618 | 58211 |
| Kumho Petrochemical Co. Ltd. | 115 | 9363 |
| L&F Co. Ltd.<sup>(b)</sup> <br>| 182 | 15597 |
| LG Chem Ltd. | 280 | 78119 |
| LG CNS Co. Ltd. | 235 | 10936 |
| LG Corp. | 553 | 31167 |
| LG Display Co. Ltd.<sup>(b)</sup> <br>| 1821 | 18788 |
| LG Electronics, Inc. | 702 | 43162 |

---

**88**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **South Korea — 12.6% (continued)** | **South Korea — 12.6% (continued)** | **South Korea — 12.6% (continued)** |
| LG Energy Solution Ltd.<sup>(b)</sup> <br>| 263 | 87313 |
| LG H&H Co. Ltd. | 67 | 13379 |
| LG Innotek Co. Ltd. | 97 | 16408 |
| LG Uplus Corp. | 1196 | 12793 |
| LIG Nex1 Co. Ltd. | 84 | 30599 |
| LigaChem Biosciences, Inc.<sup>(b)</sup> <br>| 164 | 16852 |
| Lotte Chemical Corp. | 96 | 4764 |
| Lotte Corp. | 213 | 4373 |
| Lotte Shopping Co. Ltd. | 86 | 3929 |
| LS Corp. | 115 | 16870 |
| LS Electric Co. Ltd. | 104 | 31753 |
| Meritz Financial Group, Inc. | 565 | 43820 |
| Mirae Asset Daewoo Co. Ltd. | 1386 | 25585 |
| Misto Holdings Corp. | 312 | 8059 |
| NAVER Corp. | 881 | 165410 |
| NCSoft Corp. | 80 | 12381 |
| Netmarble Corp.<sup>(d)</sup> <br>| 184 | 6987 |
| NH Investment & Securities Co. Ltd. | 740 | 10570 |
| NongShim Co. Ltd. | 24 | 7344 |
| Orion Corp. | 150 | 10454 |
| Pan Ocean Co. Ltd. | 1810 | 4866 |
| Pearl Abyss Corp.<sup>(b)</sup> <br>| 218 | 5294 |
| PharmaResearch Co. Ltd. | 38 | 14429 |
| POSCO Future M Co. Ltd.<sup>(b)</sup> <br>| 197 | 29935 |
| POSCO Holdings, Inc. | 470 | 102428 |
| POSCO ICT Co. Ltd. | 374 | 6904 |
| POSCO International Corp. | 351 | 13550 |
| Rainbow Robotics<sup>(b)</sup> <br>| 54 | 16544 |
| S-1 Corp. | 79 | 4159 |
| Sam Chun Dang Pharm Co. Ltd. | 93 | 15274 |
| Samsung Biologics Co. Ltd.<sup>(b),(d)</sup> <br>| 118 | 101125 |
| Samsung C&T Corp. | 533 | 84547 |
| Samsung Card Co. Ltd. | 113 | 3930 |
| Samsung Electro-Mechanics Co. Ltd. | 366 | 62937 |
| Samsung Electronics Co. Ltd. | 30371 | 2291548 |
| Samsung Engineering Co. Ltd. | 1088 | 19816 |
| Samsung Fire & Marine Insurance Co. Ltd. | 206 | 63835 |
| Samsung Heavy Industries Co. Ltd.<sup>(b)</sup> <br>| 4489 | 93104 |
| Samsung Life Insurance Co. Ltd. | 525 | 56857 |
| Samsung SDI Co. Ltd. | 399 | 90176 |
| Samsung SDS Co. Ltd. | 245 | 31469 |
| Samsung Securities Co. Ltd. | 356 | 19315 |
| Samyang Foods Co. Ltd. | 26 | 24599 |
| Shinhan Financial Group Co. Ltd. | 2804 | 144259 |
| SK Biopharmaceuticals Co. Ltd.<sup>(b)</sup> <br>| 201 | 16294 |
| SK Bioscience Co., Ltd.<sup>(b)</sup> <br>| 202 | 7188 |
| SK hynix, Inc. | 3496 | 1371654 |
| SK IE Technology Co. Ltd.<sup>(b),(d)</sup> <br>| 199 | 4288 |
| SK Innovation Co. Ltd. | 429 | 38812 |
| SK Square Co. Ltd.<sup>(b)</sup> <br>| 589 | 107485 |

---

**89**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **South Korea — 12.6% (continued)** | **South Korea — 12.6% (continued)** | **South Korea — 12.6% (continued)** |
| SK Telecom Co. Ltd. | 560 | 20557 |
| SK, Inc. | 209 | 36453 |
| SKC Co. Ltd.<sup>(b)</sup> <br>| 119 | 10666 |
| S-Oil Corp.<sup>(b)</sup> <br>| 187 | 9424 |
| Woori Financial Group, Inc. | 4039 | 72006 |
| Yuhan Corp. | 355 | 29402 |
|  |  | **8606091** |
| **Taiwan — 20.3%** | **Taiwan — 20.3%** | **Taiwan — 20.3%** |
| Accton Technology Corp. | 3000 | 105397 |
| Acer, Inc. | 22000 | 21505 |
| Advantech Co. Ltd. | 2928 | 29860 |
| Airtac International Group | 1046 | 30998 |
| Alchip Technologies Ltd. | 500 | 56846 |
| ASE Technology Holding Co. Ltd. | 26000 | 209330 |
| Asia Cement Corp. | 14000 | 16532 |
| Asia Vital Components Co. Ltd. | 2000 | 92710 |
| Asustek Computer, Inc. | 5000 | 113367 |
| AUO Corp. | 28600 | 11304 |
| Bizlink Holding, Inc. | 1000 | 45379 |
| Caliway Biopharmaceuticals Co., Ltd.<sup>(b)</sup> <br>| 7000 | 34270 |
| Catcher Technology Co. Ltd. | 4000 | 25829 |
| Cathay Financial Holding Co. Ltd. | 63836 | 132901 |
| Chailease Holding Co. Ltd. | 8267 | 27699 |
| Chang Hwa Commercial Bank Ltd. | 33197 | 21382 |
| Cheng Shin Rubber Industry Co. Ltd. | 12000 | 12452 |
| Chicony Electronics Co. Ltd. | 3000 | 12687 |
| China Airlines Ltd. | 13000 | 8458 |
| China Steel Corp. | 77000 | 46589 |
| Chroma ATE, Inc. | 3000 | 79926 |
| Chunghwa Telecom Co. Ltd. | 24000 | 102274 |
| Compal Electronics, Inc. | 32000 | 34404 |
| CTBC Financial Holding Co. Ltd. | 106000 | 144306 |
| Delta Electronics, Inc. | 12000 | 388406 |
| E Ink Holdings, Inc. | 5000 | 34482 |
| E.Sun Financial Holding Co. Ltd. | 104449 | 101082 |
| Eclat Textile Co. Ltd. | 1000 | 13353 |
| Elite Material Co. Ltd. | 2000 | 88481 |
| Eva Airways Corp. | 16000 | 18841 |
| Evergreen Marine Corp. Taiwan Ltd. | 7600 | 47838 |
| Far Eastern New Century Corp. | 15000 | 12931 |
| Far EasTone Telecommunications Co. Ltd. | 11000 | 33099 |
| Feng TAY Enterprise Co. Ltd. | 2512 | 9969 |
| First Financial Holding Co. Ltd. | 67459 | 62651 |
| Formosa Chemicals & Fibre Corp. | 21000 | 19947 |
| Formosa Petrochemical Corp. | 11000 | 15995 |
| Formosa Plastics Corp. | 25000 | 30985 |
| Fortune Electric Co. Ltd. | 1320 | 30702 |
| Foxconn Technology Co. Ltd. | 7000 | 16281 |
| Fubon Financial Holding Co. Ltd. | 50051 | 148487 |
| Gigabyte Technology Co. Ltd. | 3000 | 27374 |

---

**90**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **Taiwan — 20.3% (continued)** | **Taiwan — 20.3% (continued)** | **Taiwan — 20.3% (continued)** |
| Global Unichip Corp. | 500 | 24885 |
| Globalwafers Co. Ltd. | 2000 | 33050 |
| Gold Circuit Electronics Ltd. | 2000 | 30285 |
| Highwealth Construction Corp. | 11760 | 14919 |
| Hiwin Technologies Corp. | 2000 | 14541 |
| Hon Hai Precision Industry Co. Ltd. | 78000 | 653362 |
| Hon Precision, Inc. | 541 | 44173 |
| Hotai Motor Co. Ltd. | 2120 | 39033 |
| Hua Nan Financial Holdings Co. Ltd. | 56631 | 53792 |
| Innolux Corp. | 49760 | 21529 |
| International Games System Co. Ltd. | 2000 | 46843 |
| Inventec Corp. | 12000 | 17917 |
| Jentech Precision Industrial Co. Ltd. | 1000 | 69289 |
| KGI Financial Holding Co. Ltd. | 112050 | 57955 |
| King Slide Works Co. Ltd. | 500 | 66849 |
| King Yuan Electronics Co. Ltd. | 7000 | 49413 |
| Largan Precision Co. Ltd. | 152 | 10952 |
| Lite-On Technology Corp. | 12000 | 70069 |
| Lotes Co. Ltd. | 1000 | 44891 |
| MediaTek, Inc. | 9000 | 383527 |
| Mega Financial Holding Co. Ltd. | 74945 | 98493 |
| Micro-Star International Co. Ltd. | 4000 | 14248 |
| Minth Group Ltd. | 6000 | 26587 |
| momo.com, Inc. | 162 | 1231 |
| Nan Ya Plastics Corp. | 36000 | 48600 |
| Nan Ya Printed Circuit Board Corp. | 2000 | 18900 |
| Nanya Technology Corp.<sup>(b)</sup> <br>| 9000 | 38792 |
| Nien Made Enterprise Co. Ltd. | 1000 | 12036 |
| Novatek Microelectronics Corp. | 4000 | 51137 |
| Pegatron Corp. | 14000 | 33792 |
| PharmaEssentia Corp. | 2219 | 35947 |
| Phison Electronics Corp. | 1000 | 34644 |
| Pou Chen Corp. | 14000 | 13344 |
| Powerchip Semiconductor Manufacturing Corp.<sup>(b)</sup> <br>| 25000 | 25617 |
| Powertech Technology, Inc. | 5000 | 28138 |
| President Chain Store Corp. | 3000 | 23275 |
| Quanta Computer, Inc. | 16000 | 156403 |
| Realtek Semiconductor Corp. | 3000 | 50259 |
| Ruentex Development Co. Ltd. | 10000 | 9694 |
| Ruentex Industries Ltd. | 3000 | 5241 |
| Shihlin Electric & Engineering Corp. | 2000 | 12979 |
| Sino-American Silicon Products, Inc. | 5000 | 20331 |
| SinoPac Financial Holdings Co. Ltd. | 83915 | 70018 |
| Synnex Technology International Corp. | 6000 | 11086 |
| TA Chen Stainless Pipe | 12617 | 15063 |
| Taichung Commercial Bank Co. Ltd. | 23533 | 16382 |
| Taiwan Business Bank | 42576 | 21260 |
| Taiwan Cooperative Financial Holding Co. Ltd. | 58401 | 45120 |
| Taiwan High Speed Rail Corp. | 7000 | 6228 |
| Taiwan Mobile Co. Ltd. | 11000 | 39182 |

---

**91**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **Taiwan — 20.3% (continued)** | **Taiwan — 20.3% (continued)** | **Taiwan — 20.3% (continued)** |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 154000 | 7514394 |
| Tatung Co. Ltd. | 8250 | 9715 |
| TCC Group Holdings Co. Ltd. | 48117 | 34592 |
| Teco Electric and Machinery Co. Ltd. | 11000 | 41687 |
| The Shanghai Commercial & Savings Bank Ltd. | 18686 | 24071 |
| Tripod Technology Corp. | 3000 | 33327 |
| TS Financial Holding Co. Ltd. | 144032 | 87616 |
| Unimicron Technology Corp. | 10000 | 53186 |
| Uni-President Enterprises Corp. | 29000 | 74243 |
| United Microelectronics Corp. | 76000 | 114713 |
| Vanguard International Semiconductor Corp. | 8006 | 25184 |
| VisEra Technologies Co. Ltd. | 2000 | 16785 |
| Walsin Lihwa Corp. | 21968 | 21367 |
| Wan Hai Lines Ltd. | 10000 | 26707 |
| Winbond Electronics Corp.<sup>(b)</sup> <br>| 22000 | 38789 |
| Wistron Corp. | 20000 | 97915 |
| Wiwynn Corp. | 1049 | 148950 |
| WPG Holdings Ltd. | 11000 | 21577 |
| WT Microelectronics Co. Ltd. | 1593 | 7410 |
| Yageo Corp. | 10940 | 88613 |
| Yang Ming Marine Transport Corp. | 11000 | 20575 |
| Yuanta Financial Holding Co. Ltd. | 61935 | 69508 |
| Yulon Finance Corp. | 3150 | 9858 |
| Zhen Ding Technology Holding Ltd. | 5000 | 26512 |
|  |  | **13855904** |
| **Thailand — 1.4%** | **Thailand — 1.4%** | **Thailand — 1.4%** |
| Advanced Info Service PCL, NVDR | 7100 | 66312 |
| Airports of Thailand PCL, NVDR | 25100 | 32020 |
| Asset World Corp. PCL, NVDR | 104300 | 7096 |
| Bangkok Dusit Medical Services PCL, NVDR | 73900 | 43195 |
| Bangkok Expressway & Metro PCL, NVDR | 20700 | 3297 |
| Banpu PCL, NVDR | 23900 | 3733 |
| Berli Jucker PCL, NVDR | 4100 | 2320 |
| BTS Group Holdings PCL, NVDR<sup>(b)</sup> <br>| 24300 | 2209 |
| Bumrungrad Hospital PCL, NVDR | 4000 | 21277 |
| Cal-Comp Electronics Thailand PCL | 24000 | 4911 |
| Carabao Group PCL, NVDR | 3400 | 4732 |
| Central Pattana PCL, NVDR | 3100 | 5153 |
| Central Retail Corp. PCL, NVDR | 22200 | 14075 |
| Charoen Pokphand Foods PCL, NVDR | 19100 | 12464 |
| Com7 PCL, NVDR | 6100 | 4716 |
| CP ALL PCL, NVDR | 34100 | 48511 |
| CP AXTRA PCL, NVDR | 11247 | 6817 |
| Delta Electronics Thailand PCL, NVDR | 30600 | 205356 |
| Electricity Generating PCL, NVDR | 2400 | 9129 |
| Global Power Synergy PCL, NVDR | 2900 | 3722 |
| Gulf Development PCL, NVDR<sup>(b)</sup> <br>| 29316 | 40119 |
| Home Product Center PCL, NVDR | 11500 | 2330 |
| Indorama Ventures PCL, NVDR | 11100 | 6557 |
| Kasikornbank PCL, NVDR | 3900 | 22494 |

---

**92**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **Thailand — 1.4% (continued)** | **Thailand — 1.4% (continued)** | **Thailand — 1.4% (continued)** |
| Krung Thai Bank PCL, NVDR | 27300 | 23007 |
| Krungthai Card PCL, NVDR | 5100 | 4495 |
| Land & Houses PCL, NVDR | 49800 | 6006 |
| Minor International PCL, NVDR | 23000 | 16360 |
| Muangthai Capital PCL, NVDR | 5600 | 7014 |
| Osotspa PCL, NVDR | 12200 | 5924 |
| PTT Exploration & Production PCL, NVDR | 7200 | 23826 |
| PTT Global Chemical PCL, NVDR | 12000 | 9371 |
| PTT Oil & Retail Business PCL, NVDR | 13300 | 6046 |
| PTT PCL, NVDR | 87600 | 83306 |
| Ratch Group PCL, NVDR | 4700 | 4034 |
| SCB X PCL, NVDR | 6800 | 27549 |
| SCG Packaging PCL, NVDR | 7900 | 4447 |
| Thai Beverage PCL | 53700 | 19806 |
| Thai Life Insurance PCL, NVDR | 14800 | 4714 |
| Thai Oil PCL, NVDR | 8500 | 9398 |
| Thai Union Group PCL, NVDR | 18700 | 7576 |
| The Siam Cement PCL, NVDR | 5500 | 34699 |
| TIDLOR Holdings PCL, NVDR | 13059 | 8481 |
| Tisco Financial Group PCL, NVDR | 3100 | 10306 |
| TMB Bank PCL, NVDR | 265500 | 15190 |
| True Corp. PCL, NVDR<sup>(b)</sup> <br>| 62800 | 21946 |
|  |  | **926046** |
| **Turkey — .7%** | **Turkey — .7%** | **Turkey — .7%** |
| AG Anadolu Grubu Holding AS | 6523 | 3981 |
| Ahlatci Dogal Gaz Dagitim Enerji ve Yatirim AS<sup>(b)</sup> <br>| 5456 | 3727 |
| Akbank TAS | 15764 | 22794 |
| Akcansa Cimento AS | 401 | 1273 |
| Aksa Akrilik Kimya Sanayii AS | 11097 | 3273 |
| Aksa Enerji Uretim AS<sup>(b)</sup> <br>| 2433 | 3009 |
| Alarko Holding AS | 1244 | 2388 |
| Alfa Solar Enerji Sanayi ve Ticaret AS | 585 | 614 |
| Anadolu Anonim Turk Sigorta Sirketi | 5049 | 2783 |
| Anadolu Efes Biracilik ve Malt Sanayii AS<sup>(c)</sup> <br>| 14290 | 4938 |
| Arcelik AS<sup>(b)</sup> <br>| 882 | 2320 |
| Aselsan Elektronik Sanayi ve Ticaret AS | 8035 | 38906 |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS | 2895 | 6761 |
| Baticim Bati Anadolu Cimento Sanayii AS<sup>(b)</sup> <br>| 14985 | 1564 |
| BIM Birlesik Magazalar AS | 2633 | 33752 |
| Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret AS<sup>(b)</sup> <br>| 194 | 2223 |
| Borusan Yatirim ve Pazarlama AS | 32 | 1864 |
| Can2 Termik AS<sup>(b)</sup> <br>| 24841 | 1430 |
| Cimsa Cimento Sanayi ve Ticaret AS | 3433 | 3880 |
| Coca-Cola Icecek AS | 6007 | 7343 |
| CW Enerji Muhendislik Ticaret ve Sanayi AS<sup>(b)</sup> <br>| 1861 | 1183 |
| DAP Gayrimenkul Gelistirme AS<sup>(b)</sup> <br>| 6999 | 2337 |
| Destek Finans Faktoring AS<sup>(b)</sup> <br>| 594 | 9084 |
| Dogan Sirketler Grubu Holding AS | 7222 | 2937 |
| Dogus Otomotiv Servis ve Ticaret | 88 | 377 |
| Eczacibasi Yatirim Holding Ortakligi AS | 652 | 4520 |

---

**93**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **Turkey — .7% (continued)** | **Turkey — .7% (continued)** | **Turkey — .7% (continued)** |
| Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 17065 | 8206 |
| Enerjisa Enerji AS<sup>(d)</sup> <br>| 1917 | 3761 |
| Enka Insaat ve Sanayi AS | 4359 | 8055 |
| Eregli Demir ve Celik Fabrikalari TAS | 21477 | 14036 |
| Europower Enerji ve Otomasyon Teknolojileri Sanayi Ticaret AS<sup>(b)</sup> <br>| 1350 | 920 |
| Ford Otomotiv Sanayi AS | 4703 | 11101 |
| Girisim Elektrik Taahhut Ticaret ve Sanayi AS<sup>(b)</sup> <br>| 1000 | 1123 |
| Gubre Fabrikalari TAS<sup>(b)</sup> <br>| 547 | 4117 |
| Haci Omer Sabanci Holding AS | 7372 | 14298 |
| Hektas Ticaret TAS<sup>(b)</sup> <br>| 25668 | 2179 |
| Is Yatirim Menkul Degerler AS | 3186 | 3331 |
| Kaleseramik Canakkale Kalebodur Seramik Sanayi AS<sup>(b)</sup> <br>| 900 | 672 |
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Cl. D<sup>(b)</sup> <br>| 7317 | 4772 |
| KOC Holding AS | 4559 | 18606 |
| Kontrolmatik Enerji ve Muhendislik AS<sup>(c)</sup> <br>| 4787 | 3586 |
| Koza Anadolu Metal Madencilik Isletmeleri AS<sup>(b)</sup> <br>| 1380 | 2970 |
| Mavi Giyim Sanayi ve Ticaret AS, Cl. B<sup>(d)</sup> <br>| 4711 | 4515 |
| MIA Teknoloji AS<sup>(b)</sup> <br>| 1615 | 1433 |
| Migros Ticaret AS | 664 | 7161 |
| MLP Saglik Hizmetleri AS<sup>(b),(d)</sup> <br>| 578 | 4619 |
| Mogan Enerji Yatirim Holding AS<sup>(b)</sup> <br>| 17111 | 3886 |
| Otokar Otomotiv ve Savunma Sanayi AS<sup>(b)</sup> <br>| 265 | 2896 |
| Oyak Cimento Fabrikalari AS | 7387 | 3735 |
| Pegasus Hava Tasimaciligi AS<sup>(b)</sup> <br>| 1573 | 7858 |
| Petkim Petrokimya Holding AS<sup>(b)</sup> <br>| 544 | 222 |
| Sasa Polyester Sanayi AS<sup>(b),(c)</sup> <br>| 51515 | 3761 |
| Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret AS<sup>(b)</sup> <br>| 1147 | 739 |
| Sok Marketler Ticaret AS | 2010 | 2116 |
| TAB Gida Sanayi Ve Ticaret AS | 1013 | 5727 |
| TAV Havalimanlari Holding AS<sup>(b)</sup> <br>| 1468 | 9252 |
| Tekfen Holding AS<sup>(b)</sup> <br>| 660 | 1322 |
| Tofas Turk Otomobil Fabrikasi AS | 825 | 5185 |
| Torunlar Gayrimenkul Yatirim Ortakligi AS | 1904 | 3478 |
| Turk Altin Isletmeleri AS<sup>(b)</sup> <br>| 6953 | 4445 |
| Turk Hava Yollari | 4515 | 31301 |
| Turk Telekomunikasyon AS<sup>(b)</sup> <br>| 4009 | 4863 |
| Turkcell Iletisim Hizmetleri AS | 8671 | 20560 |
| Turkiye Halk Bankasi AS<sup>(b)</sup> <br>| 5784 | 3667 |
| Turkiye Is Bankasi AS, Cl. C | 54347 | 16350 |
| Turkiye Petrol Rafinerileri AS | 5577 | 26209 |
| Turkiye Sigorta AS | 15013 | 4409 |
| Turkiye Sise ve Cam Fabrikalari AS<sup>(c)</sup> <br>| 11804 | 10325 |
| Ulker Biskuvi Sanayi AS | 1067 | 2743 |
| Vestel Beyaz Esya Sanayi ve Ticaret AS | 3937 | 823 |
| Vestel Elektronik Sanayi ve Ticaret AS<sup>(b)</sup> <br>| 1420 | 1125 |
| Yapi ve Kredi Bankasi AS<sup>(b)</sup> <br>| 25135 | 20085 |
| Ziraat Gayrimenkul Yatirim Ortakligi AS | 8251 | 4541 |
| Zorlu Enerji Elektrik Uretim AS<sup>(b)</sup> <br>| 106522 | 8487 |
|  |  | **498832** |

---

**94**

------

---

| | | |
|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Shares | Value ($) |
| **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** | **Common Stocks — 98.2% (continued)** |
| **United Arab Emirates — 2.4%** | **United Arab Emirates — 2.4%** | **United Arab Emirates — 2.4%** |
| Abu Dhabi Commercial Bank PJSC | 19641 | 77111 |
| Abu Dhabi Islamic Bank PJSC | 10260 | 58996 |
| Abu Dhabi National Energy Co. PJSC | 20628 | 18927 |
| Abu Dhabi National Oil Co. for Distribution PJSC | 15718 | 15363 |
| ADNOC Drilling Co. PJSC | 17571 | 26694 |
| Adnoc Gas | 52209 | 49608 |
| Aldar Properties PJSC | 24631 | 60354 |
| Alpha Dhabi Holding PJSC | 11381 | 31048 |
| Borouge PLC | 23027 | 15736 |
| Dubai Electricity & Water Authority PJSC | 57678 | 43656 |
| Dubai Islamic Bank PJSC | 18337 | 47428 |
| Emaar Development PJSC | 4839 | 19630 |
| Emaar Properties PJSC | 40562 | 156817 |
| Emirates NBD Bank PJSC | 16058 | 122852 |
| Emirates Telecommunications Group Co. PJSC | 22295 | 117759 |
| First Abu Dhabi Bank PJSC | 28884 | 137148 |
| International Holding Co. PJSC<sup>(b)</sup> <br>| 5438 | 592222 |
| Modon Holding PSC<sup>(b)</sup> <br>| 21038 | 20907 |
|  |  | **1612256** |
| **United Kingdom — .0%** | **United Kingdom — .0%** | **United Kingdom — .0%** |
| Metlen Energy & Metals PLC<sup>(b)</sup> <br>| 635 | **32248** |
| **United States — .2%** | **United States — .2%** | **United States — .2%** |
| BeOne Medicines Ltd., Cl. H<sup>(b)</sup> <br>| 5900 | **141044** |
| **Total Common Stocks** <br>(cost $47,519,966)<br>|  | **66995927** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Preferred <br>Dividend <br>Rate (%)<br>|  |  |
| **Preferred Stocks — 1.7%** |  |  |  |
| **Brazil — 1.0%** |  |  |  |
| Banco Bradesco SA | 1.34 | 30617 | 103418 |
| Centrais Eletricas Brasileiras SA | 3.87 | 2530 | 27836 |
| Cia Energetica de Minas Gerais | 1.46 | 6699 | 14082 |
| Cia Paranaense de Energia - Copel | 0.65 | 8568 | 22147 |
| Gerdau SA | 0.64 | 9808 | 34386 |
| Itau Unibanco Holding SA | 2.63 | 34285 | 251671 |
| Itausa SA | 1.02 | 36246 | 78279 |
| Petroleo Brasileiro SA | 3.02 | 29050 | 160108 |
| Raizen SA<sup>(b)</sup> <br>| 0.72 | 8730 | 1540 |
|  |  |  | **693467** |
| **Chile — .1%** |  |  |  |
| Sociedad Quimica y Minera de Chile SA, Cl. B<sup>(b)</sup> <br>| 2.31 | 939 | **45266** |
| **Colombia — .1%** |  |  |  |
| Grupo Argos SA | 5.59 | 1311 | 4102 |
| Grupo Cibest SA | 8.04 | 3038 | 44304 |
| Grupo de Inversiones Suramericana SA | 3.61 | 939 | 9948 |
|  |  |  | **58354** |
| **Russia — .0%** |  |  |  |
| Sberbank of Russia PJSC<sup>(b),(e)</sup> <br>| 10.63 | 4890 | 0 |

---

**95**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** | **BNY Mellon Emerging Markets Equity ETF (continued)** |
| Description | Preferred<br> Dividend<br> Rate (%)<br>| Shares | Value ($) |
| **Preferred Stocks — 1.7% (continued)** |  |  |  |
| **Russia — .0% (continued)** |  |  |  |
| Surgutneftegas PJSC<sup>(b),(e)</sup> <br>| 18.99 | 37000 | 0 |
| Tatneft PJSC<sup>(e)</sup> <br>| 13.55 | 266 | 0 |
|  |  |  | **0** |
| **South Korea — .5%** |  |  |  |
| CJ Corp. | 2.02 | 8 | 834 |
| Hyundai Motor Co | 5.06 | 202 | 31192 |
| Hyundai Motor Co. | 5.09 | 81 | 12337 |
| Korea Investment Holdings Co. Ltd. | 3.13 | 25 | 2262 |
| LG Chem Ltd. | 0.53 | 103 | 14256 |
| Samsung Electronics Co. Ltd. | 1.46 | 5167 | 306085 |
| Samsung Fire & Marine Insurance Co. Ltd. | 5.61 | 25 | 5931 |
|  |  |  | **372897** |
| **Total Preferred Stocks** <br>(cost $729,011)<br>|  |  | **1169984** |

---

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

---

| | | |
|:---|:---|:---|
|  | Number <br>of Rights<br>|  |
| **Rights — .0%** |  |  |
| **Taiwan — .0%** |  |  |
| Taichung Commercial Bank Co., Ltd. <br>(cost $0)<br>| 298 | **24** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | 1-Day <br>Yield (%)<br>| Shares |  |
| **Investment Companies — .1%** |  |  |  |
| **Registered Investment Companies — .1%** |  |  |  |
| Dreyfus Institutional Preferred Government Money Market Fund, <br> Institutional Shares<sup>(f)</sup> <br>(cost $92,326)<br>| 4.04 | 92326 | **92326** |
| **Investment of Cash Collateral for Securities Loaned — .1%** |  |  |  |
| **Registered Investment Companies — .1%** |  |  |  |
| Dreyfus Institutional Preferred Government Money Market Fund, <br> Institutional Shares<sup>(f)</sup> <br>(cost $38,213)<br>| 4.04 | 38213 | **38213** |
| **Total Investments** (cost $48,379,516) |  | **100.1%** | **68297102** |
| **Liabilities, Less Cash and Receivables** |  | **(.1%)** | **(94988)** |
| **Net Assets** |  | **100.0%** | **68202114** |

---

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

---

| |
|:---|
| ADR—American Depositary Receipt |
| INR—Indian Rupee |
| NVDR—Non-Voting Depositary Receipt |
| REIT—Real Estate Investment Trust |

---

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

<sup>(a)</sup> Amount stated in U.S. Dollars unless otherwise noted above.

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

<sup>(c)</sup> Security, or portion thereof, on loan. At October 31, 2025, the value of the fund's securities on loan was $255,713 and the value of the collateral was $275,688, consisting of cash collateral of $38,213 and U.S. Government & Agency securities valued at $237,475. In addition, the value of collateral may include pending sales that are also on loan. 

<sup>(d)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2025, these securities amounted to $2,760,738 or 4.1% of net assets. 

**96**

------

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

<sup>(e)</sup> The fund held Level 3 securities at October 31, 2025. These securities were valued at $0 or .0% of net assets.

<sup>(f)</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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF** | **BNY Mellon Emerging Markets Equity ETF** | **BNY Mellon Emerging Markets Equity ETF** | **BNY Mellon Emerging Markets Equity ETF** | **BNY Mellon Emerging Markets Equity ETF** | **BNY Mellon Emerging Markets Equity ETF** |
| **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** |
| Description | Value ($) <br>10/31/2024<br>| Purchases ($)<sup>†</sup> <br>| Sales ($) | Value ($) <br>10/31/2025<br>| Dividends/ <br>Distributions ($)<br>|
| **Registered Investment Companies - .1%** | **Registered Investment Companies - .1%** | **Registered Investment Companies - .1%** | **Registered Investment Companies - .1%** | **Registered Investment Companies - .1%** | **Registered Investment Companies - .1%** |
| Dreyfus Institutional Preferred Government Money <br> Market Fund, Institutional Shares - .1%<br>| 82292 | 40976321 | (40966287) | 92326 | 16663 |
| **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 <br> Market Fund, Institutional Shares - .1%<br>| 417578 | 2367488 | (2746853) | 38213 | 12722 <br><sup>††</sup><br>|
| **Total - .2%** | **499870** | **43343809** | **(43713140)** | **130539** | **29385** |

---

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

---

| | |
|:---|:---|
| <sup>†</sup> <br>| Includes reinvested dividends/distributions. |
| <sup>††</sup> <br>| 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>|

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BNY Mellon Emerging Markets Equity ETF** | **BNY Mellon Emerging Markets Equity ETF** | **BNY Mellon Emerging Markets Equity ETF** | **BNY Mellon Emerging Markets Equity ETF** | **BNY Mellon Emerging Markets Equity ETF** | **BNY Mellon Emerging Markets Equity ETF** |
| **Futures** | **Futures** | **Futures** | **Futures** | **Futures** | **Futures** |
| Description | Number of <br>Contracts<br>| Expiration | Notional <br>Value ($)<br>| Market <br>Value ($)<br>| Unrealized <br>Appreciation ($)<br>|
| **Futures Long** |  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; 201791 | &nbsp;&nbsp; 211140 | &nbsp;&nbsp; 9349 |
| **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** |  |  | **9349** |

---

See notes to financial statements.

**97**

------

SCHEDULES OF INVESTMENTS

October 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF** | **BNY Mellon Core Bond ETF** | **BNY Mellon Core Bond ETF** | **BNY Mellon Core Bond ETF** | **BNY Mellon Core Bond ETF** |
| Description | Coupon <br>Rate (%)<br>| Maturity <br>Date<br>| Principal <br>Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1%** | **Bonds and Notes — 99.1%** | **Bonds and Notes — 99.1%** | **Bonds and Notes — 99.1%** | **Bonds and Notes — 99.1%** |
| **Advertising — .0%** | **Advertising — .0%** | **Advertising — .0%** | **Advertising — .0%** | **Advertising — .0%** |
| Omnicom Group, Inc., Sr. Unscd. Notes | 2.60 | 8/1/2031 | 190000 | 171881 |
| The Interpublic Group of Companies, Inc., Sr. Unscd. Notes | 3.38 | 3/1/2041 | 60000 | 45439 |
| The Interpublic Group of Companies, Inc., Sr. Unscd. Notes | 4.75 | 3/30/2030 | 20000 | 20086 |
| The Interpublic Group of Companies, Inc., Sr. Unscd. Notes | 5.40 | 10/1/2048 | 40000 | 37442 |
|  |  |  |  | **274848** |
| **Aerospace & Defense — .5%** | **Aerospace & Defense — .5%** | **Aerospace & Defense — .5%** | **Aerospace & Defense — .5%** | **Aerospace & Defense — .5%** |
| GE Capital International Funding Co. Unlimited Co., Gtd. Notes | 4.42 | 11/15/2035 | 450000 | 441470 |
| General Dynamics Corp., Gtd. Notes | 3.50 | 4/1/2027 | 40000 | 39826 |
| General Dynamics Corp., Gtd. Notes | 3.75 | 5/15/2028 | 221000 | 220620 |
| General Dynamics Corp., Gtd. Notes | 4.25 | 4/1/2050 | 141000 | 121805 |
| HEICO Corp., Gtd. Notes | 5.35 | 8/1/2033 | 110000 | 114412 |
| Hexcel Corp., Sr. Unscd. Notes | 4.20 | 2/15/2027 | 100000 | 99475 |
| Howmet Aerospace, Inc., Sr. Unscd. Notes | 3.00 | 1/15/2029 | 39000 | 37690 |
| L3Harris Technologies, Inc., Sr. Unscd. Notes | 2.90 | 12/15/2029 | 70000 | 66468 |
| L3Harris Technologies, Inc., Sr. Unscd. Notes | 4.40 | 6/15/2028 | 100000 | 100513 |
| L3Harris Technologies, Inc., Sr. Unscd. Notes | 4.40 | 6/15/2028 | 100000 | 100536 |
| L3Harris Technologies, Inc., Sr. Unscd. Notes | 4.85 | 4/27/2035 | 100000 | 99684 |
| L3Harris Technologies, Inc., Sr. Unscd. Notes | 5.60 | 7/31/2053 | 200000 | 202186 |
| Lockheed Martin Corp., Sr. Unscd. Notes | 3.80 | 3/1/2045 | 90000 | 73531 |
| Lockheed Martin Corp., Sr. Unscd. Notes | 4.07 | 12/15/2042 | 75000 | 65149 |
| Lockheed Martin Corp., Sr. Unscd. Notes | 4.09 | 9/15/2052 | 100000 | 81276 |
| Lockheed Martin Corp., Sr. Unscd. Notes | 4.15 | 6/15/2053 | 250000 | 204470 |
| Lockheed Martin Corp., Sr. Unscd. Notes | 4.50 | 5/15/2036 | 125000 | 122814 |
| Lockheed Martin Corp., Sr. Unscd. Notes | 4.75 | 2/15/2034 | 524000 | 529889 |
| Lockheed Martin Corp., Sr. Unscd. Notes | 5.25 | 1/15/2033 | 100000 | 105037 |
| Lockheed Martin Corp., Sr. Unscd. Notes | 5.70 | 11/15/2054 | 240000 | 248159 |
| Northrop Grumman Corp., Sr. Unscd. Notes | 3.20 | 2/1/2027 | 15000 | 14854 |
| Northrop Grumman Corp., Sr. Unscd. Notes | 3.25 | 1/15/2028 | 235000 | 231225 |
| Northrop Grumman Corp., Sr. Unscd. Notes | 4.03 | 10/15/2047 | 100000 | 81818 |
| Northrop Grumman Corp., Sr. Unscd. Notes | 4.40 | 5/1/2030 | 88000 | 88756 |
| Northrop Grumman Corp., Sr. Unscd. Notes | 4.75 | 6/1/2043 | 35000 | 32506 |
| Northrop Grumman Corp., Sr. Unscd. Notes | 4.95 | 3/15/2053 | 350000 | 321983 |
| Northrop Grumman Corp., Sr. Unscd. Notes | 5.05 | 11/15/2040 | 50000 | 49330 |
| Northrop Grumman Corp., Sr. Unscd. Notes | 5.25 | 5/1/2050 | 79000 | 76281 |
| RTX Corp., Sr. Unscd. Bonds | 4.15 | 5/15/2045 | 130000 | 110373 |
| RTX Corp., Sr. Unscd. Notes | 1.90 | 9/1/2031 | 75000 | 65518 |
| RTX Corp., Sr. Unscd. Notes | 2.38 | 3/15/2032 | 102000 | 90409 |
| RTX Corp., Sr. Unscd. Notes | 2.82 | 9/1/2051 | 130000 | 83407 |
| RTX Corp., Sr. Unscd. Notes | 3.03 | 3/15/2052 | 100000 | 66168 |
| RTX Corp., Sr. Unscd. Notes | 4.05 | 5/4/2047 | 200000 | 164184 |
| RTX Corp., Sr. Unscd. Notes | 4.13 | 11/16/2028 | 452000 | 452414 |
| RTX Corp., Sr. Unscd. Notes | 4.35 | 4/15/2047 | 305000 | 262300 |
| RTX Corp., Sr. Unscd. Notes | 4.45 | 11/16/2038 | 300000 | 283626 |
| RTX Corp., Sr. Unscd. Notes | 4.50 | 6/1/2042 | 27000 | 24532 |
| RTX Corp., Sr. Unscd. Notes | 4.80 | 12/15/2043 | 36000 | 33513 |
| RTX Corp., Sr. Unscd. Notes | 5.38 | 2/27/2053 | 50000 | 49017 |

---

**98**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Aerospace & Defense — .5% (continued)** | **Aerospace & Defense — .5% (continued)** | **Aerospace & Defense — .5% (continued)** | **Aerospace & Defense — .5% (continued)** | **Aerospace & Defense — .5% (continued)** |
| RTX Corp., Sr. Unscd. Notes | 5.75 | 1/15/2029 | 50000 | 52475 |
| RTX Corp., Sr. Unscd. Notes | 6.00 | 3/15/2031 | 50000 | 53943 |
| RTX Corp., Sr. Unscd. Notes | 6.10 | 3/15/2034 | 250000 | 274627 |
| The Boeing Company, Sr. Unscd. Notes | 2.70 | 2/1/2027 | 658000 | 645781 |
| The Boeing Company, Sr. Unscd. Notes | 3.25 | 2/1/2028 | 727000 | 711863 |
| The Boeing Company, Sr. Unscd. Notes | 3.60 | 5/1/2034 | 560000 | 508021 |
| The Boeing Company, Sr. Unscd. Notes | 3.63 | 3/1/2048 | 125000 | 90571 |
| The Boeing Company, Sr. Unscd. Notes | 3.75 | 2/1/2050 | 100000 | 74238 |
| The Boeing Company, Sr. Unscd. Notes | 3.83 | 3/1/2059 | 145000 | 102232 |
| The Boeing Company, Sr. Unscd. Notes | 3.85 | 11/1/2048 | 125000 | 93588 |
| The Boeing Company, Sr. Unscd. Notes | 3.95 | 8/1/2059 | 95000 | 68345 |
| The Boeing Company, Sr. Unscd. Notes | 5.81 | 5/1/2050 | 515000 | 512325 |
| The Boeing Company, Sr. Unscd. Notes | 5.93 | 5/1/2060 | 200000 | 198628 |
| The Boeing Company, Sr. Unscd. Notes | 6.13 | 2/15/2033 | 105000 | 113028 |
| The Boeing Company, Sr. Unscd. Notes | 6.63 | 2/15/2038 | 182000 | 203378 |
|  |  |  |  | **9360267** |
| **Agriculture — .3%** | **Agriculture — .3%** | **Agriculture — .3%** | **Agriculture — .3%** | **Agriculture — .3%** |
| Altria Group, Inc., Gtd. Notes | 2.45 | 2/4/2032 | 120000 | 105471 |
| Altria Group, Inc., Gtd. Notes | 3.40 | 5/6/2030 | 450000 | 431734 |
| Altria Group, Inc., Gtd. Notes | 3.40 | 2/4/2041 | 215000 | 166069 |
| Altria Group, Inc., Gtd. Notes | 4.25 | 8/9/2042 | 270000 | 225585 |
| Altria Group, Inc., Gtd. Notes | 4.45 | 5/6/2050 | 172000 | 139136 |
| Altria Group, Inc., Gtd. Notes | 4.50 | 5/2/2043 | 40000 | 34148 |
| Altria Group, Inc., Gtd. Notes | 5.25 | 8/6/2035 | 100000 | 100768 |
| Altria Group, Inc., Gtd. Notes | 5.95 | 2/14/2049 | 180000 | 182693 |
| BAT Capital Corp., Gtd. Notes | 2.26 | 3/25/2028 | 25000 | 23909 |
| BAT Capital Corp., Gtd. Notes | 2.73 | 3/25/2031 | 350000 | 320060 |
| BAT Capital Corp., Gtd. Notes | 3.73 | 9/25/2040 | 75000 | 60672 |
| BAT Capital Corp., Gtd. Notes | 4.39 | 8/15/2037 | 270000 | 247210 |
| BAT Capital Corp., Gtd. Notes | 4.54 | 8/15/2047 | 225000 | 188073 |
| BAT Capital Corp., Gtd. Notes | 4.70 | 4/2/2027 | 231000 | 232305 |
| BAT Capital Corp., Gtd. Notes | 4.76 | 9/6/2049 | 176000 | 149720 |
| BAT Capital Corp., Gtd. Notes | 5.28 | 4/2/2050 | 108000 | 98589 |
| BAT International Finance PLC, Gtd. Notes | 5.93 | 2/2/2029 | 270000 | 283459 |
| Bunge Ltd. Finance Corp., Gtd. Notes | 3.75 | 9/25/2027 | 109000 | 108468 |
| Bunge Ltd. Finance Corp., Gtd. Notes | 5.15 | 8/4/2035 | 100000 | 101308 |
| Philip Morris International, Inc., Sr. Unscd. Notes | 2.10 | 5/1/2030 | 100000 | 91273 |
| Philip Morris International, Inc., Sr. Unscd. Notes | 3.13 | 3/2/2028 | 40000 | 39166 |
| Philip Morris International, Inc., Sr. Unscd. Notes | 3.38 | 8/15/2029 | 140000 | 136210 |
| Philip Morris International, Inc., Sr. Unscd. Notes | 3.88 | 8/21/2042 | 101000 | 83491 |
| Philip Morris International, Inc., Sr. Unscd. Notes | 4.13 | 3/4/2043 | 90000 | 76704 |
| Philip Morris International, Inc., Sr. Unscd. Notes | 4.38 | 11/15/2041 | 140000 | 124637 |
| Philip Morris International, Inc., Sr. Unscd. Notes | 4.88 | 2/15/2028 | 465000 | 472863 |
| Philip Morris International, Inc., Sr. Unscd. Notes | 4.88 | 11/15/2043 | 100000 | 93050 |
| Philip Morris International, Inc., Sr. Unscd. Notes | 5.13 | 11/17/2027 | 140000 | 142812 |
| Philip Morris International, Inc., Sr. Unscd. Notes | 5.38 | 2/15/2033 | 750000 | 781558 |
| Philip Morris International, Inc., Sr. Unscd. Notes | 5.63 | 9/7/2033 | 90000 | 95171 |
| Reynolds American, Inc., Gtd. Notes | 5.85 | 8/15/2045 | 398000 | 392806 |
| Reynolds American, Inc., Gtd. Notes | 6.15 | 9/15/2043 | 25000 | 25645 |
|  |  |  |  | **5754763** |

---

**99**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Airlines — .0%** | **Airlines — .0%** | **Airlines — .0%** | **Airlines — .0%** | **Airlines — .0%** |
| American Airlines Pass-Through Trust, Ser. 2015-1, Cl. A | 3.38 | 5/1/2027 | 4995 | 4914 |
| American Airlines Pass-Through Trust, Ser. 2016-2, Cl. AA | 3.20 | 6/15/2028 | 36420 | 35309 |
| American Airlines Pass-Through Trust, Ser. 2017-1, Cl. AA | 3.65 | 2/15/2029 | 29563 | 28832 |
| American Airlines Pass-Through Trust, Ser. 2017-2, Cl. AA | 3.35 | 10/15/2029 | 133669 | 128640 |
| JetBlue Pass-Through Trust, Ser. 2020-1, Cl. A | 4.00 | 11/15/2032 | 28221 | 26629 |
| Southwest Airlines Co., Sr. Unscd. Notes | 2.63 | 2/10/2030 | 75000 | 69106 |
| United Airlines Pass-Through Trust, Ser. 2018-1, Cl. AA | 3.50 | 3/1/2030 | 65060 | 62609 |
| United Airlines Pass-Through Trust, Ser. 2023-1, Cl. A | 5.80 | 1/15/2036 | 153940 | 161292 |
|  |  |  |  | **517331** |
| **Asset-Backed Certificates — .0%** | **Asset-Backed Certificates — .0%** | **Asset-Backed Certificates — .0%** | **Asset-Backed Certificates — .0%** | **Asset-Backed Certificates — .0%** |
| CNH Equipment Trust, Ser. 2023-A, Cl. A4 | 4.77 | 10/15/2030 | 100000 | 101297 |
| Verizon Master Trust, Ser. 2023-7, Cl. A1A | 5.67 | 11/20/2029 | 370000 | 376211 |
| Verizon Master Trust, Ser. 2024-3, Cl. A1A | 5.34 | 4/22/2030 | 125000 | 127419 |
| Verizon Master Trust, Ser. 2024-6, Cl. A1A | 4.17 | 8/20/2030 | 250000 | 250874 |
|  |  |  |  | **855801** |
| **Asset-Backed Certificates/Auto Receivables — .2%** | **Asset-Backed Certificates/Auto Receivables — .2%** | **Asset-Backed Certificates/Auto Receivables — .2%** | **Asset-Backed Certificates/Auto Receivables — .2%** | **Asset-Backed Certificates/Auto Receivables — .2%** |
| AmeriCredit Automobile Receivables Trust, Ser. 2023-2, Cl. B | 5.84 | 7/18/2029 | 150000 | 152822 |
| AmeriCredit Automobile Receivables Trust, Ser. 2023-2, Cl. C | 6.00 | 7/18/2029 | 400000 | 411242 |
| BMW Vehicle Lease Trust, Ser. 2025-1, Cl. A3 | 4.43 | 6/26/2028 | 150000 | 150937 |
| CarMax Auto Owner Trust, Ser. 2024-1, Cl. A4 | 4.94 | 8/15/2029 | 150000 | 152431 |
| Ford Credit Auto Owner Trust, Ser. 2024-C, Cl. A3 | 4.07 | 7/15/2029 | 200000 | 200329 |
| Ford Credit Auto Owner Trust, Ser. 2024-C, Cl. A4 | 4.11 | 7/15/2030 | 200000 | 200510 |
| GM Financial Automobile Leasing Trust, Ser. 2025-3, Cl. A4 | 4.20 | 8/20/2029 | 500000 | 501653 |
| Honda Auto Receivables Owner Trust, Ser. 2023-4, Cl. A4 | 5.66 | 2/21/2030 | 115000 | 117374 |
| Honda Auto Receivables Owner Trust, Ser. 2025-2, Cl. A3 | 4.15 | 10/15/2029 | 100000 | 100373 |
| Hyundai Auto Receivables Trust, Ser. 2023-B, Cl. A4 | 5.31 | 8/15/2029 | 296000 | 300699 |
| Hyundai Auto Receivables Trust, Ser. 2025-A, Cl. A3 | 4.32 | 10/15/2029 | 200000 | 201207 |
| Mercedes-Benz Auto Lease Trust, Ser. 2025-A, Cl. A4 | 4.69 | 2/18/2031 | 150000 | 152098 |
| Nissan Auto Lease Trust, Ser. 2024-B, Cl. A3 | 4.92 | 11/15/2027 | 270000 | 272638 |
| Santander Drive Auto Receivables Trust, Ser. 2023-1, Cl. C | 5.09 | 5/15/2030 | 195605 | 196475 |
| Santander Drive Auto Receivables Trust, Ser. 2025-2, Cl. A3 | 4.67 | 8/15/2029 | 100000 | 100520 |
| Santander Drive Auto Receivables Trust, Ser. 2025-3, Cl. A3 | 4.38 | 1/15/2030 | 200000 | 200492 |
| Toyota Auto Receivables Owner Trust, Ser. 2024-A, Cl. A4 | 4.77 | 4/16/2029 | 200000 | 203128 |
| Toyota Auto Receivables Owner Trust, Ser. 2024-C, Cl. A3 | 4.88 | 3/15/2029 | 450000 | 454256 |
| World Omni Auto Receivables Trust, Ser. 2025-B, Cl. A3 | 4.34 | 9/16/2030 | 200000 | 201712 |
| World Omni Select Auto Trust, Ser. 2024-A, Cl. B | 5.18 | 6/17/2030 | 80000 | 80546 |
|  |  |  |  | **4351442** |
| **Asset-Backed Certificates/Credit Cards — .1%** | **Asset-Backed Certificates/Credit Cards — .1%** | **Asset-Backed Certificates/Credit Cards — .1%** | **Asset-Backed Certificates/Credit Cards — .1%** | **Asset-Backed Certificates/Credit Cards — .1%** |
| American Express Credit Account Master Trust, Ser. 2023-2, Cl. A | 4.80 | 5/15/2030 | 100000 | 102266 |
| American Express Credit Account Master Trust, Ser. 2023-4, Cl. A | 5.15 | 9/16/2030 | 500000 | 517207 |
| American Express Credit Account Master Trust, Ser. 2025-3, Cl. A | 4.51 | 4/15/2032 | 300000 | 306481 |
| American Express Credit Account Master Trust, Ser. 2025-5, Cl. A | 4.51 | 7/15/2032 | 100000 | 102117 |
| BA Credit Card Trust, Ser. 2025-A1, Cl. A | 4.31 | 5/15/2030 | 325000 | 328282 |
| Chase Issuance Trust, Ser. 2024-A2, Cl. A | 4.72 | 1/15/2031 | 650000 | 663742 |
| Synchrony Card Funding LLC, Ser. 2024-A2, Cl. A | 4.93 | 7/15/2030 | 250000 | 253820 |
| WF Card Issuance Trust, Ser. 2024-A1, Cl. A | 4.94 | 2/15/2029 | 200000 | 202530 |
|  |  |  |  | **2476445** |
| **Automobiles & Components — .6%** | **Automobiles & Components — .6%** | **Automobiles & Components — .6%** | **Automobiles & Components — .6%** | **Automobiles & Components — .6%** |
| American Honda Finance Corp., Sr. Unscd. Notes | 2.25 | 1/12/2029 | 131000 | 123527 |
| American Honda Finance Corp., Sr. Unscd. Notes | 4.60 | 4/17/2030 | 100000 | 101022 |

---

**100**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Automobiles & Components — .6% (continued)** | **Automobiles & Components — .6% (continued)** | **Automobiles & Components — .6% (continued)** | **Automobiles & Components — .6% (continued)** | **Automobiles & Components — .6% (continued)** |
| American Honda Finance Corp., Sr. Unscd. Notes | 4.70 | 1/12/2028 | 15000 | 15184 |
| American Honda Finance Corp., Sr. Unscd. Notes | 5.13 | 7/7/2028 | 90000 | 92227 |
| American Honda Finance Corp., Sr. Unscd. Notes | 5.15 | 7/9/2032 | 300000 | 308134 |
| American Honda Finance Corp., Sr. Unscd. Notes | 5.65 | 11/15/2028 | 85000 | 88605 |
| American Honda Finance Corp., Sr. Unscd. Notes | 5.85 | 10/4/2030 | 436000 | 463644 |
| Aptiv Swiss Holdings Ltd., Gtd. Notes | 4.15 | 5/1/2052 | 260000 | 201151 |
| BorgWarner, Inc., Sr. Unscd. Notes | 4.38 | 3/15/2045 | 50000 | 42747 |
| Cummins, Inc., Sr. Unscd. Notes | 2.60 | 9/1/2050 | 50000 | 30978 |
| Cummins, Inc., Sr. Unscd. Notes | 4.90 | 2/20/2029 | 150000 | 154179 |
| Cummins, Inc., Sr. Unscd. Notes | 5.15 | 2/20/2034 | 200000 | 207012 |
| Cummins, Inc., Sr. Unscd. Notes | 5.30 | 5/9/2035 | 300000 | 310520 |
| Ford Motor Co., Sr. Unscd. Notes | 3.25 | 2/12/2032 | 423000 | 368618 |
| Ford Motor Co., Sr. Unscd. Notes | 4.75 | 1/15/2043 | 50000 | 40287 |
| Ford Motor Co., Sr. Unscd. Notes | 6.10 | 8/19/2032 | 100000 | 102714 |
| Ford Motor Co., Sr. Unscd. Notes | 7.45 | 7/16/2031 | 127000 | 140226 |
| Ford Motor Credit Co. LLC, Sr. Unscd. Notes | 4.13 | 8/17/2027 | 535000 | 528360 |
| Ford Motor Credit Co. LLC, Sr. Unscd. Notes | 4.95 | 5/28/2027 | 50000 | 50045 |
| Ford Motor Credit Co. LLC, Sr. Unscd. Notes | 6.05 | 11/5/2031 | 200000 | 204590 |
| Ford Motor Credit Co. LLC, Sr. Unscd. Notes | 6.53 | 3/19/2032 | 250000 | 260992 |
| Ford Motor Credit Co. LLC, Sr. Unscd. Notes | 6.80 | 5/12/2028 | 400000 | 415752 |
| Ford Motor Credit Co. LLC, Sr. Unscd. Notes | 7.12 | 11/7/2033 | 700000 | 752806 |
| General Motors Co., Sr. Unscd. Notes | 4.20 | 10/1/2027 | 115000 | 114959 |
| General Motors Co., Sr. Unscd. Notes | 5.15 | 4/1/2038 | 212000 | 204977 |
| General Motors Co., Sr. Unscd. Notes | 5.60 | 10/15/2032 | 750000 | 781896 |
| General Motors Co., Sr. Unscd. Notes | 5.95 | 4/1/2049 | 108000 | 106431 |
| General Motors Co., Sr. Unscd. Notes | 6.25 | 4/15/2035 | 300000 | 318809 |
| General Motors Co., Sr. Unscd. Notes | 6.75 | 4/1/2046 | 31000 | 33448 |
| General Motors Financial Co., Inc., Sr. Unscd. Notes | 2.35 | 2/26/2027 | 265000 | 258592 |
| General Motors Financial Co., Inc., Sr. Unscd. Notes | 2.35 | 1/8/2031 | 445000 | 397411 |
| General Motors Financial Co., Inc., Sr. Unscd. Notes | 2.70 | 6/10/2031 | 105000 | 94543 |
| General Motors Financial Co., Inc., Sr. Unscd. Notes | 3.60 | 6/21/2030 | 50000 | 47955 |
| General Motors Financial Co., Inc., Sr. Unscd. Notes | 5.00 | 4/9/2027 | 95000 | 95911 |
| General Motors Financial Co., Inc., Sr. Unscd. Notes | 5.80 | 6/23/2028 | 371000 | 384306 |
| General Motors Financial Co., Inc., Sr. Unscd. Notes | 6.00 | 1/9/2028 | 122000 | 126230 |
| Honda Motor Co. Ltd., Sr. Unscd. Notes | 2.53 | 3/10/2027 | 415000 | 406455 |
| Honda Motor Co. Ltd., Sr. Unscd. Notes | 2.97 | 3/10/2032 | 55000 | 50254 |
| Lear Corp., Sr. Unscd. Notes | 3.50 | 5/30/2030 | 108000 | 103647 |
| Lear Corp., Sr. Unscd. Notes | 5.25 | 5/15/2049 | 45000 | 40892 |
| Magna International, Inc., Sr. Unscd. Notes | 2.45 | 6/15/2030 | 20000 | 18417 |
| Magna International, Inc., Sr. Unscd. Notes | 5.88 | 6/1/2035 | 300000 | 316422 |
| Mercedes-Benz Finance North America LLC, Gtd. Notes | 8.50 | 1/18/2031 | 155000 | 184370 |
| PACCAR Financial Corp., Sr. Unscd. Notes | 4.00 | 8/8/2028 | 50000 | 50174 |
| PACCAR Financial Corp., Sr. Unscd. Notes | 4.55 | 3/3/2028 | 400000 | 406248 |
| Toyota Motor Corp., Sr. Unscd. Notes | 5.12 | 7/13/2028 | 85000 | 87481 |
| Toyota Motor Corp., Sr. Unscd. Notes | 5.12 | 7/13/2033 | 275000 | 287464 |
| Toyota Motor Credit Corp., Sr. Unscd. Notes | 1.65 | 1/10/2031 | 140000 | 123124 |
| Toyota Motor Credit Corp., Sr. Unscd. Notes | 1.90 | 9/12/2031 | 73000 | 63909 |
| Toyota Motor Credit Corp., Sr. Unscd. Notes | 3.05 | 3/22/2027 | 130000 | 128542 |
| Toyota Motor Credit Corp., Sr. Unscd. Notes | 4.45 | 6/29/2029 | 70000 | 70811 |
| Toyota Motor Credit Corp., Sr. Unscd. Notes | 5.05 | 5/16/2029 | 676000 | 697138 |

---

**101**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Automobiles & Components — .6% (continued)** | **Automobiles & Components — .6% (continued)** | **Automobiles & Components — .6% (continued)** | **Automobiles & Components — .6% (continued)** | **Automobiles & Components — .6% (continued)** |
| Toyota Motor Credit Corp., Sr. Unscd. Notes | 5.10 | 3/21/2031 | 405000 | 420566 |
| Toyota Motor Credit Corp., Sr. Unscd. Notes | 5.40 | 11/20/2026 | 55000 | 55813 |
| Toyota Motor Credit Corp., Sr. Unscd. Notes | 5.55 | 11/20/2030 | 50000 | 53053 |
|  |  |  |  | **11533568** |
| **Banks — 5.3%** | **Banks — 5.3%** | **Banks — 5.3%** | **Banks — 5.3%** | **Banks — 5.3%** |
| Australia & New Zealand Banking Group Ltd., Sr. Unscd. Notes | 4.75 | 1/18/2027 | 50000 | 50500 |
| Australia & New Zealand Banking Group Ltd., Sr. Unscd. Notes | 4.90 | 7/16/2027 | 500000 | 508304 |
| Banco Santander SA, Sr. Bonds | 5.44 | 7/15/2031 | 200000 | 209725 |
| Banco Santander SA, Sr. Notes | 4.25 | 4/11/2027 | 510000 | 510328 |
| Banco Santander SA, Sr. Notes | 5.29 | 8/18/2027 | 368000 | 374619 |
| Banco Santander SA, Sr. Notes | 5.54 | 3/14/2030 | 200000 | 206859 |
| Banco Santander SA, Sr. Notes | 5.59 | 8/8/2028 | 400000 | 414623 |
| Banco Santander SA, Sub. Notes | 6.92 | 8/8/2033 | 200000 | 221960 |
| Bank of America Corp., Sr. Unscd. Notes | 1.90 | 7/23/2031 | 200000 | 179234 |
| Bank of America Corp., Sr. Unscd. Notes | 1.92 | 10/24/2031 | 115000 | 102567 |
| Bank of America Corp., Sr. Unscd. Notes | 2.09 | 6/14/2029 | 325000 | 308602 |
| Bank of America Corp., Sr. Unscd. Notes | 2.30 | 7/21/2032 | 200000 | 177932 |
| Bank of America Corp., Sr. Unscd. Notes | 2.50 | 2/13/2031 | 300000 | 278413 |
| Bank of America Corp., Sr. Unscd. Notes | 2.57 | 10/20/2032 | 430000 | 386743 |
| Bank of America Corp., Sr. Unscd. Notes | 2.69 | 4/22/2032 | 468000 | 427724 |
| Bank of America Corp., Sr. Unscd. Notes | 2.83 | 10/24/2051 | 70000 | 45350 |
| Bank of America Corp., Sr. Unscd. Notes | 2.88 | 10/22/2030 | 240000 | 227944 |
| Bank of America Corp., Sr. Unscd. Notes | 2.97 | 2/4/2033 | 265000 | 241623 |
| Bank of America Corp., Sr. Unscd. Notes | 2.97 | 7/21/2052 | 315000 | 209916 |
| Bank of America Corp., Sr. Unscd. Notes | 3.19 | 7/23/2030 | 150000 | 144653 |
| Bank of America Corp., Sr. Unscd. Notes | 3.31 | 4/22/2042 | 750000 | 597466 |
| Bank of America Corp., Sr. Unscd. Notes | 3.59 | 7/21/2028 | 150000 | 148674 |
| Bank of America Corp., Sr. Unscd. Notes | 3.71 | 4/24/2028 | 143000 | 142064 |
| Bank of America Corp., Sr. Unscd. Notes | 3.95 | 1/23/2049 | 50000 | 40549 |
| Bank of America Corp., Sr. Unscd. Notes | 3.97 | 2/7/2030 | 236000 | 234377 |
| Bank of America Corp., Sr. Unscd. Notes | 4.08 | 4/23/2040 | 80000 | 71729 |
| Bank of America Corp., Sr. Unscd. Notes | 4.08 | 3/20/2051 | 170000 | 138865 |
| Bank of America Corp., Sr. Unscd. Notes | 4.27 | 7/23/2029 | 454000 | 455720 |
| Bank of America Corp., Sr. Unscd. Notes | 4.33 | 3/15/2050 | 283000 | 241532 |
| Bank of America Corp., Sr. Unscd. Notes | 4.38 | 4/27/2028 | 390000 | 391157 |
| Bank of America Corp., Sr. Unscd. Notes | 4.57 | 4/27/2033 | 155000 | 154771 |
| Bank of America Corp., Sr. Unscd. Notes | 4.62 | 5/9/2029 | 400000 | 404534 |
| Bank of America Corp., Sr. Unscd. Notes | 4.95 | 7/22/2028 | 100000 | 101341 |
| Bank of America Corp., Sr. Unscd. Notes | 5.02 | 7/22/2033 | 570000 | 583575 |
| Bank of America Corp., Sr. Unscd. Notes | 5.20 | 4/25/2029 | 130000 | 133128 |
| Bank of America Corp., Sr. Unscd. Notes | 5.29 | 4/25/2034 | 375000 | 387867 |
| Bank of America Corp., Sr. Unscd. Notes | 5.47 | 1/23/2035 | 211000 | 220469 |
| Bank of America Corp., Sr. Unscd. Notes | 5.82 | 9/15/2029 | 175000 | 182721 |
| Bank of America Corp., Sr. Unscd. Notes | 5.87 | 9/15/2034 | 585000 | 626990 |
| Bank of America Corp., Sr. Unscd. Notes | 6.20 | 11/10/2028 | 319000 | 331808 |
| Bank of America Corp., Sr. Unscd. Notes, Ser. N | 2.65 | 3/11/2032 | 300000 | 274275 |
| Bank of America Corp., Sr. Unscd. Notes, Ser. N | 3.48 | 3/13/2052 | 124000 | 91744 |
| Bank of America Corp., Sub. Notes | 2.48 | 9/21/2036 | 150000 | 130676 |
| Bank of America Corp., Sub. Notes | 5.43 | 8/15/2035 | 620000 | 633056 |
| Bank of America Corp., Sub. Notes | 5.52 | 10/25/2035 | 200000 | 205206 |

---

**102**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Banks — 5.3% (continued)** | **Banks — 5.3% (continued)** | **Banks — 5.3% (continued)** | **Banks — 5.3% (continued)** | **Banks — 5.3% (continued)** |
| Bank of America Corp., Sub. Notes | 5.74 | 2/12/2036 | 400000 | 416275 |
| Bank of America Corp., Sub. Notes | 6.11 | 1/29/2037 | 111000 | 119713 |
| Bank of America Corp., Sub. Notes, Ser. L | 4.75 | 4/21/2045 | 50000 | 45454 |
| Bank of Montreal, Sr. Unscd. Notes | 4.06 | 9/22/2028 | 100000 | 99848 |
| Bank of Montreal, Sr. Unscd. Notes | 4.64 | 9/10/2030 | 200000 | 202294 |
| Bank of Montreal, Sr. Unscd. Notes | 5.72 | 9/25/2028 | 200000 | 208749 |
| Bank OZK, Sub. Notes | 2.75 | 10/1/2031 | 85000 | 79256 |
| BankUnited, Inc., Sub. Notes | 5.13 | 6/11/2030 | 85000 | 84727 |
| Barclays PLC, Sr. Unscd. Notes | 2.28 | 11/24/2027 | 114000 | 111678 |
| Barclays PLC, Sr. Unscd. Notes | 4.84 | 9/10/2028 | 320000 | 323234 |
| Barclays PLC, Sr. Unscd. Notes | 4.94 | 9/10/2030 | 200000 | 203179 |
| Barclays PLC, Sr. Unscd. Notes | 4.95 | 1/10/2047 | 200000 | 184806 |
| Barclays PLC, Sr. Unscd. Notes | 5.25 | 8/17/2045 | 120000 | 116193 |
| Barclays PLC, Sr. Unscd. Notes | 5.34 | 9/10/2035 | 200000 | 202589 |
| Barclays PLC, Sr. Unscd. Notes | 5.50 | 8/9/2028 | 225000 | 229550 |
| Barclays PLC, Sr. Unscd. Notes | 5.67 | 3/12/2028 | 200000 | 203642 |
| Barclays PLC, Sr. Unscd. Notes | 6.22 | 5/9/2034 | 180000 | 193735 |
| Barclays PLC, Sr. Unscd. Notes | 7.44 | 11/2/2033 | 310000 | 355532 |
| Barclays PLC, Sub. Notes | 3.56 | 9/23/2035 | 87000 | 81557 |
| Barclays PLC, Sub. Notes | 3.81 | 3/10/2042 | 270000 | 217700 |
| Barclays PLC, Sub. Notes | 4.84 | 5/9/2028 | 564000 | 566706 |
| BPCE SA, Gtd. Notes | 3.38 | 12/2/2026 | 250000 | 248015 |
| Canadian Imperial Bank of Commerce, Sr. Unscd. Bonds | 4.24 | 9/8/2028 | 100000 | 100101 |
| Canadian Imperial Bank of Commerce, Sr. Unscd. Notes | 3.45 | 4/7/2027 | 126000 | 125126 |
| Canadian Imperial Bank of Commerce, Sr. Unscd. Notes | 4.63 | 9/11/2030 | 250000 | 252740 |
| Canadian Imperial Bank of Commerce, Sr. Unscd. Notes | 5.00 | 4/28/2028 | 151000 | 154259 |
| Canadian Imperial Bank of Commerce, Sr. Unscd. Notes | 5.26 | 4/8/2029 | 300000 | 310129 |
| Canadian Imperial Bank of Commerce, Sr. Unscd. Notes | 5.99 | 10/3/2028 | 55000 | 57785 |
| Citibank NA, Sr. Unscd. Notes | 4.91 | 5/29/2030 | 250000 | 257125 |
| Citigroup, Inc., Sr. Unscd. Notes | 2.52 | 11/3/2032 | 137000 | 121879 |
| Citigroup, Inc., Sr. Unscd. Notes | 2.57 | 6/3/2031 | 910000 | 839037 |
| Citigroup, Inc., Sr. Unscd. Notes | 2.67 | 1/29/2031 | 200000 | 186439 |
| Citigroup, Inc., Sr. Unscd. Notes | 2.90 | 11/3/2042 | 160000 | 118136 |
| Citigroup, Inc., Sr. Unscd. Notes | 2.98 | 11/5/2030 | 418000 | 396394 |
| Citigroup, Inc., Sr. Unscd. Notes | 3.06 | 1/25/2033 | 370000 | 337780 |
| Citigroup, Inc., Sr. Unscd. Notes | 3.52 | 10/27/2028 | 155000 | 153023 |
| Citigroup, Inc., Sr. Unscd. Notes | 3.79 | 3/17/2033 | 225000 | 214016 |
| Citigroup, Inc., Sr. Unscd. Notes | 3.89 | 1/10/2028 | 140000 | 139454 |
| Citigroup, Inc., Sr. Unscd. Notes | 3.98 | 3/20/2030 | 444000 | 438950 |
| Citigroup, Inc., Sr. Unscd. Notes | 4.28 | 4/24/2048 | 50000 | 42454 |
| Citigroup, Inc., Sr. Unscd. Notes | 4.41 | 3/31/2031 | 470000 | 469379 |
| Citigroup, Inc., Sr. Unscd. Notes | 4.65 | 7/30/2045 | 215000 | 194791 |
| Citigroup, Inc., Sr. Unscd. Notes | 4.91 | 5/24/2033 | 180000 | 182113 |
| Citigroup, Inc., Sr. Unscd. Notes | 4.95 | 5/7/2031 | 300000 | 305981 |
| Citigroup, Inc., Sr. Unscd. Notes | 5.17 | 2/13/2030 | 438000 | 449477 |
| Citigroup, Inc., Sr. Unscd. Notes | 5.45 | 6/11/2035 | 320000 | 332026 |
| Citigroup, Inc., Sr. Unscd. Notes | 5.88 | 1/30/2042 | 155000 | 164310 |
| Citigroup, Inc., Sr. Unscd. Notes | 8.13 | 7/15/2039 | 299000 | 383044 |
| Citigroup, Inc., Sr. Unscd. Notes, Ser. VAR | 3.07 | 2/24/2028 | 450000 | 443690 |
| Citigroup, Inc., Sub. Notes | 4.13 | 7/25/2028 | 122000 | 121856 |

---

**103**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Banks — 5.3% (continued)** | **Banks — 5.3% (continued)** | **Banks — 5.3% (continued)** | **Banks — 5.3% (continued)** | **Banks — 5.3% (continued)** |
| Citigroup, Inc., Sub. Notes | 4.30 | 11/20/2026 | 200000 | 200216 |
| Citigroup, Inc., Sub. Notes | 4.45 | 9/29/2027 | 435000 | 436313 |
| Citigroup, Inc., Sub. Notes | 4.75 | 5/18/2046 | 120000 | 106856 |
| Citigroup, Inc., Sub. Notes | 5.30 | 5/6/2044 | 280000 | 272754 |
| Citigroup, Inc., Sub. Notes | 5.59 | 11/19/2034 | 400000 | 409341 |
| Citigroup, Inc., Sub. Notes | 5.88 | 2/22/2033 | 40000 | 42635 |
| Citigroup, Inc., Sub. Notes | 6.00 | 10/31/2033 | 320000 | 344015 |
| Citigroup, Inc., Sub. Notes | 6.63 | 6/15/2032 | 80000 | 88745 |
| Citizens Financial Group, Inc., Sr. Unscd. Notes | 6.65 | 4/25/2035 | 300000 | 328650 |
| Citizens Financial Group, Inc., Sub. Notes | 5.64 | 5/21/2037 | 150000 | 151631 |
| Cooperatieve Rabobank U.A., Gtd. Notes | 5.75 | 12/1/2043 | 420000 | 430776 |
| Cooperatieve Rabobank U.A., Sr. Notes | 4.49 | 10/17/2029 | 385000 | 391462 |
| Deutsche Bank AG, Sr. Notes | 3.55 | 9/18/2031 | 254000 | 241156 |
| Deutsche Bank AG, Sr. Notes | 5.00 | 9/11/2030 | 150000 | 152022 |
| Deutsche Bank AG, Sr. Notes | 5.30 | 5/9/2031 | 260000 | 266036 |
| Deutsche Bank AG, Sr. Notes | 5.40 | 9/11/2035 | 175000 | 177955 |
| Deutsche Bank AG, Sub. Notes | 3.74 | 1/7/2033 | 200000 | 184718 |
| Fifth Third Bancorp, Sr. Unscd. Notes | 4.06 | 4/25/2028 | 150000 | 149540 |
| Fifth Third Bancorp, Sr. Unscd. Notes | 4.34 | 4/25/2033 | 60000 | 58340 |
| Fifth Third Bancorp, Sr. Unscd. Notes | 4.77 | 7/28/2030 | 55000 | 55524 |
| Fifth Third Bancorp, Sr. Unscd. Notes | 4.90 | 9/6/2030 | 200000 | 202690 |
| Fifth Third Bancorp, Sr. Unscd. Notes | 6.36 | 10/27/2028 | 300000 | 311900 |
| Fifth Third Bank NA, Sr. Unscd. Notes | 2.25 | 2/1/2027 | 350000 | 341782 |
| First Citizens BancShares, Inc., Sub. Notes | 5.60 | 9/5/2035 | 150000 | 149357 |
| HSBC Holdings PLC, Sr. Unscd. Notes | 2.85 | 6/4/2031 | 700000 | 652018 |
| HSBC Holdings PLC, Sr. Unscd. Notes | 3.97 | 5/22/2030 | 200000 | 197070 |
| HSBC Holdings PLC, Sr. Unscd. Notes | 5.24 | 5/13/2031 | 300000 | 308675 |
| HSBC Holdings PLC, Sr. Unscd. Notes | 5.40 | 8/11/2033 | 200000 | 207460 |
| HSBC Holdings PLC, Sr. Unscd. Notes | 5.60 | 5/17/2028 | 200000 | 203873 |
| HSBC Holdings PLC, Sr. Unscd. Notes | 5.73 | 5/17/2032 | 500000 | 526062 |
| HSBC Holdings PLC, Sr. Unscd. Notes | 5.79 | 5/13/2036 | 200000 | 210975 |
| HSBC Holdings PLC, Sr. Unscd. Notes | 6.10 | 1/14/2042 | 470000 | 512993 |
| HSBC Holdings PLC, Sr. Unscd. Notes | 6.16 | 3/9/2029 | 680000 | 708006 |
| HSBC Holdings PLC, Sr. Unscd. Notes | 6.25 | 3/9/2034 | 250000 | 272280 |
| HSBC Holdings PLC, Sr. Unscd. Notes | 7.39 | 11/3/2028 | 200000 | 211711 |
| HSBC Holdings PLC, Sub. Bonds | 5.74 | 9/10/2036 | 300000 | 306584 |
| HSBC Holdings PLC, Sub. Notes | 6.50 | 9/15/2037 | 450000 | 491952 |
| HSBC Holdings PLC, Sub. Notes | 6.50 | 9/15/2037 | 310000 | 333992 |
| HSBC Holdings PLC, Sub. Notes | 8.11 | 11/3/2033 | 250000 | 293299 |
| Huntington Bancshares, Inc., Sr. Unscd. Notes | 5.02 | 5/17/2033 | 45000 | 45261 |
| Huntington Bancshares, Inc., Sr. Unscd. Notes | 5.27 | 1/15/2031 | 200000 | 205949 |
| Huntington Bancshares, Inc., Sr. Unscd. Notes | 6.21 | 8/21/2029 | 140000 | 146935 |
| Huntington Bancshares, Inc., Sub. Notes | 2.49 | 8/15/2036 | 152000 | 130301 |
| ING Groep NV, Sr. Unscd. Notes | 4.55 | 10/2/2028 | 210000 | 212318 |
| ING Groep NV, Sr. Unscd. Notes | 6.11 | 9/11/2034 | 370000 | 400247 |
| JPMorgan Chase & Co., Sr. Unscd. Bonds | 5.57 | 4/22/2036 | 261000 | 275102 |
| JPMorgan Chase & Co., Sr. Unscd. Bonds | 6.40 | 5/15/2038 | 307000 | 349317 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 1.76 | 11/19/2031 | 100000 | 88472 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 1.95 | 2/4/2032 | 105000 | 92955 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 2.52 | 4/22/2031 | 150000 | 139431 |

---

**104**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Banks — 5.3% (continued)** | **Banks — 5.3% (continued)** | **Banks — 5.3% (continued)** | **Banks — 5.3% (continued)** | **Banks — 5.3% (continued)** |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 2.53 | 11/19/2041 | 50000 | 36340 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 2.55 | 11/8/2032 | 865000 | 778501 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 2.58 | 4/22/2032 | 795000 | 723783 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 2.74 | 10/15/2030 | 25000 | 23627 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 2.96 | 1/25/2033 | 305000 | 279130 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 3.11 | 4/22/2041 | 95000 | 74928 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 3.11 | 4/22/2051 | 105000 | 73224 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 3.33 | 4/22/2052 | 236000 | 169754 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 3.70 | 5/6/2030 | 30000 | 29496 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 3.78 | 2/1/2028 | 753000 | 749736 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 3.90 | 1/23/2049 | 230000 | 186081 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.01 | 4/23/2029 | 250000 | 249269 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.03 | 7/24/2048 | 390000 | 323782 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.20 | 7/23/2029 | 50000 | 50062 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.26 | 10/22/2031 | 250000 | 249200 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.26 | 2/22/2048 | 250000 | 215540 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.32 | 4/26/2028 | 40000 | 40126 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.49 | 3/24/2031 | 230000 | 232206 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.57 | 6/14/2030 | 200000 | 202100 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.60 | 10/22/2030 | 300000 | 303936 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.81 | 10/22/2036 | 250000 | 249404 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.85 | 7/25/2028 | 213000 | 215607 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.85 | 2/1/2044 | 50000 | 47896 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.91 | 7/25/2033 | 500000 | 510296 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.95 | 10/22/2035 | 150000 | 151449 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 5.00 | 7/22/2030 | 500000 | 512761 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 5.01 | 1/23/2030 | 253000 | 259122 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 5.29 | 7/22/2035 | 4000 | 4134 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 5.30 | 7/24/2029 | 270000 | 277962 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 5.35 | 6/1/2034 | 190000 | 198394 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 5.40 | 1/6/2042 | 245000 | 250892 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 5.50 | 10/15/2040 | 153000 | 160288 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 5.53 | 11/29/2045 | 165000 | 169886 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 5.57 | 4/22/2028 | 759000 | 774597 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 6.09 | 10/23/2029 | 73000 | 76957 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 6.25 | 10/23/2034 | 765000 | 842051 |
| JPMorgan Chase & Co., Sub. Debs. | 8.00 | 4/29/2027 | 700000 | 739637 |
| JPMorgan Chase & Co., Sub. Notes | 2.96 | 5/13/2031 | 195000 | 183222 |
| JPMorgan Chase & Co., Sub. Notes | 4.95 | 6/1/2045 | 135000 | 128470 |
| JPMorgan Chase Bank NA, Sr. Unscd. Notes | 5.11 | 12/8/2026 | 50000 | 50595 |
| KeyCorp, Sr. Unscd. Notes | 2.25 | 4/6/2027 | 40000 | 38896 |
| KeyCorp, Sr. Unscd. Notes | 4.10 | 4/30/2028 | 52000 | 51857 |
| KeyCorp, Sr. Unscd. Notes | 4.79 | 6/1/2033 | 30000 | 29838 |
| Kreditanstalt fuer Wiederaufbau, Govt. Gtd. Bonds<sup>(a)</sup> <br>| 0.00 | 4/18/2036 | 75000 | 48468 |
| Kreditanstalt fuer Wiederaufbau, Govt. Gtd. Bonds | 0.75 | 9/30/2030 | 110000 | 95352 |
| Kreditanstalt fuer Wiederaufbau, Govt. Gtd. Bonds | 3.75 | 2/15/2028 | 700000 | 701752 |
| Kreditanstalt fuer Wiederaufbau, Govt. Gtd. Bonds | 4.75 | 10/29/2030 | 675000 | 705176 |
| Kreditanstalt fuer Wiederaufbau, Govt. Gtd. Notes | 3.88 | 6/15/2028 | 1000000 | 1006008 |
| Kreditanstalt fuer Wiederaufbau, Govt. Gtd. Notes | 4.13 | 7/15/2033 | 350000 | 352778 |
| Landwirtschaftliche Rentenbank, Govt. Gtd. Notes | 0.88 | 9/3/2030 | 220000 | 192137 |

---

**105**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Banks — 5.3% (continued)** | **Banks — 5.3% (continued)** | **Banks — 5.3% (continued)** | **Banks — 5.3% (continued)** | **Banks — 5.3% (continued)** |
| Landwirtschaftliche Rentenbank, Govt. Gtd. Notes | 3.63 | 10/8/2030 | 500000 | 497212 |
| Landwirtschaftliche Rentenbank, Govt. Gtd. Notes | 4.13 | 5/28/2030 | 910000 | 924840 |
| Landwirtschaftliche Rentenbank, Govt. Gtd. Notes, Ser. 44 | 3.88 | 6/14/2028 | 525000 | 527771 |
| Lloyds Banking Group PLC, Sr. Unscd. Notes | 5.59 | 11/26/2035 | 300000 | 313013 |
| Lloyds Banking Group PLC, Sr. Unscd. Notes | 5.68 | 1/5/2035 | 200000 | 209838 |
| Lloyds Banking Group PLC, Sub. Notes | 3.37 | 12/14/2046 | 60000 | 44760 |
| Lloyds Banking Group PLC, Sub. Notes | 5.30 | 12/1/2045 | 100000 | 95166 |
| M&T Bank Corp., Sr. Unscd. Notes | 4.55 | 8/16/2028 | 350000 | 351271 |
| M&T Bank Corp., Sr. Unscd. Notes | 6.08 | 3/13/2032 | 400000 | 422909 |
| Mitsubishi UFJ Financial Group, Inc., Sr. Unscd. Notes | 2.34 | 1/19/2028 | 200000 | 195597 |
| Mitsubishi UFJ Financial Group, Inc., Sr. Unscd. Notes | 3.75 | 7/18/2039 | 355000 | 312553 |
| Mitsubishi UFJ Financial Group, Inc., Sr. Unscd. Notes | 3.96 | 3/2/2028 | 25000 | 24980 |
| Mitsubishi UFJ Financial Group, Inc., Sr. Unscd. Notes | 4.08 | 4/19/2028 | 354000 | 353457 |
| Mitsubishi UFJ Financial Group, Inc., Sr. Unscd. Notes | 4.32 | 4/19/2033 | 250000 | 246088 |
| Mitsubishi UFJ Financial Group, Inc., Sr. Unscd. Notes | 5.13 | 7/20/2033 | 365000 | 376224 |
| Mitsubishi UFJ Financial Group, Inc., Sr. Unscd. Notes | 5.19 | 9/12/2036 | 200000 | 204205 |
| Mitsubishi UFJ Financial Group, Inc., Sr. Unscd. Notes | 5.35 | 9/13/2028 | 285000 | 291130 |
| Mitsubishi UFJ Financial Group, Inc., Sr. Unscd. Notes | 5.41 | 4/19/2034 | 300000 | 314528 |
| Mizuho Financial Group, Inc., Sr. Unscd. Notes | 2.59 | 5/25/2031 | 50000 | 46225 |
| Mizuho Financial Group, Inc., Sr. Unscd. Notes | 3.15 | 7/16/2030 | 270000 | 259189 |
| Mizuho Financial Group, Inc., Sr. Unscd. Notes | 4.25 | 9/11/2029 | 95000 | 95110 |
| Mizuho Financial Group, Inc., Sr. Unscd. Notes | 5.10 | 5/13/2031 | 200000 | 205549 |
| Mizuho Financial Group, Inc., Sr. Unscd. Notes | 5.41 | 9/13/2028 | 180000 | 184189 |
| Mizuho Financial Group, Inc., Sr. Unscd. Notes | 5.42 | 5/13/2036 | 200000 | 207463 |
| Mizuho Financial Group, Inc., Sr. Unscd. Notes | 5.58 | 5/26/2035 | 250000 | 261996 |
| Mizuho Financial Group, Inc., Sub. Notes | 2.56 | 9/13/2031 | 180000 | 160061 |
| Morgan Stanley, Sr. Unscd. Notes | 1.79 | 2/13/2032 | 800000 | 698932 |
| Morgan Stanley, Sr. Unscd. Notes | 1.93 | 4/28/2032 | 310000 | 271253 |
| Morgan Stanley, Sr. Unscd. Notes | 2.24 | 7/21/2032 | 54000 | 47816 |
| Morgan Stanley, Sr. Unscd. Notes | 2.51 | 10/20/2032 | 447000 | 399937 |
| Morgan Stanley, Sr. Unscd. Notes | 2.70 | 1/22/2031 | 249000 | 233013 |
| Morgan Stanley, Sr. Unscd. Notes | 2.80 | 1/25/2052 | 140000 | 90694 |
| Morgan Stanley, Sr. Unscd. Notes | 2.94 | 1/21/2033 | 295000 | 268548 |
| Morgan Stanley, Sr. Unscd. Notes | 3.22 | 4/22/2042 | 110000 | 86219 |
| Morgan Stanley, Sr. Unscd. Notes | 3.59 | 7/22/2028 | 315000 | 311731 |
| Morgan Stanley, Sr. Unscd. Notes | 3.62 | 4/1/2031 | 125000 | 121334 |
| Morgan Stanley, Sr. Unscd. Notes | 3.63 | 1/20/2027 | 289000 | 287894 |
| Morgan Stanley, Sr. Unscd. Notes | 3.77 | 1/24/2029 | 492000 | 487575 |
| Morgan Stanley, Sr. Unscd. Notes | 3.97 | 7/22/2038 | 400000 | 360580 |
| Morgan Stanley, Sr. Unscd. Notes | 4.30 | 1/27/2045 | 375000 | 329299 |
| Morgan Stanley, Sr. Unscd. Notes | 4.38 | 1/22/2047 | 179000 | 156766 |
| Morgan Stanley, Sr. Unscd. Notes | 4.43 | 1/23/2030 | 125000 | 125715 |
| Morgan Stanley, Sr. Unscd. Notes | 4.46 | 4/22/2039 | 210000 | 197492 |
| Morgan Stanley, Sr. Unscd. Notes | 4.89 | 7/20/2033 | 240000 | 244067 |
| Morgan Stanley, Sr. Unscd. Notes | 5.16 | 4/20/2029 | 245000 | 250364 |
| Morgan Stanley, Sr. Unscd. Notes | 5.25 | 4/21/2034 | 332000 | 342833 |
| Morgan Stanley, Sr. Unscd. Notes | 5.45 | 7/20/2029 | 45000 | 46411 |
| Morgan Stanley, Sr. Unscd. Notes | 5.47 | 1/18/2035 | 70000 | 72810 |
| Morgan Stanley, Sr. Unscd. Notes | 5.65 | 4/13/2028 | 100000 | 102054 |
| Morgan Stanley, Sr. Unscd. Notes | 6.30 | 10/18/2028 | 190000 | 197595 |

---

**106**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Banks — 5.3% (continued)** | **Banks — 5.3% (continued)** | **Banks — 5.3% (continued)** | **Banks — 5.3% (continued)** | **Banks — 5.3% (continued)** |
| Morgan Stanley, Sr. Unscd. Notes | 6.34 | 10/18/2033 | 285000 | 313267 |
| Morgan Stanley, Sr. Unscd. Notes | 6.38 | 7/24/2042 | 574000 | 646235 |
| Morgan Stanley, Sr. Unscd. Notes | 6.41 | 11/1/2029 | 300000 | 318012 |
| Morgan Stanley, Sr. Unscd. Notes | 6.63 | 11/1/2034 | 140000 | 156908 |
| Morgan Stanley, Sub. Notes | 3.95 | 4/23/2027 | 125000 | 124685 |
| Morgan Stanley, Sub. Notes | 5.30 | 4/20/2037 | 255000 | 259446 |
| Morgan Stanley Bank NA, Sr. Unscd. Notes | 4.95 | 1/14/2028 | 360000 | 363184 |
| Morgan Stanley Bank NA, Sr. Unscd. Notes | 5.50 | 5/26/2028 | 575000 | 586594 |
| Morgan Stanley Private Bank NA, Sr. Unscd. Notes | 4.47 | 7/6/2028 | 250000 | 251232 |
| Morgan Stanley Private Bank NA, Sr. Unscd. Notes | 4.73 | 7/18/2031 | 350000 | 355403 |
| National Australia Bank Ltd., Sr. Unscd. Notes | 4.79 | 1/10/2029 | 375000 | 383611 |
| NatWest Group PLC, Sr. Unscd. Notes | 4.96 | 8/15/2030 | 400000 | 407542 |
| NatWest Group PLC, Sr. Unscd. Notes | 5.12 | 5/23/2031 | 250000 | 256723 |
| NatWest Group PLC, Sr. Unscd. Notes | 5.81 | 9/13/2029 | 200000 | 208124 |
| Northern Trust Corp., Sr. Unscd. Notes | 1.95 | 5/1/2030 | 25000 | 22822 |
| Northern Trust Corp., Sr. Unscd. Notes | 3.15 | 5/3/2029 | 65000 | 63172 |
| Northern Trust Corp., Sr. Unscd. Notes | 4.00 | 5/10/2027 | 95000 | 95117 |
| Northern Trust Corp., Sub. Notes | 3.38 | 5/8/2032 | 90000 | 88430 |
| Northern Trust Corp., Sub. Notes | 6.13 | 11/2/2032 | 45000 | 49146 |
| PNC Bank NA, Sr. Unscd. Notes | 4.43 | 7/21/2028 | 250000 | 251244 |
| PNC Bank NA, Sub. Notes | 2.70 | 10/22/2029 | 75000 | 70516 |
| Regions Financial Corp., Sr. Unscd. Notes | 1.80 | 8/12/2028 | 47000 | 44055 |
| Regions Financial Corp., Sr. Unscd. Notes | 5.50 | 9/6/2035 | 250000 | 256016 |
| Royal Bank of Canada, Sr. Unscd. Notes | 2.30 | 11/3/2031 | 374000 | 334847 |
| Royal Bank of Canada, Sr. Unscd. Notes | 3.63 | 5/4/2027 | 30000 | 29868 |
| Royal Bank of Canada, Sr. Unscd. Notes | 3.88 | 5/4/2032 | 36000 | 34937 |
| Royal Bank of Canada, Sr. Unscd. Notes | 4.24 | 8/3/2027 | 200000 | 201040 |
| Royal Bank of Canada, Sr. Unscd. Notes | 4.97 | 8/2/2030 | 500000 | 511530 |
| Royal Bank of Canada, Sr. Unscd. Notes | 5.00 | 2/1/2033 | 50000 | 51494 |
| Royal Bank of Canada, Sr. Unscd. Notes | 5.20 | 8/1/2028 | 235000 | 242138 |
| Royal Bank of Canada, Sr. Unscd. Notes | 6.00 | 11/1/2027 | 200000 | 207688 |
| Santander Holdings USA, Inc., Sr. Unscd. Bonds | 7.66 | 11/9/2031 | 140000 | 156343 |
| Santander Holdings USA, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>| 2.49 | 1/6/2028 | 80000 | 78123 |
| Santander Holdings USA, Inc., Sr. Unscd. Notes | 4.40 | 7/13/2027 | 531000 | 531496 |
| Santander Holdings USA, Inc., Sr. Unscd. Notes | 6.50 | 3/9/2029 | 162000 | 168674 |
| Santander Holdings USA, Inc., Sr. Unscd. Notes | 6.57 | 6/12/2029 | 131000 | 136869 |
| Santander UK Group Holdings PLC, Sr. Unscd. Notes | 2.47 | 1/11/2028 | 200000 | 195677 |
| Santander UK Group Holdings PLC, Sr. Unscd. Notes | 2.90 | 3/15/2032 | 125000 | 114246 |
| Santander UK Group Holdings PLC, Sr. Unscd. Notes | 4.32 | 9/22/2029 | 200000 | 199440 |
| Santander UK Group Holdings PLC, Sr. Unscd. Notes | 5.14 | 9/22/2036 | 200000 | 198264 |
| SouthState Corp., Sub. Notes | 7.00 | 6/13/2035 | 85000 | 88701 |
| State Street Bank & Trust Co., Sr. Unscd. Notes | 4.59 | 11/25/2026 | 50000 | 50342 |
| State Street Bank & Trust Co., Sr. Unscd. Notes | 4.78 | 11/23/2029 | 50000 | 51392 |
| State Street Corp., Sr. Sub. Notes | 2.20 | 3/3/2031 | 245000 | 219308 |
| State Street Corp., Sr. Unscd. Notes | 1.68 | 11/18/2027 | 126000 | 122900 |
| State Street Corp., Sr. Unscd. Notes | 2.62 | 2/7/2033 | 27000 | 24347 |
| State Street Corp., Sr. Unscd. Notes | 3.15 | 3/30/2031 | 50000 | 47974 |
| State Street Corp., Sr. Unscd. Notes | 4.16 | 8/4/2033 | 50000 | 48829 |
| State Street Corp., Sr. Unscd. Notes | 4.53 | 2/20/2029 | 190000 | 191782 |
| State Street Corp., Sr. Unscd. Notes | 4.82 | 1/26/2034 | 200000 | 202607 |

---

**107**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Banks — 5.3% (continued)** | **Banks — 5.3% (continued)** | **Banks — 5.3% (continued)** | **Banks — 5.3% (continued)** | **Banks — 5.3% (continued)** |
| State Street Corp., Sr. Unscd. Notes | 5.16 | 5/18/2034 | 50000 | 51702 |
| State Street Corp., Sr. Unscd. Notes | 5.68 | 11/21/2029 | 50000 | 52285 |
| State Street Corp., Sr. Unscd. Notes | 5.82 | 11/4/2028 | 365000 | 377232 |
| State Street Corp., Sub. Notes | 3.03 | 11/1/2034 | 50000 | 47009 |
| State Street Corp., Sub. Notes | 6.12 | 11/21/2034 | 50000 | 54193 |
| Sumitomo Mitsui Financial Group, Inc., Sr. Unscd. Notes | 3.35 | 10/18/2027 | 125000 | 123422 |
| Sumitomo Mitsui Financial Group, Inc., Sr. Unscd. Notes | 5.25 | 7/8/2036 | 200000 | 205698 |
| Sumitomo Mitsui Financial Group, Inc., Sr. Unscd. Notes | 5.52 | 1/13/2028 | 280000 | 288704 |
| Sumitomo Mitsui Financial Group, Inc., Sr. Unscd. Notes | 5.56 | 7/9/2034 | 521000 | 549527 |
| Sumitomo Mitsui Financial Group, Inc., Sr. Unscd. Notes | 5.72 | 9/14/2028 | 285000 | 297025 |
| Sumitomo Mitsui Financial Group, Inc., Sr. Unscd. Notes | 5.80 | 7/13/2028 | 325000 | 339262 |
| Sumitomo Mitsui Financial Group, Inc., Sub. Notes | 5.80 | 7/8/2046 | 100000 | 103148 |
| Sumitomo Mitsui Financial Group, Inc., Sub. Notes | 5.84 | 7/9/2044 | 465000 | 488809 |
| Synchrony Bank, Sr. Unscd. Notes | 5.63 | 8/23/2027 | 250000 | 255176 |
| The Bank of Nova Scotia, Sr. Unscd. Notes | 1.95 | 2/2/2027 | 255000 | 248760 |
| The Bank of Nova Scotia, Sr. Unscd. Notes | 2.95 | 3/11/2027 | 110000 | 108472 |
| The Bank of Nova Scotia, Sr. Unscd. Notes | 4.04 | 9/15/2028 | 100000 | 99795 |
| The Bank of Nova Scotia, Sr. Unscd. Notes | 4.74 | 11/10/2032 | 250000 | 252746 |
| The Bank of Nova Scotia, Sr. Unscd. Notes | 4.85 | 2/1/2030 | 122000 | 124697 |
| The Bank of Nova Scotia, Sr. Unscd. Notes | 5.25 | 6/12/2028 | 240000 | 247192 |
| The Bank of Nova Scotia, Sr. Unscd. Notes | 5.65 | 2/1/2034 | 150000 | 159534 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Bonds | 4.15 | 10/21/2029 | 250000 | 249258 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Bonds | 4.22 | 5/1/2029 | 180000 | 180092 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 2.38 | 7/21/2032 | 220000 | 196055 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 2.60 | 2/7/2030 | 735000 | 688490 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 2.62 | 4/22/2032 | 430000 | 390427 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 2.64 | 2/24/2028 | 230000 | 225454 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 2.65 | 10/21/2032 | 220000 | 197692 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 2.91 | 7/21/2042 | 444000 | 329774 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 3.10 | 2/24/2033 | 180000 | 165091 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 3.44 | 2/24/2043 | 178000 | 140595 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 3.50 | 11/16/2026 | 316000 | 314522 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 3.69 | 6/5/2028 | 37000 | 36734 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 3.80 | 3/15/2030 | 200000 | 196637 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 3.81 | 4/23/2029 | 20000 | 19812 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 3.85 | 1/26/2027 | 460000 | 458484 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 4.37 | 10/21/2031 | 250000 | 249149 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 4.41 | 4/23/2039 | 75000 | 69724 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 4.48 | 8/23/2028 | 200000 | 201048 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 4.69 | 10/23/2030 | 300000 | 303632 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 4.75 | 10/21/2045 | 154000 | 141253 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 4.94 | 10/21/2036 | 500000 | 498070 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 5.21 | 1/28/2031 | 500000 | 515849 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 5.22 | 4/23/2031 | 200000 | 206480 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 5.33 | 7/23/2035 | 250000 | 257160 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 5.73 | 4/25/2030 | 400000 | 418030 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 5.85 | 4/25/2035 | 95000 | 101160 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 6.25 | 2/1/2041 | 681000 | 750219 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 6.48 | 10/24/2029 | 110000 | 116863 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 6.56 | 10/24/2034 | 30000 | 33531 |

---

**108**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Banks — 5.3% (continued)** | **Banks — 5.3% (continued)** | **Banks — 5.3% (continued)** | **Banks — 5.3% (continued)** | **Banks — 5.3% (continued)** |
| The Goldman Sachs Group, Inc., Sub. Notes | 5.15 | 5/22/2045 | 480000 | 454282 |
| The Goldman Sachs Group, Inc., Sub. Notes | 6.45 | 5/1/2036 | 176000 | 193215 |
| The Goldman Sachs Group, Inc., Sub. Notes | 6.75 | 10/1/2037 | 143000 | 160224 |
| The Huntington National Bank, Sr. Unscd. Notes | 4.55 | 5/17/2028 | 270000 | 271244 |
| The Huntington National Bank, Sr. Unscd. Notes | 4.87 | 4/12/2028 | 500000 | 504389 |
| The Korea Development Bank, Sr. Unscd. Notes | 2.00 | 10/25/2031 | 100000 | 89547 |
| The Korea Development Bank, Sr. Unscd. Notes | 4.13 | 10/16/2027 | 200000 | 200866 |
| The Korea Development Bank, Sr. Unscd. Notes | 5.38 | 10/23/2028 | 285000 | 296937 |
| The PNC Financial Services Group, Inc., Sr. Unscd. Bonds | 5.37 | 7/21/2036 | 100000 | 102735 |
| The PNC Financial Services Group, Inc., Sr. Unscd. Notes | 2.55 | 1/22/2030 | 317000 | 296969 |
| The PNC Financial Services Group, Inc., Sr. Unscd. Notes | 3.15 | 5/19/2027 | 113000 | 111498 |
| The PNC Financial Services Group, Inc., Sr. Unscd. Notes | 3.45 | 4/23/2029 | 108000 | 105882 |
| The PNC Financial Services Group, Inc., Sr. Unscd. Notes | 4.81 | 10/21/2032 | 270000 | 273734 |
| The PNC Financial Services Group, Inc., Sr. Unscd. Notes | 5.07 | 1/24/2034 | 215000 | 219364 |
| The PNC Financial Services Group, Inc., Sr. Unscd. Notes | 5.35 | 12/2/2028 | 115000 | 117720 |
| The PNC Financial Services Group, Inc., Sr. Unscd. Notes | 5.49 | 5/14/2030 | 500000 | 519593 |
| The PNC Financial Services Group, Inc., Sr. Unscd. Notes | 5.58 | 6/12/2029 | 45000 | 46567 |
| The PNC Financial Services Group, Inc., Sr. Unscd. Notes | 5.94 | 8/18/2034 | 295000 | 316428 |
| The PNC Financial Services Group, Inc., Sr. Unscd. Notes | 6.88 | 10/20/2034 | 50000 | 56574 |
| The PNC Financial Services Group, Inc., Sub. Notes | 4.63 | 6/6/2033 | 54000 | 53496 |
| The Toronto-Dominion Bank, Sr. Unscd. Notes | 2.00 | 9/10/2031 | 95000 | 84474 |
| The Toronto-Dominion Bank, Sr. Unscd. Notes | 2.45 | 1/12/2032 | 50000 | 44643 |
| The Toronto-Dominion Bank, Sr. Unscd. Notes | 2.80 | 3/10/2027 | 100000 | 98389 |
| The Toronto-Dominion Bank, Sr. Unscd. Notes | 3.20 | 3/10/2032 | 115000 | 106939 |
| The Toronto-Dominion Bank, Sr. Unscd. Notes | 4.11 | 6/8/2027 | 270000 | 270204 |
| The Toronto-Dominion Bank, Sr. Unscd. Notes | 4.11 | 10/13/2028 | 250000 | 249961 |
| The Toronto-Dominion Bank, Sr. Unscd. Notes | 4.46 | 6/8/2032 | 110000 | 110036 |
| The Toronto-Dominion Bank, Sr. Unscd. Notes | 4.69 | 9/15/2027 | 153000 | 154720 |
| The Toronto-Dominion Bank, Sr. Unscd. Notes | 4.93 | 10/15/2035 | 250000 | 250657 |
| The Toronto-Dominion Bank, Sr. Unscd. Notes | 5.16 | 1/10/2028 | 80000 | 81761 |
| The Toronto-Dominion Bank, Sr. Unscd. Notes | 5.52 | 7/17/2028 | 96000 | 99417 |
| The Toronto-Dominion Bank, Sr. Unscd. Notes, Ser. FXD<sup>(b)</sup> <br>| 1.95 | 1/12/2027 | 70000 | 68395 |
| The Toronto-Dominion Bank, Sub. Notes | 5.15 | 9/10/2034 | 200000 | 202863 |
| Truist Bank, Sr. Unscd. Notes | 4.14 | 10/23/2029 | 250000 | 249131 |
| Truist Financial Corp., Sr. Unscd. Notes | 1.13 | 8/3/2027 | 450000 | 427749 |
| Truist Financial Corp., Sr. Unscd. Notes | 4.12 | 6/6/2028 | 50000 | 49997 |
| Truist Financial Corp., Sr. Unscd. Notes | 5.07 | 5/20/2031 | 250000 | 255752 |
| Truist Financial Corp., Sr. Unscd. Notes | 5.87 | 6/8/2034 | 70000 | 74066 |
| Truist Financial Corp., Sr. Unscd. Notes | 6.12 | 10/28/2033 | 390000 | 418507 |
| Truist Financial Corp., Sub. Notes | 4.92 | 7/28/2033 | 100000 | 99820 |
| U.S. Bancorp, Sr. Unscd. Notes | 4.84 | 2/1/2034 | 314000 | 315689 |
| U.S. Bancorp, Sr. Unscd. Notes | 5.42 | 2/12/2036 | 250000 | 259372 |
| UBS AG, Sr. Unscd. Notes | 4.50 | 6/26/2048 | 250000 | 223688 |
| US Bancorp, Sr. Unscd. Notes | 4.55 | 7/22/2028 | 332000 | 334177 |
| US Bancorp, Sr. Unscd. Notes | 4.65 | 2/1/2029 | 187000 | 188857 |
| US Bancorp, Sr. Unscd. Notes | 5.05 | 2/12/2031 | 250000 | 256223 |
| US Bancorp, Sr. Unscd. Notes | 5.08 | 5/15/2031 | 250000 | 256783 |
| US Bancorp, Sr. Unscd. Notes | 5.78 | 6/12/2029 | 170000 | 176570 |
| US Bancorp, Sr. Unscd. Notes | 5.85 | 10/21/2033 | 310000 | 330457 |
| US Bank NA, Sr. Unscd. Notes | 4.73 | 5/15/2028 | 250000 | 252079 |

---

**109**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Banks — 5.3% (continued)** | **Banks — 5.3% (continued)** | **Banks — 5.3% (continued)** | **Banks — 5.3% (continued)** | **Banks — 5.3% (continued)** |
| Wachovia Corp., Sub. Debs. | 5.50 | 8/1/2035 | 210000 | 216232 |
| Webster Financial Corp., Sr. Unscd. Notes | 4.10 | 3/25/2029 | 85000 | 83524 |
| Webster Financial Corp., Sub. Notes | 5.78 | 9/11/2035 | 100000 | 100025 |
| Wells Fargo & Co., Sr. Unscd. Notes | 2.39 | 6/2/2028 | 170000 | 165452 |
| Wells Fargo & Co., Sr. Unscd. Notes | 2.57 | 2/11/2031 | 125000 | 116423 |
| Wells Fargo & Co., Sr. Unscd. Notes | 2.88 | 10/30/2030 | 575000 | 545491 |
| Wells Fargo & Co., Sr. Unscd. Notes | 3.35 | 3/2/2033 | 865000 | 806698 |
| Wells Fargo & Co., Sr. Unscd. Notes | 3.58 | 5/22/2028 | 1326000 | 1314632 |
| Wells Fargo & Co., Sr. Unscd. Notes | 3.90 | 5/1/2045 | 185000 | 151724 |
| Wells Fargo & Co., Sr. Unscd. Notes | 4.08 | 9/15/2029 | 100000 | 99736 |
| Wells Fargo & Co., Sr. Unscd. Notes | 4.15 | 1/24/2029 | 220000 | 219986 |
| Wells Fargo & Co., Sr. Unscd. Notes | 4.48 | 4/4/2031 | 360000 | 362218 |
| Wells Fargo & Co., Sr. Unscd. Notes | 4.81 | 7/25/2028 | 260000 | 262930 |
| Wells Fargo & Co., Sr. Unscd. Notes | 4.89 | 9/15/2036 | 200000 | 199822 |
| Wells Fargo & Co., Sr. Unscd. Notes | 4.90 | 7/25/2033 | 420000 | 426308 |
| Wells Fargo & Co., Sr. Unscd. Notes | 4.97 | 4/23/2029 | 595000 | 605710 |
| Wells Fargo & Co., Sr. Unscd. Notes | 5.01 | 4/4/2051 | 481000 | 448399 |
| Wells Fargo & Co., Sr. Unscd. Notes | 5.39 | 4/24/2034 | 170000 | 176577 |
| Wells Fargo & Co., Sr. Unscd. Notes | 5.56 | 7/25/2034 | 116000 | 121712 |
| Wells Fargo & Co., Sr. Unscd. Notes | 6.30 | 10/23/2029 | 60000 | 63453 |
| Wells Fargo & Co., Sr. Unscd. Notes | 6.49 | 10/23/2034 | 225000 | 249929 |
| Wells Fargo & Co., Sub. Notes | 4.90 | 11/17/2045 | 130000 | 119191 |
| Wells Fargo & Co., Sub. Notes | 5.38 | 11/2/2043 | 560000 | 546705 |
| Wells Fargo & Co., Sub. Notes | 5.61 | 1/15/2044 | 390000 | 392059 |
| Wells Fargo Bank NA, Sr. Unscd. Notes | 5.25 | 12/11/2026 | 50000 | 50664 |
| Wells Fargo Bank NA, Sub. Notes | 5.95 | 8/26/2036 | 50000 | 53323 |
| Westpac Banking Corp., Sr. Unscd. Notes | 1.95 | 11/20/2028 | 390000 | 367862 |
| Westpac Banking Corp., Sr. Unscd. Notes | 3.35 | 3/8/2027 | 50000 | 49659 |
| Westpac Banking Corp., Sr. Unscd. Notes | 3.40 | 1/25/2028 | 109000 | 107891 |
| Westpac Banking Corp., Sr. Unscd. Notes | 4.04 | 8/26/2027 | 400000 | 401223 |
| Westpac Banking Corp., Sr. Unscd. Notes | 4.35 | 7/1/2030 | 20000 | 20204 |
| Westpac Banking Corp., Sr. Unscd. Notes | 5.46 | 11/18/2027 | 735000 | 757337 |
| Westpac Banking Corp., Sr. Unscd. Notes | 5.54 | 11/17/2028 | 50000 | 52284 |
| Westpac Banking Corp., Sub. Notes | 2.67 | 11/15/2035 | 45000 | 40542 |
| Westpac Banking Corp., Sub. Notes | 2.96 | 11/16/2040 | 41000 | 31513 |
| Westpac Banking Corp., Sub. Notes | 3.02 | 11/18/2036 | 50000 | 44802 |
| Westpac Banking Corp., Sub. Notes | 3.13 | 11/18/2041 | 290000 | 220440 |
| Westpac Banking Corp., Sub. Notes | 4.11 | 7/24/2034 | 50000 | 49030 |
| Westpac Banking Corp., Sub. Notes | 5.41 | 8/10/2033 | 50000 | 51675 |
| Westpac Banking Corp., Sub. Notes | 6.82 | 11/17/2033 | 100000 | 112095 |
| Zions Bancorp NA, Sub. Notes | 6.82 | 11/19/2035 | 385000 | 408806 |
|  |  |  |  | **106963389** |
| **Beverage Products — .4%** | **Beverage Products — .4%** | **Beverage Products — .4%** | **Beverage Products — .4%** | **Beverage Products — .4%** |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes | 4.70 | 2/1/2036 | 665000 | 658360 |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes | 4.90 | 2/1/2046 | 586000 | 551008 |
| Anheuser-Busch InBev Finance, Inc., Gtd. Notes | 4.63 | 2/1/2044 | 100000 | 91450 |
| Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes | 4.38 | 4/15/2038 | 1201000 | 1149105 |
| Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes | 4.95 | 1/15/2042 | 25000 | 24134 |
| Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes | 5.80 | 1/23/2059 | 200000 | 208919 |
| Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes | 8.00 | 11/15/2039 | 25000 | 32075 |

---

**110**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Beverage Products — .4% (continued)** | **Beverage Products — .4% (continued)** | **Beverage Products — .4% (continued)** | **Beverage Products — .4% (continued)** | **Beverage Products — .4% (continued)** |
| Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes | 8.20 | 1/15/2039 | 25000 | 32322 |
| Coca-Cola Femsa SAB de CV, Gtd. Notes | 2.75 | 1/22/2030 | 50000 | 47000 |
| Constellation Brands, Inc., Gtd. Notes | 3.15 | 8/1/2029 | 135000 | 129793 |
| Constellation Brands, Inc., Gtd. Notes | 4.50 | 5/9/2047 | 220000 | 185102 |
| Constellation Brands, Inc., Gtd. Notes | 4.65 | 11/15/2028 | 50000 | 50603 |
| Constellation Brands, Inc., Gtd. Notes | 5.25 | 11/15/2048 | 180000 | 168041 |
| Constellation Brands, Inc., Sr. Unscd. Notes | 2.25 | 8/1/2031 | 150000 | 132614 |
| Diageo Capital PLC, Gtd. Notes | 5.63 | 10/5/2033 | 200000 | 212808 |
| Keurig Dr Pepper, Inc., Gtd. Notes | 3.80 | 5/1/2050 | 75000 | 55266 |
| Keurig Dr. Pepper, Inc., Gtd. Notes | 3.20 | 5/1/2030 | 63000 | 59595 |
| Keurig Dr. Pepper, Inc., Gtd. Notes | 3.95 | 4/15/2029 | 235000 | 231640 |
| Keurig Dr. Pepper, Inc., Gtd. Notes | 4.50 | 11/15/2045 | 47000 | 39484 |
| Keurig Dr. Pepper, Inc., Gtd. Notes | 4.60 | 5/25/2028 | 100000 | 100571 |
| Keurig Dr. Pepper, Inc., Gtd. Notes | 5.30 | 3/15/2034 | 215000 | 218631 |
| Molson Coors Beverage Co., Gtd. Notes | 5.00 | 5/1/2042 | 105000 | 97574 |
| PepsiCo, Inc., Sr. Unscd. Notes | 1.40 | 2/25/2031 | 68000 | 59290 |
| PepsiCo, Inc., Sr. Unscd. Notes | 2.63 | 3/19/2027 | 40000 | 39369 |
| PepsiCo, Inc., Sr. Unscd. Notes | 3.00 | 10/15/2027 | 125000 | 123275 |
| PepsiCo, Inc., Sr. Unscd. Notes | 3.45 | 10/6/2046 | 50000 | 38533 |
| PepsiCo, Inc., Sr. Unscd. Notes | 3.50 | 3/19/2040 | 20000 | 16891 |
| PepsiCo, Inc., Sr. Unscd. Notes | 3.60 | 2/18/2028 | 70000 | 69660 |
| PepsiCo, Inc., Sr. Unscd. Notes | 3.60 | 8/13/2042 | 25000 | 20574 |
| PepsiCo, Inc., Sr. Unscd. Notes | 4.20 | 7/18/2052 | 70000 | 58524 |
| PepsiCo, Inc., Sr. Unscd. Notes | 4.30 | 7/23/2030 | 100000 | 100830 |
| PepsiCo, Inc., Sr. Unscd. Notes | 4.40 | 2/7/2027 | 400000 | 402882 |
| PepsiCo, Inc., Sr. Unscd. Notes | 4.45 | 2/7/2028 | 586000 | 593850 |
| PepsiCo, Inc., Sr. Unscd. Notes | 4.65 | 7/23/2032 | 50000 | 51010 |
| PepsiCo, Inc., Sr. Unscd. Notes | 5.00 | 2/7/2035 | 200000 | 205279 |
| PepsiCo, Inc., Sr. Unscd. Notes | 5.00 | 7/23/2035 | 200000 | 204915 |
| PepsiCo, Inc., Sr. Unscd. Notes | 5.25 | 7/17/2054 | 590000 | 583334 |
| PepsiCo, Inc., Sr. Unscd. Notes | 7.00 | 3/1/2029 | 113000 | 123415 |
| The Coca-Cola Company, Sr. Unscd. Notes | 1.38 | 3/15/2031 | 290000 | 253201 |
| The Coca-Cola Company, Sr. Unscd. Notes | 1.45 | 6/1/2027 | 128000 | 123524 |
| The Coca-Cola Company, Sr. Unscd. Notes | 1.65 | 6/1/2030 | 200000 | 180412 |
| The Coca-Cola Company, Sr. Unscd. Notes | 2.00 | 3/5/2031 | 40000 | 36113 |
| The Coca-Cola Company, Sr. Unscd. Notes | 2.50 | 6/1/2040 | 220000 | 164089 |
| The Coca-Cola Company, Sr. Unscd. Notes | 2.50 | 3/15/2051 | 135000 | 83051 |
| The Coca-Cola Company, Sr. Unscd. Notes | 2.60 | 6/1/2050 | 343000 | 217266 |
| The Coca-Cola Company, Sr. Unscd. Notes | 3.00 | 3/5/2051 | 120000 | 81851 |
| The Coca-Cola Company, Sr. Unscd. Notes | 4.65 | 8/14/2034 | 500000 | 509438 |
|  |  |  |  | **8816671** |
| **Building Materials — .1%** | **Building Materials — .1%** | **Building Materials — .1%** | **Building Materials — .1%** | **Building Materials — .1%** |
| Carrier Global Corp., Sr. Unscd. Notes | 2.70 | 2/15/2031 | 50000 | 46118 |
| Carrier Global Corp., Sr. Unscd. Notes | 2.72 | 2/15/2030 | 246000 | 230805 |
| Carrier Global Corp., Sr. Unscd. Notes | 3.38 | 4/5/2040 | 400000 | 325418 |
| Carrier Global Corp., Sr. Unscd. Notes | 3.58 | 4/5/2050 | 67000 | 50561 |
| Fortune Brands Innovations, Inc., Sr. Unscd. Notes | 4.50 | 3/25/2052 | 25000 | 20524 |
| Johnson Controls International PLC, Sr. Unscd. Notes | 4.50 | 2/15/2047 | 200000 | 174207 |
| Lennox International, Inc., Gtd. Notes | 5.50 | 9/15/2028 | 20000 | 20660 |
| Martin Marietta Materials, Inc., Sr. Unscd. Notes | 3.20 | 7/15/2051 | 130000 | 89454 |

---

**111**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Building Materials — .1% (continued)** | **Building Materials — .1% (continued)** | **Building Materials — .1% (continued)** | **Building Materials — .1% (continued)** | **Building Materials — .1% (continued)** |
| Martin Marietta Materials, Inc., Sr. Unscd. Notes | 4.25 | 12/15/2047 | 65000 | 54853 |
| Martin Marietta Materials, Inc., Sr. Unscd. Notes | 5.50 | 12/1/2054 | 300000 | 299597 |
| Masco Corp., Sr. Unscd. Notes | 2.00 | 10/1/2030 | 345000 | 308975 |
| Mohawk Industries, Inc., Sr. Unscd. Notes | 5.85 | 9/18/2028 | 290000 | 302740 |
| Owens Corning, Sr. Unscd. Notes | 3.88 | 6/1/2030 | 70000 | 68539 |
| Trane Technologies Global Holding Co. Ltd., Gtd. Notes | 4.30 | 2/21/2048 | 80000 | 68250 |
| Trane Technologies Global Holding Co. Ltd., Gtd. Notes | 5.75 | 6/15/2043 | 26000 | 27293 |
| Vulcan Materials Co., Sr. Unscd. Notes | 3.90 | 4/1/2027 | 55000 | 54863 |
| Vulcan Materials Co., Sr. Unscd. Notes | 5.70 | 12/1/2054 | 200000 | 204564 |
|  |  |  |  | **2347421** |
| **Chemicals — .3%** | **Chemicals — .3%** | **Chemicals — .3%** | **Chemicals — .3%** | **Chemicals — .3%** |
| Air Products & Chemicals, Inc., Sr. Unscd. Notes | 2.05 | 5/15/2030 | 31000 | 28363 |
| Air Products & Chemicals, Inc., Sr. Unscd. Notes | 2.70 | 5/15/2040 | 74000 | 55583 |
| Air Products & Chemicals, Inc., Sr. Unscd. Notes | 4.60 | 2/8/2029 | 100000 | 101734 |
| Air Products & Chemicals, Inc., Sr. Unscd. Notes | 4.80 | 3/3/2033 | 300000 | 305421 |
| Air Products & Chemicals, Inc., Sr. Unscd. Notes | 4.85 | 2/8/2034 | 245000 | 249437 |
| Albemarle Corp., Sr. Unscd. Notes | 5.45 | 12/1/2044 | 25000 | 22974 |
| Albemarle Corp., Sr. Unscd. Notes | 5.65 | 6/1/2052 | 45000 | 39900 |
| CF Industries, Inc., Gtd. Notes | 4.95 | 6/1/2043 | 280000 | 256569 |
| CF Industries, Inc., Gtd. Notes | 5.15 | 3/15/2034 | 70000 | 70454 |
| CF Industries, Inc., Gtd. Notes | 5.38 | 3/15/2044 | 60000 | 57699 |
| DuPont de Nemours, Inc., Sr. Unscd. Notes<sup>(c)</sup> <br>| 4.73 | 11/15/2028 | 35000 | 35604 |
| Eastman Chemical Co., Sr. Unscd. Notes | 4.65 | 10/15/2044 | 195000 | 167208 |
| Eastman Chemical Co., Sr. Unscd. Notes | 4.80 | 9/1/2042 | 100000 | 88581 |
| Eastman Chemical Co., Sr. Unscd. Notes | 5.63 | 2/20/2034 | 100000 | 103101 |
| Ecolab, Inc., Sr. Unscd. Notes | 1.30 | 1/30/2031 | 195000 | 168228 |
| Ecolab, Inc., Sr. Unscd. Notes | 2.13 | 2/1/2032 | 20000 | 17553 |
| Ecolab, Inc., Sr. Unscd. Notes | 3.25 | 12/1/2027 | 90000 | 88908 |
| Ecolab, Inc., Sr. Unscd. Notes | 3.95 | 12/1/2047 | 10000 | 8173 |
| Ecolab, Inc., Sr. Unscd. Notes | 4.80 | 3/24/2030 | 35000 | 35911 |
| Ecolab, Inc., Sr. Unscd. Notes | 5.25 | 1/15/2028 | 155000 | 159061 |
| EIDP, Inc., Sr. Unscd. Notes | 4.80 | 5/15/2033 | 29000 | 29088 |
| FMC Corp., Sr. Unscd. Notes | 5.65 | 5/18/2033 | 50000 | 47809 |
| International Flavors & Fragrances, Inc., Sr. Unscd. Notes | 5.00 | 9/26/2048 | 69000 | 61383 |
| Linde, Inc., Gtd. Notes | 1.10 | 8/10/2030 | 230000 | 200909 |
| LYB International Finance III LLC, Gtd. Notes | 3.38 | 10/1/2040 | 185000 | 136891 |
| LYB International Finance III LLC, Gtd. Notes | 3.80 | 10/1/2060 | 289000 | 185179 |
| LYB International Finance III LLC, Gtd. Notes | 4.20 | 5/1/2050 | 265000 | 195591 |
| LyondellBasell Industries NV, Sr. Unscd. Bonds<sup>(b)</sup> <br>| 4.63 | 2/26/2055 | 21000 | 16366 |
| NewMarket Corp., Sr. Unscd. Notes | 2.70 | 3/18/2031 | 25000 | 22737 |
| Nutrien Ltd., Sr. Unscd. Notes | 2.95 | 5/13/2030 | 78000 | 73509 |
| Nutrien Ltd., Sr. Unscd. Notes | 4.13 | 3/15/2035 | 100000 | 93123 |
| Nutrien Ltd., Sr. Unscd. Notes | 4.20 | 4/1/2029 | 20000 | 19964 |
| Nutrien Ltd., Sr. Unscd. Notes | 5.40 | 6/21/2034 | 500000 | 516104 |
| The Dow Chemical Company, Sr. Unscd. Bonds | 7.38 | 11/1/2029 | 138000 | 152624 |
| The Dow Chemical Company, Sr. Unscd. Notes | 4.25 | 10/1/2034 | 50000 | 46060 |
| The Dow Chemical Company, Sr. Unscd. Notes | 4.38 | 11/15/2042 | 110000 | 89105 |
| The Dow Chemical Company, Sr. Unscd. Notes | 4.63 | 10/1/2044 | 267000 | 219643 |
| The Dow Chemical Company, Sr. Unscd. Notes<sup>(b)</sup> <br>| 5.15 | 2/15/2034 | 420000 | 421015 |
| The Dow Chemical Company, Sr. Unscd. Notes | 5.25 | 11/15/2041 | 313000 | 287494 |

---

**112**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Chemicals — .3% (continued)** | **Chemicals — .3% (continued)** | **Chemicals — .3% (continued)** | **Chemicals — .3% (continued)** | **Chemicals — .3% (continued)** |
| The Mosaic Company, Sr. Unscd. Notes | 4.88 | 11/15/2041 | 10000 | 9065 |
| The Sherwin-Williams Company, Sr. Unscd. Notes | 2.30 | 5/15/2030 | 36000 | 33069 |
| The Sherwin-Williams Company, Sr. Unscd. Notes | 2.95 | 8/15/2029 | 225000 | 214928 |
| The Sherwin-Williams Company, Sr. Unscd. Notes | 3.30 | 5/15/2050 | 85000 | 59295 |
| The Sherwin-Williams Company, Sr. Unscd. Notes | 3.45 | 6/1/2027 | 375000 | 371496 |
| The Sherwin-Williams Company, Sr. Unscd. Notes | 4.00 | 12/15/2042 | 40000 | 33424 |
| The Sherwin-Williams Company, Sr. Unscd. Notes | 4.50 | 6/1/2047 | 25000 | 21725 |
| Westlake Corp., Sr. Unscd. Notes | 4.38 | 11/15/2047 | 340000 | 270313 |
|  |  |  |  | **5888371** |
| **Commercial & Professional Services — .3%** | **Commercial & Professional Services — .3%** | **Commercial & Professional Services — .3%** | **Commercial & Professional Services — .3%** | **Commercial & Professional Services — .3%** |
| Brown University, Bonds, Ser. A | 2.92 | 9/1/2050 | 130000 | 88282 |
| California Institute of Technology, Sr. Unscd. Bonds | 4.70 | 11/1/2111 | 35000 | 29396 |
| Duke University, Unscd. Bonds, Ser. 2020 | 2.83 | 10/1/2055 | 225000 | 146116 |
| Emory University, Unscd. Notes, Ser. 2020 | 2.14 | 9/1/2030 | 115000 | 105174 |
| Equifax, Inc., Sr. Unscd. Notes | 2.35 | 9/15/2031 | 100000 | 88391 |
| Equifax, Inc., Sr. Unscd. Notes | 5.10 | 6/1/2028 | 434000 | 442759 |
| Global Payments, Inc., Sr. Unscd. Notes | 3.20 | 8/15/2029 | 128000 | 121117 |
| Global Payments, Inc., Sr. Unscd. Notes | 4.15 | 8/15/2049 | 165000 | 124382 |
| Global Payments, Inc., Sr. Unscd. Notes | 4.95 | 8/15/2027 | 25000 | 25238 |
| Global Payments, Inc., Sr. Unscd. Notes | 5.40 | 8/15/2032 | 40000 | 40477 |
| GXO Logistics, Inc., Sr. Unscd. Notes | 2.65 | 7/15/2031 | 50000 | 44678 |
| Johns Hopkins University, Sr. Unscd. Bonds, Ser. A | 2.81 | 1/1/2060 | 25000 | 14882 |
| Massachusetts Institute of Technology, Unscd. Bonds | 3.96 | 7/1/2038 | 25000 | 23188 |
| Massachusetts Institute of Technology, Unscd. Notes | 3.07 | 4/1/2052 | 400000 | 278392 |
| Moody's Corp., Sr. Unscd. Notes | 3.25 | 1/15/2028 | 150000 | 147441 |
| Moody's Corp., Sr. Unscd. Notes | 4.88 | 12/17/2048 | 75000 | 68237 |
| Northwestern University, Unscd. Bonds | 4.64 | 12/1/2044 | 65000 | 62282 |
| Northwestern University, Unscd. Bonds, Ser. 2017 | 3.66 | 12/1/2057 | 200000 | 149250 |
| PayPal Holdings, Inc., Sr. Unscd. Notes | 2.85 | 10/1/2029 | 100000 | 95334 |
| PayPal Holdings, Inc., Sr. Unscd. Notes | 4.40 | 6/1/2032 | 84000 | 83824 |
| PayPal Holdings, Inc., Sr. Unscd. Notes | 5.50 | 6/1/2054 | 120000 | 119915 |
| President & Fellows of Harvard College, Unscd. Bonds | 2.52 | 10/15/2050 | 60000 | 37458 |
| President & Fellows of Harvard College, Unscd. Bonds | 5.26 | 3/15/2036 | 50000 | 52725 |
| Quanta Services, Inc., Sr. Unscd. Notes | 3.05 | 10/1/2041 | 55000 | 41216 |
| Quanta Services, Inc., Sr. Unscd. Notes | 5.25 | 8/9/2034 | 135000 | 138776 |
| RELX Capital, Inc., Gtd. Notes | 4.00 | 3/18/2029 | 99000 | 98458 |
| S&P Global, Inc., Gtd. Notes | 1.25 | 8/15/2030 | 10000 | 8730 |
| S&P Global, Inc., Gtd. Notes | 2.45 | 3/1/2027 | 566000 | 554834 |
| S&P Global, Inc., Gtd. Notes | 2.50 | 12/1/2029 | 195000 | 183152 |
| S&P Global, Inc., Gtd. Notes | 2.70 | 3/1/2029 | 180000 | 172344 |
| S&P Global, Inc., Gtd. Notes | 3.90 | 3/1/2062 | 80000 | 61582 |
| S&P Global, Inc., Gtd. Notes | 4.25 | 5/1/2029 | 120000 | 120519 |
| The California Endowment, Unscd. Notes, Ser. 2021 | 2.50 | 4/1/2051 | 100000 | 60681 |
| The George Washington University, Unscd. Notes, Ser. 2014 | 4.30 | 9/15/2044 | 70000 | 60901 |
| The Georgetown University, Sr. Unscd. Bonds | 5.12 | 4/1/2053 | 50000 | 47216 |
| The Georgetown University, Sr. Unscd. Bonds, Ser. 20A | 2.94 | 4/1/2050 | 100000 | 66393 |
| The Leland Stanford Junior University, Unscd. Bonds | 2.41 | 6/1/2050 | 125000 | 76994 |
| The Rockefeller Foundation, Unscd. Notes, Ser. 2020 | 2.49 | 10/1/2050 | 50000 | 31146 |
| The Trustees of Princeton University, Unscd. Bonds, Ser. 2020 | 2.52 | 7/1/2050 | 285000 | 179809 |
| The Trustees of the University of Pennsylvania, Unscd. Bonds, Ser. 2020 | 2.40 | 10/1/2050 | 60000 | 36179 |

---

**113**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Commercial & Professional Services — .3% (continued)** | **Commercial & Professional Services — .3% (continued)** | **Commercial & Professional Services — .3% (continued)** | **Commercial & Professional Services — .3% (continued)** | **Commercial & Professional Services — .3% (continued)** |
| The University of Chicago, Unscd. Bonds | 4.00 | 10/1/2053 | 50000 | 39839 |
| The University of Chicago, Unscd. Bonds, Ser. 20B | 2.76 | 4/1/2045 | 50000 | 39650 |
| The Washington University, Sr. Unscd. Bonds | 4.35 | 4/15/2122 | 25000 | 19509 |
| The Washington University, Sr. Unscd. Bonds, Ser. 2022 | 3.52 | 4/15/2054 | 125000 | 92885 |
| Thomas Jefferson University, Scd. Bonds | 3.85 | 11/1/2057 | 100000 | 72538 |
| University of Notre Dame du Lac, Unscd. Bonds, Ser. 2015 | 3.44 | 2/15/2045 | 30000 | 23650 |
| University of Southern California, Unscd. Bonds, Ser. 2017 | 3.84 | 10/1/2047 | 75000 | 61446 |
| Verisk Analytics, Inc., Sr. Unscd. Notes | 3.63 | 5/15/2050 | 45000 | 33310 |
| Verisk Analytics, Inc., Sr. Unscd. Notes | 5.13 | 2/15/2036 | 100000 | 100552 |
| Verisk Analytics, Inc., Sr. Unscd. Notes | 5.50 | 6/15/2045 | 50000 | 49632 |
| William Marsh Rice University, Unscd. Bonds | 3.57 | 5/15/2045 | 215000 | 174061 |
| Yale University, Unscd. Bonds, Ser. 2020 | 2.40 | 4/15/2050 | 50000 | 30690 |
|  |  |  |  | **5065630** |
| **Commercial Mortgage Pass-Through Certificates — .7%** | **Commercial Mortgage Pass-Through Certificates — .7%** | **Commercial Mortgage Pass-Through Certificates — .7%** | **Commercial Mortgage Pass-Through Certificates — .7%** | **Commercial Mortgage Pass-Through Certificates — .7%** |
| Bank Trust, Ser. 2017-BNK6, Cl. A4 | 3.25 | 7/15/2060 | 45396 | 44682 |
| Bank Trust, Ser. 2018-BN10, Cl. A5 | 3.69 | 2/15/2061 | 93000 | 91880 |
| Bank Trust, Ser. 2018-BN11, Cl. A2 | 3.78 | 3/15/2061 | 188258 | 185995 |
| Bank Trust, Ser. 2018-BN12, Cl. A3 | 3.99 | 5/15/2061 | 80000 | 79173 |
| Bank Trust, Ser. 2019-BN16, Cl. A4 | 4.01 | 2/15/2052 | 85000 | 83979 |
| Bank Trust, Ser. 2019-BN18, Cl. A4 | 3.58 | 5/15/2062 | 1593000 | 1527631 |
| Bank Trust, Ser. 2019-BN21, Cl. A5 | 2.85 | 10/17/2052 | 50000 | 47139 |
| Bank Trust, Ser. 2020-BN25, Cl. A5 | 2.65 | 1/15/2063 | 120000 | 111406 |
| Bank Trust, Ser. 2020-BN30, Cl. A4 | 1.93 | 12/15/2053 | 60000 | 52729 |
| Bank Trust, Ser. 2021-BN31, Cl. A4 | 2.04 | 2/15/2054 | 150000 | 132666 |
| Bank Trust, Ser. 2021-BN37, Cl. A4 | 2.37 | 11/15/2064 | 100000 | 88281 |
| Bank Trust, Ser. 2023-5YR1, Cl. A3 | 6.26 | 4/15/2056 | 110000 | 114175 |
| Bank Trust, Ser. 2023-BNK46, Cl. A4 | 5.75 | 8/15/2056 | 200000 | 212760 |
| Bank Trust, Ser. 2024-5YR8, Cl. A3 | 5.88 | 8/15/2057 | 200000 | 209524 |
| Barclays Commercial Mortgage Trust, Ser. 2019-C4, Cl. A5 | 2.92 | 8/15/2052 | 25000 | 23733 |
| BBCMS Mortgage Trust, Ser. 2018-C2, Cl. A4 | 4.05 | 12/15/2051 | 85000 | 84126 |
| BBCMS Mortgage Trust, Ser. 2020-C6, Cl. A4 | 2.64 | 2/15/2053 | 60000 | 55685 |
| BBCMS Mortgage Trust, Ser. 2021-C12, Cl. A5 | 2.69 | 11/15/2054 | 400000 | 358420 |
| BBCMS Mortgage Trust, Ser. 2021-C9, Cl. A5 | 2.30 | 2/15/2054 | 150000 | 134887 |
| BBCMS Mortgage Trust, Ser. 2022-C18, Cl. A5 | 5.71 | 12/15/2055 | 100000 | 106239 |
| BBCMS Mortgage Trust, Ser. 2023-C20, Cl. A3 | 5.99 | 7/15/2056 | 1000000 | 1028247 |
| Benchmark Mortgage Trust, Ser. 2018-B2, Cl. A4 | 3.61 | 2/15/2051 | 50000 | 49391 |
| Benchmark Mortgage Trust, Ser. 2019-B14, Cl. B | 3.49 | 12/15/2062 | 200000 | 163344 |
| Benchmark Mortgage Trust, Ser. 2020-B16, Cl. AM | 2.94 | 2/15/2053 | 180000 | 162769 |
| Benchmark Mortgage Trust, Ser. 2020-B21, Cl. A5 | 1.98 | 12/17/2053 | 450000 | 397643 |
| Benchmark Mortgage Trust, Ser. 2020-IG1, Cl. AS | 2.91 | 9/15/2043 | 50000 | 41187 |
| Benchmark Mortgage Trust, Ser. 2021-B27, Cl. A5 | 2.39 | 7/15/2054 | 120000 | 106759 |
| Benchmark Mortgage Trust, Ser. 2021-B30, Cl. A5 | 2.58 | 11/15/2054 | 125000 | 111770 |
| Benchmark Mortgage Trust, Ser. 2022-B32, Cl. A5 | 3.00 | 1/15/2055 | 150000 | 133580 |
| Benchmark Mortgage Trust, Ser. 2022-B34, Cl. A5 | 3.79 | 4/15/2055 | 250000 | 233510 |
| Benchmark Mortgage Trust, Ser. 2022-B35, Cl. A5 | 4.44 | 5/15/2055 | 240000 | 235317 |
| Benchmark Mortgage Trust, Ser. 2023-V2, Cl. A2 | 5.36 | 5/15/2055 | 260000 | 264617 |
| Benchmark Mortgage Trust, Ser. 2024-V7, Cl. A3 | 6.23 | 5/15/2056 | 330000 | 348324 |
| Benchmark Mortgage Trust, Ser. 2024-V8, Cl. A3 | 6.19 | 7/15/2057 | 350000 | 369716 |
| BMO Mortgage Trust, Ser. 2023-C4, Cl. A5 | 5.12 | 2/15/2056 | 50000 | 51147 |
| BMO Mortgage Trust, Ser. 2024-5C4, Cl. A3 | 6.53 | 5/15/2057 | 200000 | 212807 |

---

**114**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Commercial Mortgage Pass-Through Certificates — .7% (continued)** | **Commercial Mortgage Pass-Through Certificates — .7% (continued)** | **Commercial Mortgage Pass-Through Certificates — .7% (continued)** | **Commercial Mortgage Pass-Through Certificates — .7% (continued)** | **Commercial Mortgage Pass-Through Certificates — .7% (continued)** |
| BMO Mortgage Trust, Ser. 2024-C8, Cl. A5 | 5.60 | 3/15/2057 | 300000 | 316271 |
| BMO Mortgage Trust, Ser. 2025-5C9, Cl. A3 | 5.78 | 4/15/2058 | 200000 | 209700 |
| Citigroup Commercial Mortgage Trust, Ser. 2016-C3, Cl. A4 | 3.15 | 11/15/2049 | 130000 | 128226 |
| Citigroup Commercial Mortgage Trust, Ser. 2017-C4, Cl. A4 | 3.47 | 10/12/2050 | 125000 | 123092 |
| COMM Mortgage Trust, Ser. 2019-GC44, Cl. A5 | 2.95 | 8/15/2057 | 200000 | 188230 |
| CSAIL Commercial Mortgage Trust, Ser. 2017-C8, Cl. A4 | 3.39 | 6/15/2050 | 1000000 | 979641 |
| CSAIL Commercial Mortgage Trust, Ser. 2018-CX11, Cl. A4 | 3.77 | 4/15/2051 | 35928 | 35516 |
| GS Mortgage Securities Trust, Ser. 2017-GS8, Cl. A3 | 3.21 | 11/10/2050 | 80000 | 78536 |
| GS Mortgage Securities Trust, Ser. 2017-GS8, Cl. A4 | 3.47 | 11/10/2050 | 25000 | 24574 |
| GS Mortgage Securities Trust, Ser. 2020-GC45, Cl. AAB | 2.84 | 2/13/2053 | 151939 | 148107 |
| GS Mortgage Securities Trust, Ser. 2020-GSA2, Cl. A5 | 2.01 | 12/12/2053 | 100000 | 88482 |
| JPMCC Commercial Mortgage Securities Trust, Ser. 2016-JP3, Cl. A4 | 2.63 | 8/15/2049 | 761543 | 754706 |
| JPMCC Commercial Mortgage Securities Trust, Ser. 2017-JP6, Cl. A4 | 3.22 | 7/15/2050 | 100000 | 98396 |
| JPMCC Commercial Mortgage Securities Trust, Ser. 2019-COR5, Cl. A4 | 3.39 | 6/13/2052 | 400000 | 380858 |
| Morgan Stanley Capital I Trust, Ser. 2017-H1, Cl. A5 | 3.53 | 6/15/2050 | 990000 | 975666 |
| Morgan Stanley Capital I Trust, Ser. 2020-L4, Cl. A3 | 2.70 | 2/15/2053 | 100000 | 92909 |
| UBS Commercial Mortgage Trust, Ser. 2017-C7, Cl. A3 | 3.42 | 12/15/2050 | 49229 | 48442 |
| UBS Commercial Mortgage Trust, Ser. 2018-C12, Cl. A4 | 4.03 | 8/15/2051 | 400000 | 396303 |
| UBS Commercial Mortgage Trust, Ser. 2018-C8, Cl. A3 | 3.72 | 2/15/2051 | 24006 | 23559 |
| UBS Commercial Mortgage Trust, Ser. 2019-C16, Cl. A4 | 3.60 | 4/15/2052 | 75000 | 73012 |
| Wells Fargo Commercial Mortgage Trust, Ser. 2017-C41, Cl. A3 | 3.21 | 11/15/2050 | 250000 | 244920 |
| Wells Fargo Commercial Mortgage Trust, Ser. 2017-C41, Cl. A4 | 3.47 | 11/15/2050 | 210000 | 206329 |
| Wells Fargo Commercial Mortgage Trust, Ser. 2019-C50, Cl. A5 | 3.73 | 5/15/2052 | 150000 | 146410 |
| Wells Fargo Commercial Mortgage Trust, Ser. 2019-C54, Cl. A4 | 3.15 | 12/15/2052 | 600000 | 571210 |
| Wells Fargo Commercial Mortgage Trust, Ser. 2020-C55, Cl. A5 | 2.73 | 2/15/2053 | 100000 | 93486 |
| Wells Fargo Commercial Mortgage Trust, Ser. 2021-C61, Cl. A4 | 2.66 | 11/15/2054 | 150000 | 134771 |
|  |  |  |  | **14216590** |
| **Consumer Discretionary — .2%** | **Consumer Discretionary — .2%** | **Consumer Discretionary — .2%** | **Consumer Discretionary — .2%** | **Consumer Discretionary — .2%** |
| Brunswick Corp., Sr. Unscd. Notes | 5.10 | 4/1/2052 | 120000 | 96781 |
| Choice Hotels International, Inc., Sr. Unscd. Notes | 3.70 | 12/1/2029 | 120000 | 115265 |
| Choice Hotels International, Inc., Sr. Unscd. Notes | 3.70 | 1/15/2031 | 55000 | 51545 |
| D.R. Horton, Inc., Gtd. Notes | 5.50 | 10/15/2035 | 500000 | 519467 |
| Hasbro, Inc., Sr. Unscd. Notes | 3.55 | 11/19/2026 | 129000 | 128054 |
| Hasbro, Inc., Sr. Unscd. Notes | 3.90 | 11/19/2029 | 70000 | 68435 |
| Hasbro, Inc., Sr. Unscd. Notes | 6.05 | 5/14/2034 | 217000 | 228470 |
| Hasbro, Inc., Sr. Unscd. Notes | 6.35 | 3/15/2040 | 50000 | 52720 |
| Hyatt Hotels Corp., Sr. Unscd. Notes | 4.38 | 9/15/2028 | 50000 | 50095 |
| Hyatt Hotels Corp., Sr. Unscd. Notes | 5.05 | 3/30/2028 | 100000 | 101749 |
| Hyatt Hotels Corp., Sr. Unscd. Notes | 5.75 | 1/30/2027 | 23000 | 23399 |
| Hyatt Hotels Corp., Sr. Unscd. Notes | 5.75 | 4/23/2030 | 75000 | 78063 |
| Hyatt Hotels Corp., Sr. Unscd. Notes | 5.75 | 3/30/2032 | 100000 | 104340 |
| Las Vegas Sands Corp., Sr. Unscd. Notes | 3.90 | 8/8/2029 | 50000 | 48497 |
| Las Vegas Sands Corp., Sr. Unscd. Notes | 6.20 | 8/15/2034 | 135000 | 141751 |
| Leggett & Platt, Inc., Sr. Unscd. Notes | 3.50 | 11/15/2027 | 125000 | 122436 |
| Lennar Corp., Gtd. Notes | 4.75 | 11/29/2027 | 650000 | 654970 |
| Lennar Corp., Gtd. Notes | 5.00 | 6/15/2027 | 135000 | 136021 |
| Marriott International, Inc., Sr. Unscd. Notes | 5.35 | 3/15/2035 | 100000 | 102728 |
| Marriott International, Inc., Sr. Unscd. Notes, Ser. AA | 4.65 | 12/1/2028 | 50000 | 50664 |
| Marriott International, Inc., Sr. Unscd. Notes, Ser. GG | 3.50 | 10/15/2032 | 150000 | 139493 |
| Mattel, Inc., Sr. Unscd. Notes | 5.45 | 11/1/2041 | 25000 | 23283 |

---

**115**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Consumer Discretionary — .2% (continued)** | **Consumer Discretionary — .2% (continued)** | **Consumer Discretionary — .2% (continued)** | **Consumer Discretionary — .2% (continued)** | **Consumer Discretionary — .2% (continued)** |
| MDC Holdings, Inc., Gtd. Notes | 2.50 | 1/15/2031 | 342000 | 303323 |
| MDC Holdings, Inc., Gtd. Notes | 3.97 | 8/6/2061 | 75000 | 50912 |
| Polaris, Inc., Sr. Unscd. Notes | 6.95 | 3/15/2029 | 50000 | 53177 |
| PulteGroup, Inc., Gtd. Notes | 5.00 | 1/15/2027 | 17000 | 17134 |
| PulteGroup, Inc., Gtd. Notes | 6.00 | 2/15/2035 | 25000 | 26915 |
| Sands China Ltd., Sr. Unscd. Notes | 2.30 | 3/8/2027 | 200000 | 194311 |
| Sands China Ltd., Sr. Unscd. Notes | 5.40 | 8/8/2028 | 204000 | 208214 |
| Toll Brothers Finance Corp., Gtd. Notes | 4.88 | 3/15/2027 | 45000 | 45270 |
| W.W. Grainger, Inc., Sr. Unscd. Notes | 4.20 | 5/15/2047 | 90000 | 76200 |
|  |  |  |  | **4013682** |
| **Consumer Durables & Apparel — .0%** | **Consumer Durables & Apparel — .0%** | **Consumer Durables & Apparel — .0%** | **Consumer Durables & Apparel — .0%** | **Consumer Durables & Apparel — .0%** |
| NIKE, Inc., Sr. Unscd. Notes | 2.38 | 11/1/2026 | 96000 | 94648 |
| NIKE, Inc., Sr. Unscd. Notes | 2.75 | 3/27/2027 | 350000 | 344995 |
| NIKE, Inc., Sr. Unscd. Notes | 3.38 | 3/27/2050 | 85000 | 62039 |
| NIKE, Inc., Sr. Unscd. Notes | 3.88 | 11/1/2045 | 250000 | 204386 |
| Ralph Lauren Corp., Sr. Unscd. Notes | 2.95 | 6/15/2030 | 110000 | 103982 |
|  |  |  |  | **810050** |
| **Consumer Staples — .2%** | **Consumer Staples — .2%** | **Consumer Staples — .2%** | **Consumer Staples — .2%** | **Consumer Staples — .2%** |
| Avery Dennison Corp., Sr. Unscd. Notes | 4.88 | 12/6/2028 | 130000 | 132327 |
| Colgate-Palmolive Co., Sr. Unscd. Notes | 3.10 | 8/15/2027 | 470000 | 464801 |
| Colgate-Palmolive Co., Sr. Unscd. Notes | 3.70 | 8/1/2047 | 125000 | 100314 |
| Haleon US Capital LLC, Gtd. Notes | 3.38 | 3/24/2029 | 278000 | 270790 |
| Kenvue, Inc., Gtd. Notes | 4.90 | 3/22/2033 | 315000 | 318266 |
| Kenvue, Inc., Gtd. Notes | 5.00 | 3/22/2030 | 230000 | 235928 |
| Kenvue, Inc., Gtd. Notes | 5.05 | 3/22/2028 | 120000 | 122489 |
| Kenvue, Inc., Gtd. Notes | 5.10 | 3/22/2043 | 95000 | 90692 |
| Kimberly-Clark Corp., Sr. Unscd. Notes | 1.05 | 9/15/2027 | 45000 | 42831 |
| Kimberly-Clark Corp., Sr. Unscd. Notes | 3.90 | 5/4/2047 | 95000 | 76831 |
| The Clorox Company, Sr. Unscd. Notes | 1.80 | 5/15/2030 | 110000 | 98693 |
| The Clorox Company, Sr. Unscd. Notes | 3.10 | 10/1/2027 | 135000 | 132831 |
| The Clorox Company, Sr. Unscd. Notes | 4.60 | 5/1/2032 | 75000 | 75607 |
| The Estee Lauder Companies, Inc., Sr. Unscd. Notes | 3.13 | 12/1/2049 | 60000 | 40055 |
| The Estee Lauder Companies, Inc., Sr. Unscd. Notes | 4.38 | 6/15/2045 | 100000 | 84424 |
| The Estee Lauder Companies, Inc., Sr. Unscd. Notes | 5.15 | 5/15/2053 | 74000 | 70497 |
| The Procter & Gamble Company, Sr. Unscd. Notes | 1.20 | 10/29/2030 | 438000 | 384095 |
| The Procter & Gamble Company, Sr. Unscd. Notes | 1.95 | 4/23/2031 | 150000 | 135147 |
| The Procter & Gamble Company, Sr. Unscd. Notes | 2.80 | 3/25/2027 | 241000 | 237867 |
| The Procter & Gamble Company, Sr. Unscd. Notes | 2.85 | 8/11/2027 | 150000 | 147725 |
| The Procter & Gamble Company, Sr. Unscd. Notes | 3.00 | 3/25/2030 | 285000 | 273844 |
| Unilever Capital Corp., Gtd. Notes | 2.13 | 9/6/2029 | 215000 | 201000 |
| Unilever Capital Corp., Gtd. Notes | 2.90 | 5/5/2027 | 160000 | 157944 |
| Unilever Capital Corp., Gtd. Notes | 4.88 | 9/8/2028 | 100000 | 102655 |
| Unilever Capital Corp., Gtd. Notes | 5.00 | 12/8/2033 | 100000 | 103882 |
| Unilever Capital Corp., Gtd. Notes | 5.90 | 11/15/2032 | 100000 | 109455 |
| Unilever Capital Corp., Gtd. Notes, Ser. 30Y | 2.63 | 8/12/2051 | 65000 | 40992 |
|  |  |  |  | **4251982** |
| **Diversified Financials — 1.0%** | **Diversified Financials — 1.0%** | **Diversified Financials — 1.0%** | **Diversified Financials — 1.0%** | **Diversified Financials — 1.0%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Gtd. Notes | 3.40 | 10/29/2033 | 251000 | 226279 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Gtd. Notes | 4.63 | 10/15/2027 | 210000 | 211505 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Gtd. Notes | 4.88 | 4/1/2028 | 530000 | 538051 |

---

**116**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Diversified Financials — 1.0% (continued)** | **Diversified Financials — 1.0% (continued)** | **Diversified Financials — 1.0% (continued)** | **Diversified Financials — 1.0% (continued)** | **Diversified Financials — 1.0% (continued)** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Gtd. Notes | 6.15 | 9/30/2030 | 438000 | 468935 |
| Affiliated Managers Group, Inc., Sr. Unscd. Notes | 3.30 | 6/15/2030 | 67000 | 63709 |
| Air Lease Corp., Sr. Unscd. Notes | 2.10 | 9/1/2028 | 25000 | 23424 |
| Air Lease Corp., Sr. Unscd. Notes | 2.88 | 1/15/2032 | 475000 | 425182 |
| Air Lease Corp., Sr. Unscd. Notes | 3.00 | 2/1/2030 | 30000 | 27974 |
| Air Lease Corp., Sr. Unscd. Notes | 3.13 | 12/1/2030 | 402000 | 371520 |
| Air Lease Corp., Sr. Unscd. Notes | 3.25 | 10/1/2029 | 25000 | 23772 |
| Air Lease Corp., Sr. Unscd. Notes | 3.63 | 12/1/2027 | 173000 | 170308 |
| Ally Financial, Inc., Gtd. Notes | 8.00 | 11/1/2031 | 40000 | 45483 |
| Ally Financial, Inc., Sr. Unscd. Notes | 4.75 | 6/9/2027 | 30000 | 30181 |
| Ally Financial, Inc., Sr. Unscd. Notes | 5.74 | 5/15/2029 | 300000 | 305933 |
| Ally Financial, Inc., Sr. Unscd. Notes | 6.18 | 7/26/2035 | 100000 | 103391 |
| Ally Financial, Inc., Sr. Unscd. Notes | 6.85 | 1/3/2030 | 30000 | 31652 |
| Ally Financial, Inc., Sr. Unscd. Notes | 8.00 | 11/1/2031 | 220000 | 249659 |
| American Express Co., Sr. Unscd. Notes | 1.65 | 11/4/2026 | 114000 | 111522 |
| American Express Co., Sr. Unscd. Notes | 3.30 | 5/3/2027 | 605000 | 599404 |
| American Express Co., Sr. Unscd. Notes | 4.35 | 7/20/2029 | 100000 | 100604 |
| American Express Co., Sr. Unscd. Notes | 4.73 | 4/25/2029 | 100000 | 101506 |
| American Express Co., Sr. Unscd. Notes | 4.92 | 7/20/2033 | 100000 | 101874 |
| American Express Co., Sr. Unscd. Notes | 5.02 | 4/25/2031 | 150000 | 154379 |
| American Express Co., Sr. Unscd. Notes | 5.04 | 5/1/2034 | 360000 | 369957 |
| American Express Co., Sr. Unscd. Notes | 5.28 | 7/27/2029 | 45000 | 46372 |
| American Express Co., Sr. Unscd. Notes | 5.28 | 7/26/2035 | 100000 | 103175 |
| American Express Co., Sr. Unscd. Notes | 5.53 | 4/25/2030 | 175000 | 182678 |
| American Express Co., Sr. Unscd. Notes | 5.67 | 4/25/2036 | 150000 | 158423 |
| American Express Co., Sub. Notes | 5.63 | 7/28/2034 | 45000 | 47180 |
| American Express Credit Corp., Sr. Unscd. Notes | 3.30 | 5/3/2027 | 50000 | 49538 |
| Ameriprise Financial, Inc., Sr. Unscd. Notes | 5.70 | 12/15/2028 | 95000 | 99343 |
| Apollo Debt Solutions BDC, Sr. Unscd. Notes | 6.90 | 4/13/2029 | 100000 | 104657 |
| Apollo Global Management, Inc., Gtd. Notes | 5.15 | 8/12/2035 | 100000 | 100584 |
| Apollo Global Management, Inc., Gtd. Notes | 6.38 | 11/15/2033 | 50000 | 55070 |
| Ares Management Corp., Gtd. Notes | 5.60 | 10/11/2054 | 100000 | 95480 |
| Ares Strategic Income Fund, Sr. Unscd. Notes | 5.70 | 3/15/2028 | 100000 | 101225 |
| BGC Group, Inc., Sr. Unscd. Notes | 6.60 | 6/10/2029 | 250000 | 260239 |
| BGC Group, Inc., Sr. Unscd. Notes | 8.00 | 5/25/2028 | 30000 | 32043 |
| BlackRock, Inc., Sr. Unscd. Notes | 2.40 | 4/30/2030 | 54000 | 50328 |
| BlackRock, Inc., Sr. Unscd. Notes | 3.20 | 3/15/2027 | 169000 | 167620 |
| BlackRock, Inc., Sr. Unscd. Notes | 3.25 | 4/30/2029 | 400000 | 391118 |
| Blackstone Private Credit Fund, Sr. Unscd. Notes | 5.05 | 9/10/2030 | 200000 | 196586 |
| Blackstone Private Credit Fund, Sr. Unscd. Notes | 5.25 | 4/1/2030 | 50000 | 49755 |
| Blackstone Private Credit Fund, Sr. Unscd. Notes | 5.60 | 11/22/2029 | 300000 | 303197 |
| Blackstone Private Credit Fund, Sr. Unscd. Notes | 5.95 | 7/16/2029 | 50000 | 51100 |
| Blackstone Private Credit Fund, Sr. Unscd. Notes | 6.00 | 11/22/2034 | 300000 | 304231 |
| Blue Owl Capital Corp., Sr. Unscd. Notes | 2.63 | 1/15/2027 | 50000 | 48703 |
| Blue Owl Capital Corp., Sr. Unscd. Notes | 3.13 | 4/13/2027 | 235000 | 229006 |
| Blue Owl Credit Income Corp., Sr. Unscd. Notes | 4.70 | 2/8/2027 | 50000 | 49815 |
| Blue Owl Credit Income Corp., Sr. Unscd. Notes | 6.65 | 3/15/2031 | 360000 | 374324 |
| Blue Owl Finance LLC, Gtd. Notes | 4.13 | 10/7/2051 | 50000 | 35609 |
| Blue Owl Technology Finance Corp., Sr. Unscd. Notes | 2.50 | 1/15/2027 | 50000 | 48428 |
| Capital One Financial Corp., Sr. Unscd. Notes | 1.88 | 11/2/2027 | 115000 | 112274 |

---

**117**

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SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Diversified Financials — 1.0% (continued)** | **Diversified Financials — 1.0% (continued)** | **Diversified Financials — 1.0% (continued)** | **Diversified Financials — 1.0% (continued)** | **Diversified Financials — 1.0% (continued)** |
| Capital One Financial Corp., Sr. Unscd. Notes | 3.65 | 5/11/2027 | 120000 | 119127 |
| Capital One Financial Corp., Sr. Unscd. Notes | 3.80 | 1/31/2028 | 461000 | 457677 |
| Capital One Financial Corp., Sr. Unscd. Notes | 4.10 | 2/9/2027 | 181000 | 180691 |
| Capital One Financial Corp., Sr. Unscd. Notes | 5.20 | 9/11/2036 | 200000 | 198530 |
| Capital One Financial Corp., Sr. Unscd. Notes | 5.27 | 5/10/2033 | 135000 | 137737 |
| Capital One Financial Corp., Sr. Unscd. Notes | 5.82 | 2/1/2034 | 250000 | 262037 |
| Capital One Financial Corp., Sr. Unscd. Notes | 6.38 | 6/8/2034 | 30000 | 32468 |
| Capital One Financial Corp., Sr. Unscd. Notes | 6.70 | 11/29/2032 | 60000 | 66215 |
| Capital One Financial Corp., Sr. Unscd. Notes | 7.96 | 11/2/2034 | 187000 | 220503 |
| Capital One Financial Corp., Sub. Notes | 2.36 | 7/29/2032 | 199000 | 172719 |
| Capital Southwest Corp., Sr. Unscd. Notes | 5.95 | 9/18/2030 | 100000 | 100206 |
| Carlyle Secured Lending, Inc., Sr. Unscd. Notes | 6.75 | 2/18/2030 | 500000 | 513914 |
| CBOE Global Markets, Inc., Sr. Unscd. Notes | 1.63 | 12/15/2030 | 95000 | 83579 |
| CI Financial Corp., Sr. Unscd. Notes | 3.20 | 12/17/2030 | 215000 | 193685 |
| CME Group, Inc., Sr. Unscd. Notes | 5.30 | 9/15/2043 | 450000 | 461545 |
| Eaton Vance Corp., Gtd. Bonds | 3.50 | 4/6/2027 | 197000 | 195394 |
| Franklin BSP Capital Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>| 7.20 | 6/15/2029 | 100000 | 103073 |
| Franklin Resources, Inc., Sr. Unscd. Notes | 1.60 | 10/30/2030 | 75000 | 65820 |
| FS KKR Capital Corp., Sr. Unscd. Notes | 3.25 | 7/15/2027 | 210000 | 201709 |
| FS KKR Capital Corp., Sr. Unscd. Notes | 6.13 | 1/15/2030 | 100000 | 98866 |
| Golub Capital Private Credit Fund, Sr. Unscd. Notes | 5.88 | 5/1/2030 | 50000 | 50819 |
| HPS Corporate Lending Fund, Sr. Unscd. Notes<sup>(c)</sup> <br>| 5.45 | 11/15/2030 | 100000 | 98891 |
| HPS Corporate Lending Fund, Sr. Unscd. Notes | 5.95 | 4/14/2032 | 50000 | 50254 |
| HPS Corporate Lending Fund, Sr. Unscd. Notes | 6.75 | 1/30/2029 | 150000 | 156044 |
| Intercontinental Exchange, Inc., Gtd. Notes | 3.10 | 9/15/2027 | 45000 | 44323 |
| Intercontinental Exchange, Inc., Sr. Unscd. Notes | 2.65 | 9/15/2040 | 100000 | 74330 |
| Intercontinental Exchange, Inc., Sr. Unscd. Notes | 3.00 | 6/15/2050 | 399000 | 267807 |
| Intercontinental Exchange, Inc., Sr. Unscd. Notes | 3.00 | 9/15/2060 | 50000 | 30907 |
| Intercontinental Exchange, Inc., Sr. Unscd. Notes | 4.00 | 9/15/2027 | 600000 | 600817 |
| Intercontinental Exchange, Inc., Sr. Unscd. Notes | 4.25 | 9/21/2048 | 15000 | 12683 |
| Intercontinental Exchange, Inc., Sr. Unscd. Notes | 4.35 | 6/15/2029 | 307000 | 309592 |
| Intercontinental Exchange, Inc., Sr. Unscd. Notes | 5.25 | 6/15/2031 | 275000 | 287272 |
| Jefferies Financial Group, Inc., Sr. Unscd. Debs. | 6.25 | 1/15/2036 | 50000 | 52607 |
| Jefferies Financial Group, Inc., Sr. Unscd. Notes | 2.63 | 10/15/2031 | 450000 | 394931 |
| Jefferies Financial Group, Inc., Sr. Unscd. Notes | 2.75 | 10/15/2032 | 100000 | 86343 |
| Jefferies Financial Group, Inc., Sr. Unscd. Notes | 6.50 | 1/20/2043 | 50000 | 52420 |
| Lazard Group LLC, Sr. Unscd. Notes | 4.50 | 9/19/2028 | 10000 | 10048 |
| LPL Holdings, Inc., Gtd. Notes | 6.75 | 11/17/2028 | 295000 | 314235 |
| Mastercard, Inc., Sr. Unscd. Notes | 2.95 | 11/21/2026 | 148000 | 146730 |
| Mastercard, Inc., Sr. Unscd. Notes | 2.95 | 6/1/2029 | 200000 | 193337 |
| Mastercard, Inc., Sr. Unscd. Notes | 3.35 | 3/26/2030 | 48000 | 46741 |
| Mastercard, Inc., Sr. Unscd. Notes | 3.50 | 2/26/2028 | 135000 | 134013 |
| Mastercard, Inc., Sr. Unscd. Notes | 3.65 | 6/1/2049 | 325000 | 252418 |
| Mastercard, Inc., Sr. Unscd. Notes | 3.95 | 2/26/2048 | 60000 | 49433 |
| Mastercard, Inc., Sr. Unscd. Notes | 4.88 | 3/9/2028 | 95000 | 97044 |
| Mastercard, Inc., Sr. Unscd. Notes | 4.88 | 5/9/2034 | 200000 | 204805 |
| Nasdaq, Inc., Sr. Unscd. Notes | 1.65 | 1/15/2031 | 55000 | 48296 |
| Nasdaq, Inc., Sr. Unscd. Notes | 3.25 | 4/28/2050 | 140000 | 98422 |
| Nasdaq, Inc., Sr. Unscd. Notes | 3.95 | 3/7/2052 | 26000 | 20337 |
| Nasdaq, Inc., Sr. Unscd. Notes | 5.55 | 2/15/2034 | 159000 | 166669 |

---

**118**

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| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Diversified Financials — 1.0% (continued)** | **Diversified Financials — 1.0% (continued)** | **Diversified Financials — 1.0% (continued)** | **Diversified Financials — 1.0% (continued)** | **Diversified Financials — 1.0% (continued)** |
| Nasdaq, Inc., Sr. Unscd. Notes | 6.10 | 6/28/2063 | 50000 | 53027 |
| Nomura Holdings, Inc., Sr. Unscd. Notes | 2.61 | 7/14/2031 | 200000 | 179978 |
| Nomura Holdings, Inc., Sr. Unscd. Notes | 3.00 | 1/22/2032 | 395000 | 357927 |
| Nomura Holdings, Inc., Sr. Unscd. Notes | 6.07 | 7/12/2028 | 235000 | 245553 |
| Nomura Holdings, Inc., Sub. Notes<sup>(b)</sup> <br>| 5.04 | 6/10/2036 | 200000 | 198690 |
| Oaktree Specialty Lending Corp., Sr. Unscd. Notes | 6.34 | 2/27/2030 | 50000 | 50192 |
| Oaktree Strategic Credit Fund, Sr. Unscd. Notes | 8.40 | 11/14/2028 | 50000 | 53908 |
| ORIX Corp., Sr. Unscd. Notes | 4.00 | 4/13/2032 | 150000 | 145397 |
| ORIX Corp., Sr. Unscd. Notes | 4.45 | 9/9/2030 | 200000 | 199906 |
| Private Export Funding Corp., Govt. Gtd. Notes, Ser. PP | 1.40 | 7/15/2028 | 50000 | 46962 |
| Private Export Funding Corp., Sr. Unscd. Notes<sup>(c)</sup> <br>| 4.50 | 2/7/2027 | 50000 | 50278 |
| Radian Group, Inc., Sr. Unscd. Notes | 4.88 | 3/15/2027 | 50000 | 50135 |
| Raymond James Financial, Inc., Sr. Unscd. Notes | 4.65 | 4/1/2030 | 342000 | 348338 |
| Raymond James Financial, Inc., Sr. Unscd. Notes | 4.90 | 9/11/2035 | 150000 | 148571 |
| Raymond James Financial, Inc., Sr. Unscd. Notes | 4.95 | 7/15/2046 | 33000 | 30502 |
| Synchrony Financial, Sr. Unscd. Notes | 5.45 | 3/6/2031 | 50000 | 50835 |
| The Charles Schwab Corp., Sr. Unscd. Notes | 2.00 | 3/20/2028 | 10000 | 9570 |
| The Charles Schwab Corp., Sr. Unscd. Notes | 2.30 | 5/13/2031 | 100000 | 90412 |
| The Charles Schwab Corp., Sr. Unscd. Notes | 2.45 | 3/3/2027 | 173000 | 169519 |
| The Charles Schwab Corp., Sr. Unscd. Notes | 2.75 | 10/1/2029 | 159000 | 151229 |
| The Charles Schwab Corp., Sr. Unscd. Notes | 4.00 | 2/1/2029 | 90000 | 90159 |
| The Charles Schwab Corp., Sr. Unscd. Notes | 5.85 | 5/19/2034 | 165000 | 176497 |
| The Charles Schwab Corp., Sr. Unscd. Notes | 6.14 | 8/24/2034 | 25000 | 27205 |
| The Western Union Company, Sr. Unscd. Notes | 2.75 | 3/15/2031 | 70000 | 62648 |
| Visa, Inc., Sr. Unscd. Notes | 1.10 | 2/15/2031 | 200000 | 172964 |
| Visa, Inc., Sr. Unscd. Notes | 1.90 | 4/15/2027 | 125000 | 121703 |
| Visa, Inc., Sr. Unscd. Notes | 2.05 | 4/15/2030 | 17000 | 15674 |
| Visa, Inc., Sr. Unscd. Notes | 2.70 | 4/15/2040 | 105000 | 80871 |
| Visa, Inc., Sr. Unscd. Notes | 3.65 | 9/15/2047 | 173000 | 136936 |
| Visa, Inc., Sr. Unscd. Notes | 4.15 | 12/14/2035 | 174000 | 168677 |
| Visa, Inc., Sr. Unscd. Notes | 4.30 | 12/14/2045 | 102000 | 90245 |
| Voya Financial, Inc., Gtd. Notes | 4.80 | 6/15/2046 | 50000 | 45059 |
| Voya Financial, Inc., Gtd. Notes | 5.70 | 7/15/2043 | 50000 | 50397 |
|  |  |  |  | **20792332** |
| **Electronic Components — .2%** | **Electronic Components — .2%** | **Electronic Components — .2%** | **Electronic Components — .2%** | **Electronic Components — .2%** |
| Allegion US Holding Co., Inc., Gtd. Notes | 3.55 | 10/1/2027 | 90000 | 88919 |
| Amphenol Corp., Sr. Unscd. Notes | 2.80 | 2/15/2030 | 20000 | 18922 |
| Arrow Electronics, Inc., Sr. Unscd. Notes | 2.95 | 2/15/2032 | 115000 | 102945 |
| Emerson Electric Co., Sr. Unscd. Notes | 2.20 | 12/21/2031 | 30000 | 26657 |
| Emerson Electric Co., Sr. Unscd. Notes | 2.80 | 12/21/2051 | 80000 | 52091 |
| Fortive Corp., Sr. Unscd. Notes | 4.30 | 6/15/2046 | 53000 | 44599 |
| Honeywell International, Inc., Sr. Unscd. Notes | 1.10 | 3/1/2027 | 300000 | 288712 |
| Honeywell International, Inc., Sr. Unscd. Notes | 1.75 | 9/1/2031 | 75000 | 65099 |
| Honeywell International, Inc., Sr. Unscd. Notes | 1.95 | 6/1/2030 | 125000 | 113389 |
| Honeywell International, Inc., Sr. Unscd. Notes | 2.50 | 11/1/2026 | 193000 | 190295 |
| Honeywell International, Inc., Sr. Unscd. Notes | 3.81 | 11/21/2047 | 110000 | 87660 |
| Honeywell International, Inc., Sr. Unscd. Notes | 4.25 | 1/15/2029 | 215000 | 216036 |
| Honeywell International, Inc., Sr. Unscd. Notes | 4.95 | 2/15/2028 | 200000 | 204184 |
| Honeywell International, Inc., Sr. Unscd. Notes | 5.00 | 3/1/2035 | 500000 | 509698 |
| Honeywell International, Inc., Sr. Unscd. Notes | 5.38 | 3/1/2041 | 50000 | 51803 |

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**119**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Electronic Components — .2% (continued)** | **Electronic Components — .2% (continued)** | **Electronic Components — .2% (continued)** | **Electronic Components — .2% (continued)** | **Electronic Components — .2% (continued)** |
| Honeywell International, Inc., Sr. Unscd. Notes | 5.70 | 3/15/2036 | 65000 | 69373 |
| Honeywell International, Inc., Sr. Unscd. Notes | 5.70 | 3/15/2037 | 137000 | 146575 |
| Hubbell, Inc., Sr. Unscd. Notes | 3.15 | 8/15/2027 | 155000 | 152319 |
| Jabil, Inc., Sr. Unscd. Notes | 3.95 | 1/12/2028 | 10000 | 9947 |
| Jabil, Inc., Sr. Unscd. Notes | 4.25 | 5/15/2027 | 50000 | 50019 |
| Keysight Technologies, Inc., Sr. Unscd. Notes | 3.00 | 10/30/2029 | 88000 | 83737 |
| Tyco Electronics Group SA, Gtd. Notes | 3.13 | 8/15/2027 | 220000 | 216993 |
| Vontier Corp., Gtd. Notes | 2.40 | 4/1/2028 | 40000 | 38132 |
| Vontier Corp., Gtd. Notes | 2.95 | 4/1/2031 | 215000 | 195563 |
|  |  |  |  | **3023667** |
| **Energy — 1.7%** | **Energy — 1.7%** | **Energy — 1.7%** | **Energy — 1.7%** | **Energy — 1.7%** |
| APA Corp., Sr. Unscd. Notes | 4.25 | 1/15/2030 | 44000 | 42938 |
| APA Corp., Sr. Unscd. Notes | 5.10 | 9/1/2040 | 27000 | 23744 |
| APA Corp., Sr. Unscd. Notes | 5.35 | 7/1/2049 | 76000 | 63102 |
| APA Corp., Sr. Unscd. Notes | 6.00 | 1/15/2037 | 100000 | 99367 |
| Baker Hughes Holdings LLC, Sr. Unscd. Notes | 5.13 | 9/15/2040 | 34000 | 33313 |
| Baker Hughes Holdings LLC/Baker Hughes Co.-Obligor, Inc., Sr. Unscd. Notes | 3.34 | 12/15/2027 | 200000 | 197366 |
| Baker Hughes Holdings LLC/Baker Hughes Co.-Obligor, Inc., Sr. Unscd. Notes | 4.08 | 12/15/2047 | 75000 | 60446 |
| BP Capital Markets America, Inc., Gtd. Notes | 1.75 | 8/10/2030 | 366000 | 327244 |
| BP Capital Markets America, Inc., Gtd. Notes | 2.72 | 1/12/2032 | 250000 | 227381 |
| BP Capital Markets America, Inc., Gtd. Notes | 2.77 | 11/10/2050 | 75000 | 47535 |
| BP Capital Markets America, Inc., Gtd. Notes | 3.02 | 1/16/2027 | 115000 | 113781 |
| BP Capital Markets America, Inc., Gtd. Notes | 3.38 | 2/8/2061 | 200000 | 133546 |
| BP Capital Markets America, Inc., Gtd. Notes | 3.59 | 4/14/2027 | 165000 | 164100 |
| BP Capital Markets America, Inc., Gtd. Notes | 3.94 | 9/21/2028 | 120000 | 119779 |
| BP Capital Markets America, Inc., Gtd. Notes | 4.81 | 2/13/2033 | 79000 | 80026 |
| BP Capital Markets America, Inc., Gtd. Notes | 4.97 | 10/17/2029 | 250000 | 257303 |
| BP Capital Markets America, Inc., Gtd. Notes | 5.23 | 11/17/2034 | 200000 | 206960 |
| BP Capital Markets PLC, Gtd. Notes | 3.28 | 9/19/2027 | 230000 | 227332 |
| Canadian Natural Resources Ltd., Sr. Unscd. Notes | 2.95 | 7/15/2030 | 186000 | 174388 |
| Canadian Natural Resources Ltd., Sr. Unscd. Notes | 3.85 | 6/1/2027 | 50000 | 49710 |
| Cenovus Energy, Inc., Sr. Unscd. Notes | 3.75 | 2/15/2052 | 145000 | 103015 |
| Cenovus Energy, Inc., Sr. Unscd. Notes | 5.25 | 6/15/2037 | 27000 | 26349 |
| Cenovus Energy, Inc., Sr. Unscd. Notes | 6.75 | 11/15/2039 | 2000 | 2208 |
| Cheniere Corpus Christi Holdings LLC, Sr. Scd. Notes | 2.74 | 12/31/2039 | 10000 | 8353 |
| Cheniere Corpus Christi Holdings LLC, Sr. Scd. Notes | 5.13 | 6/30/2027 | 101000 | 102037 |
| Cheniere Energy Partners LP, Gtd. Notes | 3.25 | 1/31/2032 | 117000 | 106976 |
| Cheniere Energy Partners LP, Gtd. Notes | 5.95 | 6/30/2033 | 325000 | 343084 |
| Chevron Corp., Sr. Unscd. Notes | 2.00 | 5/11/2027 | 275000 | 267673 |
| Chevron Corp., Sr. Unscd. Notes | 2.24 | 5/11/2030 | 40000 | 36993 |
| Chevron Corp., Sr. Unscd. Notes | 3.08 | 5/11/2050 | 175000 | 121635 |
| Chevron USA, Inc., Gtd. Notes | 3.25 | 10/15/2029 | 165000 | 161007 |
| Chevron USA, Inc., Gtd. Notes | 3.95 | 8/13/2027 | 200000 | 200565 |
| Chevron USA, Inc., Gtd. Notes | 4.05 | 8/13/2028 | 200000 | 201245 |
| ConocoPhillips Co., Gtd. Notes | 3.76 | 3/15/2042 | 250000 | 206468 |
| ConocoPhillips Co., Gtd. Notes | 4.03 | 3/15/2062 | 311000 | 231857 |
| ConocoPhillips Co., Gtd. Notes | 5.55 | 3/15/2054 | 178000 | 175539 |
| ConocoPhillips Co., Gtd. Notes | 5.65 | 1/15/2065 | 300000 | 295028 |
| Coterra Energy, Inc., Sr. Unscd. Notes | 3.90 | 5/15/2027 | 138000 | 137291 |
| DCP Midstream Operating LP, Gtd. Notes | 5.60 | 4/1/2044 | 56000 | 54389 |

---

**120**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Energy — 1.7% (continued)** | **Energy — 1.7% (continued)** | **Energy — 1.7% (continued)** | **Energy — 1.7% (continued)** | **Energy — 1.7% (continued)** |
| DCP Midstream Operating LP, Gtd. Notes | 5.63 | 7/15/2027 | 120000 | 122471 |
| Devon Energy Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>| 4.50 | 1/15/2030 | 254000 | 254470 |
| Devon Energy Corp., Sr. Unscd. Notes | 4.75 | 5/15/2042 | 75000 | 65054 |
| Devon Energy Corp., Sr. Unscd. Notes | 5.25 | 10/15/2027 | 30000 | 30003 |
| Devon Energy Corp., Sr. Unscd. Notes | 5.60 | 7/15/2041 | 145000 | 139638 |
| Devon Energy Corp., Sr. Unscd. Notes | 5.75 | 9/15/2054 | 250000 | 230031 |
| Diamondback Energy, Inc., Gtd. Notes | 3.25 | 12/1/2026 | 123000 | 121896 |
| Diamondback Energy, Inc., Gtd. Notes | 3.50 | 12/1/2029 | 71000 | 68532 |
| Diamondback Energy, Inc., Gtd. Notes | 4.25 | 3/15/2052 | 65000 | 51413 |
| Diamondback Energy, Inc., Gtd. Notes | 4.40 | 3/24/2051 | 100000 | 81284 |
| Diamondback Energy, Inc., Gtd. Notes | 5.40 | 4/18/2034 | 300000 | 306173 |
| Diamondback Energy, Inc., Gtd. Notes | 5.90 | 4/18/2064 | 203000 | 194621 |
| Diamondback Energy, Inc., Gtd. Notes | 6.25 | 3/15/2033 | 47000 | 50615 |
| Eastern Gas Transmission & Storage, Inc., Sr. Unscd. Notes | 4.80 | 11/1/2043 | 40000 | 36136 |
| Enbridge Energy Partners LP, Gtd. Notes | 5.50 | 9/15/2040 | 60000 | 60064 |
| Enbridge, Inc., Gtd. Notes | 4.00 | 11/15/2049 | 200000 | 154290 |
| Enbridge, Inc., Gtd. Notes | 4.25 | 12/1/2026 | 266000 | 266007 |
| Enbridge, Inc., Gtd. Notes | 5.25 | 4/5/2027 | 300000 | 304488 |
| Enbridge, Inc., Gtd. Notes | 5.50 | 12/1/2046 | 5000 | 4960 |
| Enbridge, Inc., Gtd. Notes | 5.70 | 3/8/2033 | 500000 | 527253 |
| Energy Transfer LP, Gtd. Notes | 5.35 | 5/15/2045 | 59000 | 53878 |
| Energy Transfer LP, Sr. Unscd. Bonds | 5.50 | 6/1/2027 | 223000 | 226546 |
| Energy Transfer LP, Sr. Unscd. Notes | 4.20 | 4/15/2027 | 120000 | 119876 |
| Energy Transfer LP, Sr. Unscd. Notes | 4.90 | 3/15/2035 | 98000 | 95404 |
| Energy Transfer LP, Sr. Unscd. Notes | 4.95 | 6/15/2028 | 325000 | 329958 |
| Energy Transfer LP, Sr. Unscd. Notes | 5.00 | 5/15/2050 | 125000 | 106194 |
| Energy Transfer LP, Sr. Unscd. Notes | 5.30 | 4/1/2044 | 100000 | 90781 |
| Energy Transfer LP, Sr. Unscd. Notes | 5.30 | 4/15/2047 | 50000 | 44919 |
| Energy Transfer LP, Sr. Unscd. Notes | 5.40 | 10/1/2047 | 105000 | 94902 |
| Energy Transfer LP, Sr. Unscd. Notes | 5.55 | 5/15/2034 | 100000 | 102546 |
| Energy Transfer LP, Sr. Unscd. Notes | 5.60 | 9/1/2034 | 100000 | 102772 |
| Energy Transfer LP, Sr. Unscd. Notes | 5.95 | 10/1/2043 | 25000 | 24601 |
| Energy Transfer LP, Sr. Unscd. Notes | 6.05 | 12/1/2026 | 30000 | 30509 |
| Energy Transfer LP, Sr. Unscd. Notes | 6.10 | 12/1/2028 | 10000 | 10499 |
| Energy Transfer LP, Sr. Unscd. Notes | 6.20 | 4/1/2055 | 200000 | 198764 |
| Energy Transfer LP, Sr. Unscd. Notes | 6.25 | 4/15/2049 | 165000 | 164626 |
| Energy Transfer LP, Sr. Unscd. Notes | 6.40 | 12/1/2030 | 20000 | 21655 |
| Energy Transfer LP, Sr. Unscd. Notes | 6.50 | 2/1/2042 | 810000 | 851591 |
| Energy Transfer LP, Sr. Unscd. Notes | 6.55 | 12/1/2033 | 60000 | 65567 |
| Energy Transfer LP, Sr. Unscd. Notes, Ser. 20Y | 5.80 | 6/15/2038 | 95000 | 96612 |
| ENI USA, Inc., Gtd. Debs. | 7.30 | 11/15/2027 | 10000 | 10579 |
| Enterprise Products Operating LLC, Gtd. Bonds | 6.45 | 9/1/2040 | 55000 | 61543 |
| Enterprise Products Operating LLC, Gtd. Notes | 2.80 | 1/31/2030 | 50000 | 47327 |
| Enterprise Products Operating LLC, Gtd. Notes | 3.20 | 2/15/2052 | 23000 | 15621 |
| Enterprise Products Operating LLC, Gtd. Notes | 3.70 | 1/31/2051 | 120000 | 89889 |
| Enterprise Products Operating LLC, Gtd. Notes | 3.95 | 2/15/2027 | 170000 | 169927 |
| Enterprise Products Operating LLC, Gtd. Notes | 3.95 | 1/31/2060 | 107000 | 80158 |
| Enterprise Products Operating LLC, Gtd. Notes | 4.15 | 10/16/2028 | 70000 | 70272 |
| Enterprise Products Operating LLC, Gtd. Notes | 4.20 | 1/31/2050 | 50000 | 40963 |
| Enterprise Products Operating LLC, Gtd. Notes | 4.25 | 2/15/2048 | 250000 | 208714 |

---

**121**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Energy — 1.7% (continued)** | **Energy — 1.7% (continued)** | **Energy — 1.7% (continued)** | **Energy — 1.7% (continued)** | **Energy — 1.7% (continued)** |
| Enterprise Products Operating LLC, Gtd. Notes | 4.45 | 2/15/2043 | 40000 | 35556 |
| Enterprise Products Operating LLC, Gtd. Notes | 4.80 | 2/1/2049 | 328000 | 294392 |
| Enterprise Products Operating LLC, Gtd. Notes | 4.85 | 8/15/2042 | 225000 | 210009 |
| Enterprise Products Operating LLC, Gtd. Notes | 4.85 | 3/15/2044 | 30000 | 27827 |
| Enterprise Products Operating LLC, Gtd. Notes | 4.95 | 2/15/2035 | 352000 | 355728 |
| Enterprise Products Operating LLC, Gtd. Notes | 5.10 | 2/15/2045 | 95000 | 90349 |
| Enterprise Products Operating LLC, Gtd. Notes | 5.95 | 2/1/2041 | 124000 | 131540 |
| EOG Resources, Inc., Sr. Unscd. Notes | 4.95 | 4/15/2050 | 115000 | 104851 |
| EOG Resources, Inc., Sr. Unscd. Notes | 5.65 | 12/1/2054 | 200000 | 200084 |
| EQT Corp., Sr. Unscd. Notes | 3.90 | 10/1/2027 | 116000 | 115158 |
| EQT Corp., Sr. Unscd. Notes | 7.00 | 2/1/2030 | 286000 | 310375 |
| Equinor ASA, Gtd. Notes | 2.38 | 5/22/2030 | 81000 | 75353 |
| Equinor ASA, Gtd. Notes | 3.25 | 11/18/2049 | 180000 | 128953 |
| Equinor ASA, Gtd. Notes | 3.70 | 4/6/2050 | 100000 | 77731 |
| Equinor ASA, Gtd. Notes | 5.10 | 8/17/2040 | 278000 | 278856 |
| Equities Corp., Sr. Unscd. Notes | 5.00 | 1/15/2029 | 262000 | 265207 |
| Exxon Mobil Corp., Sr. Unscd. Notes | 2.44 | 8/16/2029 | 189000 | 179957 |
| Exxon Mobil Corp., Sr. Unscd. Notes | 2.61 | 10/15/2030 | 94000 | 87845 |
| Exxon Mobil Corp., Sr. Unscd. Notes | 3.10 | 8/16/2049 | 217000 | 151498 |
| Exxon Mobil Corp., Sr. Unscd. Notes | 3.45 | 4/15/2051 | 313000 | 230196 |
| Exxon Mobil Corp., Sr. Unscd. Notes | 3.48 | 3/19/2030 | 243000 | 237610 |
| Exxon Mobil Corp., Sr. Unscd. Notes | 4.23 | 3/19/2040 | 129000 | 118732 |
| Exxon Mobil Corp., Sr. Unscd. Notes | 4.33 | 3/19/2050 | 180000 | 154598 |
| Halliburton Co., Sr. Unscd. Bonds | 7.45 | 9/15/2039 | 190000 | 227441 |
| Halliburton Co., Sr. Unscd. Notes | 2.92 | 3/1/2030 | 204000 | 192586 |
| Halliburton Co., Sr. Unscd. Notes | 4.50 | 11/15/2041 | 25000 | 22023 |
| Halliburton Co., Sr. Unscd. Notes | 4.75 | 8/1/2043 | 55000 | 49142 |
| Halliburton Co., Sr. Unscd. Notes | 4.85 | 11/15/2035 | 261000 | 258036 |
| Helmerich & Payne, Inc., Gtd. Notes | 4.65 | 12/1/2027 | 50000 | 50315 |
| Helmerich & Payne, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>| 4.85 | 12/1/2029 | 200000 | 200188 |
| Hess Corp., Sr. Unscd. Bonds | 7.88 | 10/1/2029 | 345000 | 390744 |
| Hess Corp., Sr. Unscd. Notes | 4.30 | 4/1/2027 | 150000 | 150432 |
| Hess Corp., Sr. Unscd. Notes | 7.13 | 3/15/2033 | 20000 | 23263 |
| HF Sinclair Corp., Sr. Unscd. Notes | 5.00 | 2/1/2028 | 200000 | 200216 |
| HF Sinclair Corp., Sr. Unscd. Notes | 5.75 | 1/15/2031 | 50000 | 51795 |
| Kinder Morgan Energy Partners LP, Gtd. Notes | 5.00 | 3/1/2043 | 110000 | 101458 |
| Kinder Morgan Energy Partners LP, Gtd. Notes | 5.40 | 9/1/2044 | 100000 | 95617 |
| Kinder Morgan Energy Partners LP, Gtd. Notes | 5.50 | 3/1/2044 | 200000 | 194252 |
| Kinder Morgan Energy Partners LP, Gtd. Notes | 6.38 | 3/1/2041 | 50000 | 53399 |
| Kinder Morgan Energy Partners LP, Gtd. Notes | 6.95 | 1/15/2038 | 553000 | 623695 |
| Kinder Morgan Energy Partners LP, Gtd. Notes | 7.75 | 3/15/2032 | 50000 | 58049 |
| Kinder Morgan, Inc., Gtd. Notes | 1.75 | 11/15/2026 | 175000 | 170912 |
| Kinder Morgan, Inc., Gtd. Notes | 3.25 | 8/1/2050 | 30000 | 19978 |
| Kinder Morgan, Inc., Gtd. Notes | 3.60 | 2/15/2051 | 220000 | 155401 |
| Kinder Morgan, Inc., Gtd. Notes | 4.80 | 2/1/2033 | 50000 | 50010 |
| Kinder Morgan, Inc., Gtd. Notes | 5.45 | 8/1/2052 | 45000 | 42515 |
| Kinder Morgan, Inc., Gtd. Notes | 5.55 | 6/1/2045 | 125000 | 121581 |
| Kinder Morgan, Inc., Sr. Unscd. Notes | 5.40 | 2/1/2034 | 250000 | 257392 |
| Marathon Petroleum Corp., Sr. Unscd. Notes | 3.80 | 4/1/2028 | 88000 | 87108 |
| Marathon Petroleum Corp., Sr. Unscd. Notes | 4.50 | 4/1/2048 | 90000 | 72890 |

---

**122**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Energy — 1.7% (continued)** | **Energy — 1.7% (continued)** | **Energy — 1.7% (continued)** | **Energy — 1.7% (continued)** | **Energy — 1.7% (continued)** |
| Marathon Petroleum Corp., Sr. Unscd. Notes | 4.75 | 9/15/2044 | 50000 | 43422 |
| Marathon Petroleum Corp., Sr. Unscd. Notes | 6.50 | 3/1/2041 | 30000 | 32210 |
| MPLX LP, Sr. Unscd. Notes | 2.65 | 8/15/2030 | 200000 | 184119 |
| MPLX LP, Sr. Unscd. Notes | 4.00 | 3/15/2028 | 150000 | 149300 |
| MPLX LP, Sr. Unscd. Notes | 4.13 | 3/1/2027 | 495000 | 494106 |
| MPLX LP, Sr. Unscd. Notes | 4.70 | 4/15/2048 | 20000 | 16699 |
| MPLX LP, Sr. Unscd. Notes | 4.90 | 4/15/2058 | 55000 | 45861 |
| MPLX LP, Sr. Unscd. Notes | 4.95 | 9/1/2032 | 115000 | 115321 |
| MPLX LP, Sr. Unscd. Notes | 4.95 | 3/14/2052 | 100000 | 85335 |
| MPLX LP, Sr. Unscd. Notes | 5.00 | 3/1/2033 | 362000 | 362480 |
| MPLX LP, Sr. Unscd. Notes | 5.20 | 3/1/2047 | 50000 | 44871 |
| MPLX LP, Sr. Unscd. Notes | 5.20 | 12/1/2047 | 100000 | 89739 |
| MPLX LP, Sr. Unscd. Notes | 5.40 | 9/15/2035 | 200000 | 200926 |
| MPLX LP, Sr. Unscd. Notes | 5.50 | 2/15/2049 | 70000 | 64904 |
| MPLX LP, Sr. Unscd. Notes | 5.65 | 3/1/2053 | 50000 | 46997 |
| Northwest Pipeline LLC, Sr. Unscd. Notes | 4.00 | 4/1/2027 | 15000 | 14957 |
| NOV, Inc., Sr. Unscd. Notes | 3.60 | 12/1/2029 | 95000 | 91984 |
| Occidental Petroleum Corp., Sr. Unscd. Notes | 5.00 | 8/1/2027 | 50000 | 50713 |
| Occidental Petroleum Corp., Sr. Unscd. Notes | 6.13 | 1/1/2031 | 80000 | 84294 |
| Occidental Petroleum Corp., Sr. Unscd. Notes | 6.20 | 3/15/2040 | 140000 | 143148 |
| Occidental Petroleum Corp., Sr. Unscd. Notes | 6.60 | 3/15/2046 | 90000 | 93732 |
| Occidental Petroleum Corp., Sr. Unscd. Notes | 6.63 | 9/1/2030 | 110000 | 118016 |
| Occidental Petroleum Corp., Sr. Unscd. Notes | 7.88 | 9/15/2031 | 342000 | 391042 |
| Occidental Petroleum Corp., Sr. Unscd. Notes | 8.50 | 7/15/2027 | 418000 | 438737 |
| ONEOK Partners LP, Gtd. Notes | 6.20 | 9/15/2043 | 15000 | 15288 |
| ONEOK, Inc., Gtd. Bonds | 4.25 | 9/15/2046 | 50000 | 39285 |
| ONEOK, Inc., Gtd. Notes | 3.95 | 3/1/2050 | 200000 | 146064 |
| ONEOK, Inc., Gtd. Notes | 4.20 | 10/3/2047 | 100000 | 77818 |
| ONEOK, Inc., Gtd. Notes | 4.35 | 3/15/2029 | 25000 | 24970 |
| ONEOK, Inc., Gtd. Notes | 5.15 | 10/15/2043 | 460000 | 421067 |
| ONEOK, Inc., Gtd. Notes | 5.20 | 7/15/2048 | 75000 | 66956 |
| ONEOK, Inc., Gtd. Notes | 5.38 | 6/1/2029 | 65000 | 66860 |
| ONEOK, Inc., Gtd. Notes | 5.40 | 10/15/2035 | 200000 | 200782 |
| ONEOK, Inc., Gtd. Notes | 5.45 | 6/1/2047 | 200000 | 183384 |
| ONEOK, Inc., Gtd. Notes | 5.65 | 11/1/2028 | 86000 | 89115 |
| ONEOK, Inc., Gtd. Notes | 5.70 | 11/1/2054 | 200000 | 187583 |
| ONEOK, Inc., Gtd. Notes | 5.85 | 11/1/2064 | 200000 | 188566 |
| ONEOK, Inc., Gtd. Notes | 6.05 | 9/1/2033 | 100000 | 105997 |
| ONEOK, Inc., Gtd. Notes | 6.25 | 10/15/2055 | 100000 | 100333 |
| Ovintiv, Inc., Gtd. Bonds | 7.20 | 11/1/2031 | 50000 | 55208 |
| Ovintiv, Inc., Gtd. Notes | 6.25 | 7/15/2033 | 310000 | 324908 |
| Patterson-UTI Energy, Inc., Sr. Unscd. Notes | 7.15 | 10/1/2033 | 10000 | 10652 |
| Phillips 66 Co., Gtd. Notes | 3.30 | 3/15/2052 | 75000 | 49875 |
| Phillips 66 Co., Gtd. Notes | 3.90 | 3/15/2028 | 375000 | 372486 |
| Phillips 66 Co., Gtd. Notes | 4.68 | 2/15/2045 | 260000 | 222578 |
| Phillips 66 Co., Gtd. Notes | 4.90 | 10/1/2046 | 10000 | 8827 |
| Phillips 66 Co., Gtd. Notes | 4.95 | 12/1/2027 | 140000 | 142213 |
| Phillips 66 Co., Gtd. Notes | 5.50 | 3/15/2055 | 110000 | 103216 |
| Pioneer Natural Resources Co., Sr. Unscd. Notes | 1.90 | 8/15/2030 | 100000 | 90131 |
| Pioneer Natural Resources Co., Sr. Unscd. Notes | 2.15 | 1/15/2031 | 101000 | 91234 |

---

**123**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Energy — 1.7% (continued)** | **Energy — 1.7% (continued)** | **Energy — 1.7% (continued)** | **Energy — 1.7% (continued)** | **Energy — 1.7% (continued)** |
| Plains All American Pipeline LP/PAA Finance Corp., Sr. Unscd. Bonds | 4.50 | 12/15/2026 | 60000 | 60118 |
| Plains All American Pipeline LP/PAA Finance Corp., Sr. Unscd. Notes | 4.90 | 2/15/2045 | 200000 | 175712 |
| Plains All American Pipeline LP/PAA Finance Corp., Sr. Unscd. Notes | 5.15 | 6/1/2042 | 40000 | 36472 |
| Sabine Pass Liquefaction LLC, Sr. Scd. Notes | 4.20 | 3/15/2028 | 100000 | 100008 |
| Sabine Pass Liquefaction LLC, Sr. Scd. Notes | 5.90 | 9/15/2037 | 136135 | 142687 |
| Shell Finance US, Inc., Gtd. Notes | 3.75 | 9/12/2046 | 35000 | 27817 |
| Shell Finance US, Inc., Gtd. Notes | 4.00 | 5/10/2046 | 746000 | 616175 |
| Shell Finance US, Inc., Gtd. Notes | 4.38 | 5/11/2045 | 160000 | 140288 |
| Shell International Finance BV, Gtd. Notes | 3.00 | 11/26/2051 | 235000 | 156921 |
| Shell International Finance BV, Gtd. Notes | 3.13 | 11/7/2049 | 110000 | 76058 |
| Shell International Finance BV, Gtd. Notes | 3.88 | 11/13/2028 | 214000 | 213814 |
| South Bow USA Infrastructure Holdings LLC, Gtd. Notes | 5.58 | 10/1/2034 | 100000 | 100348 |
| South Bow USA Infrastructure Holdings LLC, Gtd. Notes | 6.18 | 10/1/2054 | 250000 | 242162 |
| Spectra Energy Partners LP, Gtd. Notes | 4.50 | 3/15/2045 | 145000 | 125487 |
| Suncor Energy, Inc., Sr. Unscd. Notes | 4.00 | 11/15/2047 | 180000 | 137904 |
| Suncor Energy, Inc., Sr. Unscd. Notes | 6.80 | 5/15/2038 | 39000 | 43037 |
| Targa Resources Corp., Gtd. Notes | 6.13 | 3/15/2033 | 180000 | 191793 |
| Targa Resources Corp., Gtd. Notes | 6.15 | 3/1/2029 | 50000 | 52596 |
| Targa Resources Corp., Gtd. Notes | 6.50 | 3/30/2034 | 85000 | 92780 |
| Targa Resources Corp., Gtd. Notes | 6.50 | 2/15/2053 | 195000 | 205028 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp., Gtd. <br> Notes<br>| 4.88 | 2/1/2031 | 250000 | 250770 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp., Gtd. <br> Notes<br>| 5.50 | 3/1/2030 | 50000 | 50716 |
| TC PipeLines LP, Sr. Unscd. Notes | 3.90 | 5/25/2027 | 47000 | 46758 |
| Texas Eastern Transmission LP, Sr. Unscd. Notes | 7.00 | 7/15/2032 | 25000 | 28051 |
| The Williams Companies, Inc., Sr. Unscd. Notes | 2.60 | 3/15/2031 | 175000 | 158864 |
| The Williams Companies, Inc., Sr. Unscd. Notes | 3.50 | 10/15/2051 | 65000 | 46163 |
| The Williams Companies, Inc., Sr. Unscd. Notes | 4.65 | 8/15/2032 | 100000 | 99850 |
| The Williams Companies, Inc., Sr. Unscd. Notes | 4.80 | 11/15/2029 | 35000 | 35606 |
| The Williams Companies, Inc., Sr. Unscd. Notes | 4.85 | 3/1/2048 | 85000 | 75386 |
| The Williams Companies, Inc., Sr. Unscd. Notes | 4.90 | 1/15/2045 | 50000 | 45357 |
| The Williams Companies, Inc., Sr. Unscd. Notes | 5.10 | 9/15/2045 | 100000 | 92666 |
| The Williams Companies, Inc., Sr. Unscd. Notes | 5.30 | 8/15/2028 | 100000 | 102933 |
| The Williams Companies, Inc., Sr. Unscd. Notes | 5.30 | 8/15/2052 | 100000 | 93910 |
| The Williams Companies, Inc., Sr. Unscd. Notes | 5.65 | 3/15/2033 | 10000 | 10516 |
| The Williams Companies, Inc., Sr. Unscd. Notes | 6.30 | 4/15/2040 | 379000 | 408844 |
| TotalEnergies Capital International SA, Gtd. Notes | 2.83 | 1/10/2030 | 185000 | 176184 |
| TotalEnergies Capital International SA, Gtd. Notes | 2.99 | 6/29/2041 | 180000 | 136385 |
| TotalEnergies Capital International SA, Gtd. Notes | 3.13 | 5/29/2050 | 100000 | 68533 |
| TotalEnergies Capital International SA, Gtd. Notes | 3.39 | 6/29/2060 | 50000 | 33427 |
| TotalEnergies Capital SA, Gtd. Notes | 4.72 | 9/10/2034 | 100000 | 100888 |
| TotalEnergies Capital SA, Gtd. Notes | 5.15 | 4/5/2034 | 500000 | 519904 |
| TotalEnergies Capital SA, Gtd. Notes | 5.43 | 9/10/2064 | 100000 | 95916 |
| TransCanada PipeLines Ltd., Sr. Unscd. Bonds | 6.10 | 6/1/2040 | 25000 | 26463 |
| TransCanada PipeLines Ltd., Sr. Unscd. Notes | 4.10 | 4/15/2030 | 225000 | 221791 |
| TransCanada PipeLines Ltd., Sr. Unscd. Notes | 4.25 | 5/15/2028 | 161000 | 161001 |
| TransCanada PipeLines Ltd., Sr. Unscd. Notes | 5.10 | 3/15/2049 | 230000 | 216061 |
| TransCanada PipeLines Ltd., Sr. Unscd. Notes | 5.85 | 3/15/2036 | 50000 | 52498 |
| Transcontinental Gas Pipe Line Co. LLC, Sr. Unscd. Notes | 4.00 | 3/15/2028 | 53000 | 52789 |

---

**124**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Energy — 1.7% (continued)** | **Energy — 1.7% (continued)** | **Energy — 1.7% (continued)** | **Energy — 1.7% (continued)** | **Energy — 1.7% (continued)** |
| Transcontinental Gas Pipe Line Co. LLC, Sr. Unscd. Notes | 4.45 | 8/1/2042 | 40000 | 35015 |
| Valero Energy Corp., Sr. Unscd. Notes | 2.80 | 12/1/2031 | 207000 | 188266 |
| Valero Energy Corp., Sr. Unscd. Notes | 3.65 | 12/1/2051 | 80000 | 56182 |
| Valero Energy Corp., Sr. Unscd. Notes | 4.35 | 6/1/2028 | 250000 | 250809 |
| Valero Energy Corp., Sr. Unscd. Notes | 6.63 | 6/15/2037 | 26000 | 28799 |
| Viper Energy Partners LLC, Gtd. Bonds | 4.90 | 8/1/2030 | 200000 | 201405 |
| Western Midstream Operating LP, Sr. Unscd. Notes | 4.05 | 2/1/2030 | 50000 | 48769 |
| Western Midstream Operating LP, Sr. Unscd. Notes | 5.25 | 2/1/2050 | 60000 | 51825 |
| Western Midstream Operating LP, Sr. Unscd. Notes | 5.50 | 8/15/2048 | 50000 | 43981 |
| Western Midstream Operating LP, Sr. Unscd. Notes | 6.15 | 4/1/2033 | 154000 | 162259 |
| Woodside Finance Ltd., Gtd. Notes | 5.10 | 9/12/2034 | 130000 | 128846 |
| Woodside Finance Ltd., Gtd. Notes | 5.40 | 5/19/2030 | 100000 | 102679 |
| Woodside Finance Ltd., Gtd. Notes | 5.70 | 5/19/2032 | 100000 | 103849 |
| Woodside Finance Ltd., Gtd. Notes | 5.70 | 9/12/2054 | 200000 | 192029 |
| Woodside Finance Ltd., Gtd. Notes | 6.00 | 5/19/2035 | 200000 | 209111 |
|  |  |  |  | **34848076** |
| **Environmental Control — .1%** | **Environmental Control — .1%** | **Environmental Control — .1%** | **Environmental Control — .1%** | **Environmental Control — .1%** |
| Republic Services, Inc., Sr. Unscd. Notes | 2.30 | 3/1/2030 | 50000 | 46314 |
| Republic Services, Inc., Sr. Unscd. Notes | 3.05 | 3/1/2050 | 25000 | 17357 |
| Republic Services, Inc., Sr. Unscd. Notes | 3.38 | 11/15/2027 | 23000 | 22744 |
| Republic Services, Inc., Sr. Unscd. Notes | 4.88 | 4/1/2029 | 100000 | 102496 |
| Republic Services, Inc., Sr. Unscd. Notes | 5.00 | 11/15/2029 | 250000 | 258734 |
| Republic Services, Inc., Sr. Unscd. Notes | 5.00 | 4/1/2034 | 100000 | 102732 |
| Republic Services, Inc., Sr. Unscd. Notes | 5.20 | 11/15/2034 | 100000 | 103805 |
| Veralto Corp., Gtd. Notes | 5.35 | 9/18/2028 | 15000 | 15495 |
| Veralto Corp., Gtd. Notes | 5.45 | 9/18/2033 | 125000 | 130875 |
| Waste Connections, Inc., Sr. Unscd. Notes | 4.20 | 1/15/2033 | 200000 | 196209 |
| Waste Connections, Inc., Sr. Unscd. Notes | 5.00 | 3/1/2034 | 200000 | 204199 |
| Waste Management, Inc., Gtd. Notes | 1.15 | 3/15/2028 | 311000 | 291685 |
| Waste Management, Inc., Gtd. Notes | 2.00 | 6/1/2029 | 74000 | 68984 |
| Waste Management, Inc., Gtd. Notes | 2.50 | 11/15/2050 | 20000 | 12197 |
| Waste Management, Inc., Gtd. Notes | 3.88 | 1/15/2029 | 100000 | 99387 |
| Waste Management, Inc., Gtd. Notes | 4.15 | 4/15/2032 | 215000 | 212365 |
| Waste Management, Inc., Gtd. Notes | 4.15 | 7/15/2049 | 185000 | 155013 |
| Waste Management, Inc., Gtd. Notes | 4.88 | 2/15/2029 | 100000 | 102574 |
|  |  |  |  | **2143165** |
| **Financials — .1%** | **Financials — .1%** | **Financials — .1%** | **Financials — .1%** | **Financials — .1%** |
| Brookfield Capital Finance LLC, Gtd. Notes | 6.09 | 6/14/2033 | 10000 | 10714 |
| Brookfield Finance LLC/Brookfield Finance, Inc., Gtd. Notes | 3.45 | 4/15/2050 | 280000 | 196154 |
| Brookfield Finance, Inc., Gtd. Notes | 3.63 | 2/15/2052 | 50000 | 35768 |
| Brookfield Finance, Inc., Gtd. Notes | 4.85 | 3/29/2029 | 194000 | 197121 |
| Brookfield Finance, Inc., Gtd. Notes | 5.68 | 1/15/2035 | 275000 | 285582 |
| KKR & Co., Inc., Gtd. Notes | 5.10 | 8/7/2035 | 100000 | 99707 |
| The Carlyle Group, Inc., Gtd. Notes | 5.05 | 9/19/2035 | 150000 | 148489 |
|  |  |  |  | **973535** |
| **Food Products — .4%** | **Food Products — .4%** | **Food Products — .4%** | **Food Products — .4%** | **Food Products — .4%** |
| Ahold Finance USA LLC, Gtd. Notes | 6.88 | 5/1/2029 | 25000 | 27158 |
| Conagra Brands, Inc., Sr. Unscd. Notes | 5.00 | 8/1/2030 | 100000 | 101266 |
| Conagra Brands, Inc., Sr. Unscd. Notes | 5.40 | 11/1/2048 | 125000 | 113909 |
| Flowers Foods, Inc., Sr. Unscd. Notes | 2.40 | 3/15/2031 | 65000 | 57665 |

---

**125**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Food Products — .4% (continued)** | **Food Products — .4% (continued)** | **Food Products — .4% (continued)** | **Food Products — .4% (continued)** | **Food Products — .4% (continued)** |
| Flowers Foods, Inc., Sr. Unscd. Notes | 6.20 | 3/15/2055 | 200000 | 195295 |
| General Mills, Inc., Sr. Unscd. Notes | 3.20 | 2/10/2027 | 25000 | 24724 |
| General Mills, Inc., Sr. Unscd. Notes | 4.20 | 4/17/2028 | 225000 | 225146 |
| General Mills, Inc., Sr. Unscd. Notes | 4.88 | 1/30/2030 | 755000 | 770756 |
| General Mills, Inc., Sr. Unscd. Notes | 5.25 | 1/30/2035 | 280000 | 285301 |
| General Mills, Inc., Sr. Unscd. Notes | 5.50 | 10/17/2028 | 18000 | 18660 |
| Hormel Foods Corp., Sr. Unscd. Notes | 1.80 | 6/11/2030 | 40000 | 35970 |
| JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, Gtd. Notes | 4.38 | 2/2/2052 | 325000 | 255121 |
| JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, Gtd. Notes | 5.75 | 4/1/2033 | 123000 | 128172 |
| JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, Gtd. Notes | 6.75 | 3/15/2034 | 33000 | 36413 |
| JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, Gtd. Notes | 7.25 | 11/15/2053 | 300000 | 339170 |
| Kellanova, Sr. Unscd. Notes<sup>(b)</sup> <br>| 2.10 | 6/1/2030 | 25000 | 22730 |
| Kellanova, Sr. Unscd. Notes | 4.30 | 5/15/2028 | 77000 | 77527 |
| Kellanova, Sr. Unscd. Notes | 4.50 | 4/1/2046 | 30000 | 26518 |
| Kellanova, Sr. Unscd. Notes | 5.25 | 3/1/2033 | 60000 | 62066 |
| Kraft Heinz Foods Co., Gtd. Notes | 3.88 | 5/15/2027 | 110000 | 109487 |
| Kraft Heinz Foods Co., Gtd. Notes | 4.25 | 3/1/2031 | 146000 | 143815 |
| Kraft Heinz Foods Co., Gtd. Notes | 4.38 | 6/1/2046 | 194000 | 161836 |
| Kraft Heinz Foods Co., Gtd. Notes | 4.88 | 10/1/2049 | 85000 | 74435 |
| Kraft Heinz Foods Co., Gtd. Notes | 5.00 | 6/4/2042 | 65000 | 59949 |
| Kraft Heinz Foods Co., Gtd. Notes | 5.20 | 7/15/2045 | 350000 | 324333 |
| Kraft Heinz Foods Co., Gtd. Notes | 6.88 | 1/26/2039 | 195000 | 217019 |
| McCormick & Co., Inc., Sr. Unscd. Notes | 1.85 | 2/15/2031 | 15000 | 13182 |
| Mondelez International, Inc., Sr. Unscd. Notes | 2.63 | 3/17/2027 | 345000 | 338431 |
| Mondelez International, Inc., Sr. Unscd. Notes | 2.75 | 4/13/2030 | 350000 | 328479 |
| Sysco Corp., Gtd. Notes | 3.15 | 12/14/2051 | 100000 | 66974 |
| Sysco Corp., Gtd. Notes | 3.30 | 2/15/2050 | 36000 | 25201 |
| Sysco Corp., Gtd. Notes | 4.50 | 4/1/2046 | 50000 | 43310 |
| Sysco Corp., Gtd. Notes | 4.85 | 10/1/2045 | 205000 | 187138 |
| Sysco Corp., Gtd. Notes | 5.75 | 1/17/2029 | 50000 | 52294 |
| Sysco Corp., Gtd. Notes | 5.95 | 4/1/2030 | 52000 | 55133 |
| Sysco Corp., Gtd. Notes | 6.00 | 1/17/2034 | 52000 | 56347 |
| Sysco Corp., Gtd. Notes | 6.60 | 4/1/2050 | 20000 | 22165 |
| The Campbell's Comapny, Sr. Unscd. Notes | 5.20 | 3/21/2029 | 400000 | 410508 |
| The Campbell's Comapny, Sr. Unscd. Notes | 5.40 | 3/21/2034 | 150000 | 153762 |
| The Hershey Company, Sr. Unscd. Notes | 1.70 | 6/1/2030 | 50000 | 44860 |
| The Hershey Company, Sr. Unscd. Notes | 4.25 | 5/4/2028 | 90000 | 90861 |
| The Hershey Company, Sr. Unscd. Notes | 4.55 | 2/24/2028 | 200000 | 203240 |
| The Hershey Company, Sr. Unscd. Notes | 4.75 | 2/24/2030 | 200000 | 204552 |
| The Hershey Company, Sr. Unscd. Notes | 5.10 | 2/24/2035 | 100000 | 103018 |
| The J.M. Smucker Company, Sr. Unscd. Notes | 2.38 | 3/15/2030 | 88000 | 81569 |
| The J.M. Smucker Company, Sr. Unscd. Notes | 5.90 | 11/15/2028 | 85000 | 89095 |
| The J.M. Smucker Company, Sr. Unscd. Notes | 6.50 | 11/15/2043 | 15000 | 16310 |
| The Kroger Company, Sr. Unscd. Notes | 1.70 | 1/15/2031 | 175000 | 153398 |
| The Kroger Company, Sr. Unscd. Notes | 3.70 | 8/1/2027 | 124000 | 123429 |
| The Kroger Company, Sr. Unscd. Notes | 3.95 | 1/15/2050 | 175000 | 136353 |
| The Kroger Company, Sr. Unscd. Notes | 5.50 | 9/15/2054 | 400000 | 388926 |
| Tyson Foods, Inc., Sr. Unscd. Bonds | 5.15 | 8/15/2044 | 34000 | 32129 |
| Tyson Foods, Inc., Sr. Unscd. Notes | 3.55 | 6/2/2027 | 275000 | 272237 |

---

**126**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Food Products — .4% (continued)** | **Food Products — .4% (continued)** | **Food Products — .4% (continued)** | **Food Products — .4% (continued)** | **Food Products — .4% (continued)** |
| Tyson Foods, Inc., Sr. Unscd. Notes | 4.35 | 3/1/2029 | 138000 | 138136 |
| Tyson Foods, Inc., Sr. Unscd. Notes | 5.10 | 9/28/2048 | 105000 | 96848 |
|  |  |  |  | **7822326** |
| **Foreign Governmental — 1.6%** | **Foreign Governmental — 1.6%** | **Foreign Governmental — 1.6%** | **Foreign Governmental — 1.6%** | **Foreign Governmental — 1.6%** |
| Canada, Bonds | 3.75 | 4/26/2028 | 875000 | 877687 |
| Chile, Sr. Unscd. Notes | 2.75 | 1/31/2027 | 350000 | 343776 |
| Chile, Sr. Unscd. Notes | 3.10 | 5/7/2041 | 432000 | 334689 |
| Chile, Sr. Unscd. Notes | 3.10 | 1/22/2061 | 251000 | 159986 |
| Chile, Sr. Unscd. Notes | 3.24 | 2/6/2028 | 323000 | 317345 |
| Chile, Sr. Unscd. Notes | 3.50 | 1/31/2034 | 520000 | 478903 |
| Chile, Sr. Unscd. Notes | 3.63 | 10/30/2042 | 200000 | 164860 |
| Chile, Sr. Unscd. Notes | 4.85 | 1/22/2029 | 200000 | 204481 |
| Export Development Canada, Govt. Gtd. Bonds | 4.00 | 6/20/2030 | 420000 | 424433 |
| Export Development Canada, Govt. Gtd. Notes | 4.75 | 6/5/2034 | 235000 | 246615 |
| Export-Import Bank of Korea, Sr. Unscd. Bonds | 1.25 | 9/21/2030 | 595000 | 524570 |
| Export-Import Bank of Korea, Sr. Unscd. Notes | 1.13 | 12/29/2026 | 90000 | 87106 |
| Export-Import Bank of Korea, Sr. Unscd. Notes | 2.50 | 6/29/2041 | 40000 | 29550 |
| Export-Import Bank of Korea, Sr. Unscd. Notes | 4.13 | 10/17/2027 | 200000 | 200937 |
| Export-Import Bank of Korea, Sr. Unscd. Notes | 4.50 | 1/11/2029 | 300000 | 304828 |
| Hydro-Quebec, Govt. Gtd. Debs., Ser. HH | 8.50 | 12/1/2029 | 25000 | 29163 |
| Indonesia, Sr. Unscd. Bonds<sup>(b)</sup> <br>| 4.30 | 4/16/2031 | 200000 | 200258 |
| Indonesia, Sr. Unscd. Bonds | 4.90 | 4/16/2036 | 200000 | 200759 |
| Indonesia, Sr. Unscd. Notes | 2.85 | 2/14/2030 | 420000 | 397833 |
| Indonesia, Sr. Unscd. Notes | 3.05 | 3/12/2051 | 50000 | 34284 |
| Indonesia, Sr. Unscd. Notes | 3.35 | 3/12/2071 | 386000 | 259190 |
| Indonesia, Sr. Unscd. Notes | 3.40 | 9/18/2029 | 40000 | 39020 |
| Indonesia, Sr. Unscd. Notes | 3.50 | 1/11/2028 | 380000 | 375834 |
| Indonesia, Sr. Unscd. Notes | 3.70 | 10/30/2049 | 200000 | 155366 |
| Indonesia, Sr. Unscd. Notes | 4.70 | 2/10/2034 | 200000 | 200752 |
| Indonesia, Sr. Unscd. Notes | 4.85 | 1/11/2033 | 200000 | 203009 |
| Indonesia, Sr. Unscd. Notes | 5.10 | 2/10/2054 | 100000 | 97145 |
| Indonesia, Sr. Unscd. Notes | 5.25 | 1/15/2030 | 200000 | 208136 |
| Indonesia, Sr. Unscd. Notes | 5.60 | 1/15/2035 | 170000 | 181098 |
| Israel, Govt. Gtd. Notes, Ser. 30Y | 5.50 | 9/18/2033 | 40000 | 43089 |
| Israel, Sr. Unscd. Bonds, Ser. 30Y | 3.88 | 7/3/2050 | 683000 | 507508 |
| Israel, Sr. Unscd. Bonds, Ser. 30Y | 4.13 | 1/17/2048 | 290000 | 230870 |
| Israel, Sr. Unscd. Notes, Ser. 30Y | 5.75 | 3/12/2054 | 750000 | 733772 |
| Japan Bank for International Cooperation, Govt. Gtd. Bonds | 1.25 | 1/21/2031 | 260000 | 227054 |
| Japan Bank for International Cooperation, Govt. Gtd. Bonds | 4.63 | 7/19/2028 | 200000 | 204207 |
| Japan Bank for International Cooperation, Govt. Gtd. Bonds, Ser. DTC | 2.25 | 11/4/2026 | 634000 | 623682 |
| Japan Bank for International Cooperation, Govt. Gtd. Notes | 1.88 | 4/15/2031 | 310000 | 278240 |
| Japan Bank for International Cooperation, Govt. Gtd. Notes | 3.50 | 10/31/2028 | 600000 | 594863 |
| Japan Bank for International Cooperation, Govt. Gtd. Notes | 4.38 | 1/24/2031 | 500000 | 509235 |
| Japan Bank for International Cooperation, Govt. Gtd. Notes | 4.88 | 10/18/2028 | 165000 | 169930 |
| Korea, Sr. Unscd. Notes | 3.63 | 10/29/2030 | 500000 | 496802 |
| Korea, Sr. Unscd. Notes | 4.13 | 6/10/2044 | 425000 | 386691 |
| Mexico, Sr. Unscd. Notes | 3.25 | 4/16/2030 | 75000 | 71151 |
| Mexico, Sr. Unscd. Notes | 3.50 | 2/12/2034 | 1322000 | 1153216 |
| Mexico, Sr. Unscd. Notes | 4.15 | 3/28/2027 | 95000 | 94907 |
| Mexico, Sr. Unscd. Notes | 4.28 | 8/14/2041 | 1303000 | 1072163 |

---

**127**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Foreign Governmental — 1.6% (continued)** | **Foreign Governmental — 1.6% (continued)** | **Foreign Governmental — 1.6% (continued)** | **Foreign Governmental — 1.6% (continued)** | **Foreign Governmental — 1.6% (continued)** |
| Mexico, Sr. Unscd. Notes | 4.50 | 4/22/2029 | 50000 | 50260 |
| Mexico, Sr. Unscd. Notes | 4.50 | 1/31/2050 | 150000 | 117982 |
| Mexico, Sr. Unscd. Notes | 4.60 | 1/23/2046 | 50000 | 40763 |
| Mexico, Sr. Unscd. Notes | 4.75 | 4/27/2032 | 270000 | 265541 |
| Mexico, Sr. Unscd. Notes | 4.75 | 3/8/2044 | 424000 | 358502 |
| Mexico, Sr. Unscd. Notes | 4.88 | 5/19/2033 | 295000 | 286816 |
| Mexico, Sr. Unscd. Notes | 6.00 | 5/13/2030 | 200000 | 210831 |
| Mexico, Sr. Unscd. Notes | 6.34 | 5/4/2053 | 200000 | 198655 |
| Mexico, Sr. Unscd. Notes | 6.40 | 5/7/2054 | 200000 | 200039 |
| Mexico, Sr. Unscd. Notes | 6.75 | 9/27/2034 | 89000 | 97681 |
| Mexico, Sr. Unscd. Notes | 6.88 | 5/13/2037 | 200000 | 216706 |
| Mexico, Sr. Unscd. Notes | 7.38 | 5/13/2055 | 200000 | 224468 |
| Mexico, Sr. Unscd. Notes | 7.50 | 4/8/2033 | 150000 | 172445 |
| Mexico, Sr. Unscd. Notes, Ser. 10 | 5.63 | 9/22/2035 | 100000 | 99649 |
| Panama, Sr. Unscd. Bonds | 4.50 | 4/16/2050 | 387000 | 302996 |
| Panama, Sr. Unscd. Bonds | 6.70 | 1/26/2036 | 495000 | 532090 |
| Panama, Sr. Unscd. Bonds | 8.88 | 9/30/2027 | 380000 | 409706 |
| Panama, Sr. Unscd. Notes | 3.16 | 1/23/2030 | 425000 | 398307 |
| Panama, Sr. Unscd. Notes | 3.30 | 1/19/2033 | 34000 | 29785 |
| Panama, Sr. Unscd. Notes | 3.87 | 7/23/2060 | 205000 | 139100 |
| Panama, Sr. Unscd. Notes | 4.50 | 4/1/2056 | 293000 | 223808 |
| Panama, Sr. Unscd. Notes | 6.40 | 2/14/2035 | 50000 | 52732 |
| Peru, Sr. Unscd. Bonds | 6.55 | 3/14/2037 | 862000 | 964178 |
| Peru, Sr. Unscd. Bonds | 8.75 | 11/21/2033 | 71000 | 89692 |
| Peru, Sr. Unscd. Notes | 1.86 | 12/1/2032 | 306000 | 254407 |
| Peru, Sr. Unscd. Notes | 2.78 | 12/1/2060 | 75000 | 42477 |
| Peru, Sr. Unscd. Notes | 3.00 | 1/15/2034 | 427000 | 371967 |
| Philippines, Sr. Unscd. Bonds | 1.95 | 1/6/2032 | 900000 | 783596 |
| Philippines, Sr. Unscd. Bonds | 3.95 | 1/20/2040 | 331000 | 297227 |
| Philippines, Sr. Unscd. Bonds | 5.50 | 2/4/2035 | 350000 | 373150 |
| Philippines, Sr. Unscd. Bonds | 5.90 | 2/4/2050 | 200000 | 213928 |
| Philippines, Sr. Unscd. Bonds | 9.50 | 2/2/2030 | 267000 | 321453 |
| Philippines, Sr. Unscd. Notes | 2.65 | 12/10/2045 | 700000 | 472135 |
| Philippines, Sr. Unscd. Notes | 3.20 | 7/6/2046 | 50000 | 36769 |
| Province of Alberta Canada, Sr. Unscd. Bonds | 1.30 | 7/22/2030 | 325000 | 289455 |
| Province of Alberta Canada, Sr. Unscd. Notes | 3.30 | 3/15/2028 | 665000 | 658193 |
| Province of Alberta Canada, Sr. Unscd. Notes | 4.50 | 6/26/2029 | 400000 | 409438 |
| Province of British Columbia Canada, Bonds | 7.25 | 9/1/2036 | 80000 | 98368 |
| Province of British Columbia Canada, Sr. Unscd. Bonds | 3.90 | 8/27/2030 | 200000 | 200245 |
| Province of British Columbia Canada, Sr. Unscd. Bonds | 4.90 | 4/24/2029 | 500000 | 518020 |
| Province of British Columbia Canada, Sr. Unscd. Notes | 1.30 | 1/29/2031 | 220000 | 192755 |
| Province of British Columbia Canada, Sr. Unscd. Notes | 4.20 | 7/6/2033 | 215000 | 214214 |
| Province of Manitoba Canada, Sr. Unscd. Notes, Ser. HB | 1.50 | 10/25/2028 | 150000 | 140415 |
| Province of Ontario Canada, Sr. Unscd. Bonds | 3.90 | 9/4/2030 | 55000 | 55088 |
| Province of Ontario Canada, Sr. Unscd. Notes | 1.05 | 5/21/2027 | 65000 | 62353 |
| Province of Ontario Canada, Sr. Unscd. Notes | 1.60 | 2/25/2031 | 360000 | 320055 |
| Province of Ontario Canada, Sr. Unscd. Notes | 1.80 | 10/14/2031 | 456000 | 402423 |
| Province of Ontario Canada, Sr. Unscd. Notes | 2.00 | 10/2/2029 | 180000 | 168273 |
| Province of Ontario Canada, Sr. Unscd. Notes | 2.13 | 1/21/2032 | 95000 | 84818 |
| Province of Ontario Canada, Unscd. Bonds | 1.13 | 10/7/2030 | 921000 | 807926 |

---

**128**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Foreign Governmental — 1.6% (continued)** | **Foreign Governmental — 1.6% (continued)** | **Foreign Governmental — 1.6% (continued)** | **Foreign Governmental — 1.6% (continued)** | **Foreign Governmental — 1.6% (continued)** |
| Province of Quebec Canada, Sr. Unscd. Debs., Ser. PD | 7.50 | 9/15/2029 | 55000 | 62170 |
| Province of Quebec Canada, Sr. Unscd. Notes | 1.35 | 5/28/2030 | 600000 | 537500 |
| Province of Quebec Canada, Sr. Unscd. Notes | 2.75 | 4/12/2027 | 145000 | 142855 |
| Province of Quebec Canada, Sr. Unscd. Notes | 4.63 | 8/28/2035 | 200000 | 203081 |
| Province of Quebec Canada, Unscd. Notes | 1.90 | 4/21/2031 | 800000 | 718537 |
| Republic of Italy, Sr. Unscd. Notes, Ser. 10Y | 4.00 | 10/17/2049 | 279000 | 211541 |
| Republic of Italy, Sr. Unscd. Notes, Ser. 30Y | 3.88 | 5/6/2051 | 425000 | 312633 |
| Republic of Poland, Sr. Unscd. Notes, Ser. 30Y | 5.50 | 4/4/2053 | 355000 | 348887 |
| Republic of Poland, Sr. Unscd. Notes, Ser. 30Y | 5.50 | 3/18/2054 | 400000 | 393227 |
| Republic of Poland, Sr. Unscd. Notes, Ser. 5Y | 5.50 | 11/16/2027 | 110000 | 113446 |
| Svensk Exportkredit AB, Sr. Unscd. Notes<sup>(a)</sup> <br>| 0.00 | 5/11/2037 | 30000 | 17270 |
| Svensk Exportkredit AB, Sr. Unscd. Notes | 4.13 | 6/14/2028 | 350000 | 353480 |
| Uruguay, Sr. Unscd. Bonds | 4.13 | 11/20/2045 | 50000 | 44674 |
| Uruguay, Sr. Unscd. Bonds | 4.38 | 1/23/2031 | 260000 | 263041 |
| Uruguay, Sr. Unscd. Bonds | 4.98 | 4/20/2055 | 280000 | 260620 |
| Uruguay, Sr. Unscd. Bonds | 5.10 | 6/18/2050 | 284000 | 273931 |
| Uruguay, Sr. Unscd. Notes | 4.38 | 10/27/2027 | 782667 | 784446 |
|  |  |  |  | **33192212** |
| **Forest Products & Paper — .0%** | **Forest Products & Paper — .0%** | **Forest Products & Paper — .0%** | **Forest Products & Paper — .0%** | **Forest Products & Paper — .0%** |
| International Paper Co., Sr. Unscd. Notes | 4.80 | 6/15/2044 | 113000 | 101290 |
| International Paper Co., Sr. Unscd. Notes | 5.00 | 9/15/2035 | 200000 | 200912 |
| Suzano Austria GmbH, Gtd. Notes | 5.00 | 1/15/2030 | 187000 | 188261 |
| Suzano Austria GmbH, Gtd. Notes | 6.00 | 1/15/2029 | 25000 | 25822 |
| Suzano Austria GmbH, Gtd. Notes, Ser. DM3N | 3.13 | 1/15/2032 | 170000 | 152278 |
|  |  |  |  | **668563** |
| **Hand/Machine Tools — .0%** | **Hand/Machine Tools — .0%** | **Hand/Machine Tools — .0%** | **Hand/Machine Tools — .0%** | **Hand/Machine Tools — .0%** |
| Regal Rexnord Corp., Gtd. Notes | 6.40 | 4/15/2033 | 50000 | **53548** |
| **Health Care — 2.6%** | **Health Care — 2.6%** | **Health Care — 2.6%** | **Health Care — 2.6%** | **Health Care — 2.6%** |
| Abbott Laboratories, Sr. Unscd. Notes | 1.15 | 1/30/2028 | 123000 | 116203 |
| Abbott Laboratories, Sr. Unscd. Notes | 3.75 | 11/30/2026 | 120000 | 119917 |
| Abbott Laboratories, Sr. Unscd. Notes | 4.90 | 11/30/2046 | 454000 | 435177 |
| Abbott Laboratories, Sr. Unscd. Notes | 6.00 | 4/1/2039 | 25000 | 27832 |
| AbbVie, Inc., Sr. Unscd. Notes | 2.95 | 11/21/2026 | 500000 | 495005 |
| AbbVie, Inc., Sr. Unscd. Notes | 3.20 | 11/21/2029 | 145000 | 139947 |
| AbbVie, Inc., Sr. Unscd. Notes | 4.25 | 11/14/2028 | 100000 | 100754 |
| AbbVie, Inc., Sr. Unscd. Notes | 4.25 | 11/21/2049 | 806000 | 678305 |
| AbbVie, Inc., Sr. Unscd. Notes | 4.30 | 5/14/2036 | 512000 | 491305 |
| AbbVie, Inc., Sr. Unscd. Notes | 4.50 | 5/14/2035 | 100000 | 98182 |
| AbbVie, Inc., Sr. Unscd. Notes | 4.70 | 5/14/2045 | 269000 | 247036 |
| AbbVie, Inc., Sr. Unscd. Notes | 4.75 | 3/15/2045 | 125000 | 116093 |
| AbbVie, Inc., Sr. Unscd. Notes | 4.95 | 3/15/2031 | 610000 | 630622 |
| AbbVie, Inc., Sr. Unscd. Notes | 5.20 | 3/15/2035 | 200000 | 206770 |
| AbbVie, Inc., Sr. Unscd. Notes | 5.35 | 3/15/2044 | 45000 | 45158 |
| AbbVie, Inc., Sr. Unscd. Notes | 5.60 | 3/15/2055 | 250000 | 255983 |
| Adventist Health System, Bonds | 3.63 | 3/1/2049 | 92000 | 64114 |
| Advocate Health & Hospitals Corp., Sr. Unscd. Bonds | 3.83 | 8/15/2028 | 50000 | 49751 |
| Advocate Health & Hospitals Corp., Unscd. Notes, Ser. 2020 | 2.21 | 6/15/2030 | 18000 | 16550 |
| Aetna, Inc., Sr. Unscd. Notes | 4.75 | 3/15/2044 | 35000 | 30349 |
| Aetna, Inc., Sr. Unscd. Notes | 6.63 | 6/15/2036 | 295000 | 322995 |
| Agilent Technologies, Inc., Sr. Unscd. Notes | 2.30 | 3/12/2031 | 47000 | 42253 |

---

**129**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Health Care — 2.6% (continued)** | **Health Care — 2.6% (continued)** | **Health Care — 2.6% (continued)** | **Health Care — 2.6% (continued)** | **Health Care — 2.6% (continued)** |
| Agilent Technologies, Inc., Sr. Unscd. Notes | 2.75 | 9/15/2029 | 100000 | 94774 |
| AHS Hospital Corp., Sr. Unscd. Bonds, Ser. 2021 | 2.78 | 7/1/2051 | 280000 | 179023 |
| Allina Health System, Unscd. Bonds, Ser. 2019 | 3.89 | 4/15/2049 | 200000 | 158032 |
| Amgen, Inc., Sr. Unscd. Notes | 2.00 | 1/15/2032 | 250000 | 217253 |
| Amgen, Inc., Sr. Unscd. Notes | 2.77 | 9/1/2053 | 215000 | 130208 |
| Amgen, Inc., Sr. Unscd. Notes | 3.00 | 2/22/2029 | 180000 | 173643 |
| Amgen, Inc., Sr. Unscd. Notes | 3.35 | 2/22/2032 | 135000 | 127083 |
| Amgen, Inc., Sr. Unscd. Notes | 4.05 | 8/18/2029 | 285000 | 283525 |
| Amgen, Inc., Sr. Unscd. Notes | 4.20 | 3/1/2033 | 286000 | 279028 |
| Amgen, Inc., Sr. Unscd. Notes | 4.20 | 2/22/2052 | 90000 | 72500 |
| Amgen, Inc., Sr. Unscd. Notes | 4.40 | 5/1/2045 | 75000 | 65035 |
| Amgen, Inc., Sr. Unscd. Notes | 4.56 | 6/15/2048 | 137000 | 118558 |
| Amgen, Inc., Sr. Unscd. Notes | 4.66 | 6/15/2051 | 93000 | 81189 |
| Amgen, Inc., Sr. Unscd. Notes | 5.15 | 3/2/2028 | 240000 | 245347 |
| Amgen, Inc., Sr. Unscd. Notes | 5.25 | 3/2/2030 | 197000 | 204397 |
| Amgen, Inc., Sr. Unscd. Notes | 5.60 | 3/2/2043 | 612000 | 620198 |
| Amgen, Inc., Sr. Unscd. Notes | 5.65 | 3/2/2053 | 415000 | 414094 |
| Amgen, Inc., Sr. Unscd. Notes | 5.75 | 3/2/2063 | 115000 | 114920 |
| Ascension Health, Sr. Unscd. Bonds, Ser. B | 2.53 | 11/15/2029 | 45000 | 42441 |
| Ascension Health, Sr. Unscd. Notes | 3.95 | 11/15/2046 | 66000 | 54338 |
| Ascension Health, Unscd. Notes | 4.85 | 11/15/2053 | 25000 | 23034 |
| AstraZeneca Finance LLC, Gtd. Notes | 1.75 | 5/28/2028 | 160000 | 151668 |
| AstraZeneca Finance LLC, Gtd. Notes | 4.80 | 2/26/2027 | 250000 | 252899 |
| AstraZeneca Finance LLC, Gtd. Notes | 4.85 | 2/26/2029 | 400000 | 410143 |
| AstraZeneca Finance LLC, Gtd. Notes | 4.88 | 3/3/2028 | 175000 | 178759 |
| AstraZeneca PLC, Sr. Unscd. Notes | 3.13 | 6/12/2027 | 118000 | 116700 |
| AstraZeneca PLC, Sr. Unscd. Notes | 4.00 | 9/18/2042 | 50000 | 43685 |
| AstraZeneca PLC, Sr. Unscd. Notes | 4.38 | 11/16/2045 | 90000 | 80489 |
| Baxter International, Inc., Sr. Unscd. Notes | 1.92 | 2/1/2027 | 675000 | 655874 |
| Baxter International, Inc., Sr. Unscd. Notes | 2.27 | 12/1/2028 | 30000 | 28157 |
| Baxter International, Inc., Sr. Unscd. Notes | 2.54 | 2/1/2032 | 125000 | 109316 |
| Baxter International, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>| 3.13 | 12/1/2051 | 65000 | 41989 |
| Baylor Scott & White Holdings, Unscd. Bonds, Ser. 2021 | 2.84 | 11/15/2050 | 50000 | 32654 |
| Becton, Dickinson & Co., Sr. Unscd. Notes | 1.96 | 2/11/2031 | 120000 | 106080 |
| Becton, Dickinson & Co., Sr. Unscd. Notes | 2.82 | 5/20/2030 | 120000 | 112637 |
| Becton, Dickinson & Co., Sr. Unscd. Notes | 3.70 | 6/6/2027 | 135000 | 134101 |
| Becton, Dickinson & Co., Sr. Unscd. Notes | 3.79 | 5/20/2050 | 28000 | 21326 |
| Becton, Dickinson & Co., Sr. Unscd. Notes | 4.67 | 6/6/2047 | 85000 | 75174 |
| Becton, Dickinson & Co., Sr. Unscd. Notes | 4.69 | 2/13/2028 | 319000 | 322497 |
| Biogen, Inc., Sr. Unscd. Notes | 2.25 | 5/1/2030 | 75000 | 68637 |
| Biogen, Inc., Sr. Unscd. Notes | 3.15 | 5/1/2050 | 183000 | 120103 |
| BIO-RAD Laboratories, Inc., Sr. Unscd. Notes | 3.30 | 3/15/2027 | 15000 | 14812 |
| BIO-RAD Laboratories, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>| 3.70 | 3/15/2032 | 100000 | 93683 |
| Bon Secours Mercy Health, Inc., Scd. Notes | 3.46 | 6/1/2030 | 120000 | 116852 |
| Boston Scientific Corp., Sr. Unscd. Notes | 2.65 | 6/1/2030 | 25000 | 23435 |
| Boston Scientific Corp., Sr. Unscd. Notes | 4.70 | 3/1/2049 | 80000 | 72867 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 1.13 | 11/13/2027 | 150000 | 142263 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 2.35 | 11/13/2040 | 20000 | 14179 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 2.55 | 11/13/2050 | 125000 | 75569 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 2.95 | 3/15/2032 | 50000 | 46042 |

---

**130**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Health Care — 2.6% (continued)** | **Health Care — 2.6% (continued)** | **Health Care — 2.6% (continued)** | **Health Care — 2.6% (continued)** | **Health Care — 2.6% (continued)** |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 3.55 | 3/15/2042 | 510000 | 413264 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 3.70 | 3/15/2052 | 245000 | 183703 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 3.90 | 2/20/2028 | 100000 | 99973 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 3.90 | 3/15/2062 | 110000 | 80647 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 4.25 | 10/26/2049 | 365000 | 304359 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 4.35 | 11/15/2047 | 100000 | 85513 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 4.55 | 2/20/2048 | 28000 | 24527 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 4.90 | 2/22/2029 | 100000 | 102615 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 5.10 | 2/22/2031 | 200000 | 207952 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 5.65 | 2/22/2064 | 307000 | 304622 |
| Cardinal Health, Inc., Sr. Unscd. Notes | 4.50 | 11/15/2044 | 120000 | 103734 |
| Cardinal Health, Inc., Sr. Unscd. Notes | 4.60 | 3/15/2043 | 25000 | 22019 |
| Cardinal Health, Inc., Sr. Unscd. Notes | 4.90 | 9/15/2045 | 90000 | 81829 |
| Cardinal Health, Inc., Sr. Unscd. Notes | 5.15 | 9/15/2035 | 100000 | 101018 |
| Cardinal Health, Inc., Sr. Unscd. Notes | 5.35 | 11/15/2034 | 200000 | 205865 |
| Cencora, Inc., Sr. Unscd. Notes | 2.80 | 5/15/2030 | 75000 | 70465 |
| Cencora, Inc., Sr. Unscd. Notes | 3.45 | 12/15/2027 | 150000 | 148067 |
| Cencora, Inc., Sr. Unscd. Notes | 4.30 | 12/15/2047 | 50000 | 41766 |
| Centene Corp., Sr. Unscd. Notes | 2.63 | 8/1/2031 | 415000 | 356177 |
| Centene Corp., Sr. Unscd. Notes | 3.38 | 2/15/2030 | 60000 | 55237 |
| Centene Corp., Sr. Unscd. Notes | 4.63 | 12/15/2029 | 180000 | 174631 |
| Children's Hospital, Unscd. Bonds, Ser. 2020 | 2.93 | 7/15/2050 | 50000 | 33021 |
| City of Hope, Sr. Scd. Notes, Ser. 2013 | 5.62 | 11/15/2043 | 135000 | 135026 |
| CommonSpirit Health, Scd. Bonds | 4.35 | 11/1/2042 | 50000 | 43663 |
| CommonSpirit Health, Sr. Scd. Bonds | 2.78 | 10/1/2030 | 227000 | 210727 |
| CommonSpirit Health, Sr. Scd. Bonds | 3.35 | 10/1/2029 | 60000 | 57915 |
| CommonSpirit Health, Sr. Scd. Bonds | 3.91 | 10/1/2050 | 95000 | 72413 |
| CommonSpirit Health, Sr. Scd. Notes | 6.46 | 11/1/2052 | 50000 | 54911 |
| Community Health Network, Inc., Unscd. Bonds, Ser. 20A | 3.10 | 5/1/2050 | 65000 | 42649 |
| Corewell Health Obligated Group, Sr. Unscd. Bonds, Ser. 19A | 3.49 | 7/15/2049 | 135000 | 100036 |
| Cottage Health Obligated Group, Scd. Bonds, Ser. 2020 | 3.30 | 11/1/2049 | 275000 | 196498 |
| CVS Health Corp., Sr. Unscd. Notes | 1.88 | 2/28/2031 | 70000 | 61065 |
| CVS Health Corp., Sr. Unscd. Notes | 2.13 | 9/15/2031 | 550000 | 479445 |
| CVS Health Corp., Sr. Unscd. Notes | 3.25 | 8/15/2029 | 362000 | 348020 |
| CVS Health Corp., Sr. Unscd. Notes | 3.75 | 4/1/2030 | 15000 | 14584 |
| CVS Health Corp., Sr. Unscd. Notes | 4.13 | 4/1/2040 | 9000 | 7701 |
| CVS Health Corp., Sr. Unscd. Notes | 4.30 | 3/25/2028 | 65000 | 65098 |
| CVS Health Corp., Sr. Unscd. Notes | 5.05 | 3/25/2048 | 125000 | 111901 |
| CVS Health Corp., Sr. Unscd. Notes | 5.13 | 2/21/2030 | 50000 | 51339 |
| CVS Health Corp., Sr. Unscd. Notes | 5.13 | 7/20/2045 | 353000 | 320302 |
| CVS Health Corp., Sr. Unscd. Notes | 5.25 | 1/30/2031 | 204000 | 210372 |
| CVS Health Corp., Sr. Unscd. Notes | 5.30 | 6/1/2033 | 870000 | 893642 |
| CVS Health Corp., Sr. Unscd. Notes | 5.45 | 9/15/2035 | 200000 | 204103 |
| CVS Health Corp., Sr. Unscd. Notes | 5.63 | 2/21/2053 | 100000 | 94689 |
| CVS Health Corp., Sr. Unscd. Notes | 5.88 | 6/1/2053 | 25000 | 24539 |
| CVS Health Corp., Sr. Unscd. Notes | 6.00 | 6/1/2044 | 500000 | 506534 |
| CVS Health Corp., Sr. Unscd. Notes | 6.25 | 9/15/2065 | 100000 | 101757 |
| Danaher Corp., Sr. Unscd. Notes | 2.80 | 12/10/2051 | 95000 | 61269 |
| DENTSPLY SIRONA, Inc., Sr. Unscd. Notes | 3.25 | 6/1/2030 | 50000 | 46396 |
| DH Europe Finance II Sarl, Gtd. Notes | 3.25 | 11/15/2039 | 129000 | 105925 |

---

**131**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Health Care — 2.6% (continued)** | **Health Care — 2.6% (continued)** | **Health Care — 2.6% (continued)** | **Health Care — 2.6% (continued)** | **Health Care — 2.6% (continued)** |
| Dignity Health, Scd. Bonds | 5.27 | 11/1/2064 | 70000 | 64004 |
| Dignity Health, Unscd. Bonds | 4.50 | 11/1/2042 | 45000 | 39666 |
| Edwards Lifesciences Corp., Sr. Unscd. Notes | 4.30 | 6/15/2028 | 338000 | 338759 |
| Elevance Health, Inc., Sr. Unscd. Notes | 2.55 | 3/15/2031 | 70000 | 63701 |
| Elevance Health, Inc., Sr. Unscd. Notes | 4.10 | 3/1/2028 | 208000 | 207771 |
| Elevance Health, Inc., Sr. Unscd. Notes | 4.38 | 12/1/2047 | 428000 | 357932 |
| Elevance Health, Inc., Sr. Unscd. Notes | 4.55 | 3/1/2048 | 388000 | 332411 |
| Elevance Health, Inc., Sr. Unscd. Notes | 4.65 | 8/15/2044 | 89000 | 79190 |
| Elevance Health, Inc., Sr. Unscd. Notes | 4.75 | 2/15/2033 | 550000 | 552167 |
| Elevance Health, Inc., Sr. Unscd. Notes | 5.50 | 10/15/2032 | 100000 | 105086 |
| Elevance Health, Inc., Sr. Unscd. Notes | 5.85 | 11/1/2064 | 100000 | 99548 |
| Eli Lilly & Co., Sr. Unscd. Notes | 2.50 | 9/15/2060 | 43000 | 24212 |
| Eli Lilly & Co., Sr. Unscd. Notes | 3.38 | 3/15/2029 | 165000 | 162027 |
| Eli Lilly & Co., Sr. Unscd. Notes | 4.00 | 10/15/2028 | 100000 | 100342 |
| Eli Lilly & Co., Sr. Unscd. Notes | 4.50 | 2/9/2027 | 200000 | 201627 |
| Eli Lilly & Co., Sr. Unscd. Notes | 4.70 | 2/9/2034 | 550000 | 556225 |
| Eli Lilly & Co., Sr. Unscd. Notes | 4.75 | 2/12/2030 | 310000 | 318435 |
| Eli Lilly & Co., Sr. Unscd. Notes | 4.90 | 10/15/2035 | 100000 | 101700 |
| Eli Lilly & Co., Sr. Unscd. Notes | 5.10 | 2/12/2035 | 500000 | 518321 |
| Eli Lilly & Co., Sr. Unscd. Notes | 5.10 | 2/9/2064 | 200000 | 189356 |
| Eli Lilly & Co., Sr. Unscd. Notes | 5.55 | 10/15/2055 | 100000 | 102443 |
| Eli Lilly & Co., Sr. Unscd. Notes | 5.65 | 10/15/2065 | 100000 | 102984 |
| GE HealthCare Technologies, Inc., Gtd. Notes | 5.65 | 11/15/2027 | 250000 | 257294 |
| GE HealthCare Technologies, Inc., Gtd. Notes | 5.86 | 3/15/2030 | 260000 | 275315 |
| Gilead Sciences, Inc., Sr. Unscd. Notes | 1.65 | 10/1/2030 | 25000 | 22245 |
| Gilead Sciences, Inc., Sr. Unscd. Notes | 2.60 | 10/1/2040 | 860000 | 634361 |
| Gilead Sciences, Inc., Sr. Unscd. Notes | 2.80 | 10/1/2050 | 75000 | 48608 |
| Gilead Sciences, Inc., Sr. Unscd. Notes | 2.95 | 3/1/2027 | 50000 | 49409 |
| Gilead Sciences, Inc., Sr. Unscd. Notes | 4.50 | 2/1/2045 | 35000 | 31419 |
| Gilead Sciences, Inc., Sr. Unscd. Notes | 4.80 | 11/15/2029 | 100000 | 102693 |
| Gilead Sciences, Inc., Sr. Unscd. Notes | 5.10 | 6/15/2035 | 111000 | 114167 |
| Gilead Sciences, Inc., Sr. Unscd. Notes | 5.55 | 10/15/2053 | 80000 | 81024 |
| Gilead Sciences, Inc., Sr. Unscd. Notes | 5.60 | 11/15/2064 | 100000 | 101102 |
| GlaxoSmithKline Capital, Inc., Gtd. Bonds | 6.38 | 5/15/2038 | 143000 | 161155 |
| GlaxoSmithKline Capital, Inc., Gtd. Notes | 5.38 | 4/15/2034 | 200000 | 211443 |
| Hackensack Meridian Health, Inc., Scd. Bonds, Ser. 2020 | 2.68 | 9/1/2041 | 25000 | 18156 |
| Hackensack Meridian Health, Inc., Scd. Bonds, Ser. 2020 | 2.88 | 9/1/2050 | 141000 | 91980 |
| HCA, Inc., Gtd. Notes | 3.38 | 3/15/2029 | 350000 | 340348 |
| HCA, Inc., Gtd. Notes | 3.63 | 3/15/2032 | 270000 | 254093 |
| HCA, Inc., Gtd. Notes | 4.13 | 6/15/2029 | 150000 | 148873 |
| HCA, Inc., Gtd. Notes | 4.38 | 3/15/2042 | 73000 | 63001 |
| HCA, Inc., Gtd. Notes | 4.50 | 2/15/2027 | 131000 | 131180 |
| HCA, Inc., Gtd. Notes | 4.63 | 3/15/2052 | 85000 | 70545 |
| HCA, Inc., Gtd. Notes | 5.25 | 3/1/2030 | 200000 | 206468 |
| HCA, Inc., Gtd. Notes | 5.25 | 6/15/2049 | 485000 | 444149 |
| HCA, Inc., Gtd. Notes | 5.50 | 3/1/2032 | 144000 | 150304 |
| HCA, Inc., Gtd. Notes | 5.50 | 6/1/2033 | 305000 | 317582 |
| HCA, Inc., Gtd. Notes | 5.63 | 9/1/2028 | 101000 | 104154 |
| HCA, Inc., Gtd. Notes | 5.88 | 2/1/2029 | 200000 | 208192 |
| HCA, Inc., Gtd. Notes | 6.20 | 3/1/2055 | 100000 | 103775 |

---

**132**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Health Care — 2.6% (continued)** | **Health Care — 2.6% (continued)** | **Health Care — 2.6% (continued)** | **Health Care — 2.6% (continued)** | **Health Care — 2.6% (continued)** |
| Humana, Inc., Sr. Unscd. Notes | 3.13 | 8/15/2029 | 115000 | 109841 |
| Humana, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>| 3.70 | 3/23/2029 | 74000 | 72414 |
| Humana, Inc., Sr. Unscd. Notes | 4.63 | 12/1/2042 | 28000 | 24329 |
| Humana, Inc., Sr. Unscd. Notes | 5.50 | 3/15/2053 | 56000 | 51841 |
| Humana, Inc., Sr. Unscd. Notes | 5.75 | 12/1/2028 | 50000 | 52004 |
| Humana, Inc., Sr. Unscd. Notes | 5.75 | 4/15/2054 | 300000 | 287284 |
| Illumina, Inc., Sr. Unscd. Notes | 2.55 | 3/23/2031 | 150000 | 134954 |
| Indiana University Health, Inc. Obligated Group, Scd. Notes | 3.97 | 11/1/2048 | 237000 | 193471 |
| Inova Health System Foundation, Unscd. Bonds | 4.07 | 5/15/2052 | 25000 | 20327 |
| Integris Baptist Medical Center, Inc., Sr. Scd. Bonds, Ser. A | 3.88 | 8/15/2050 | 25000 | 18457 |
| Iowa Health System, Unscd. Bonds, Ser. 2020 | 3.67 | 2/15/2050 | 100000 | 75786 |
| Johnson & Johnson, Sr. Unscd. Debs. | 6.95 | 9/1/2029 | 200000 | 222159 |
| Johnson & Johnson, Sr. Unscd. Notes | 1.30 | 9/1/2030 | 305000 | 270531 |
| Johnson & Johnson, Sr. Unscd. Notes | 2.95 | 3/3/2027 | 50000 | 49500 |
| Johnson & Johnson, Sr. Unscd. Notes | 3.40 | 1/15/2038 | 275000 | 242695 |
| Johnson & Johnson, Sr. Unscd. Notes | 3.50 | 1/15/2048 | 85000 | 66687 |
| Johnson & Johnson, Sr. Unscd. Notes | 3.63 | 3/3/2037 | 135000 | 122896 |
| Johnson & Johnson, Sr. Unscd. Notes | 3.70 | 3/1/2046 | 257000 | 211655 |
| Johnson & Johnson, Sr. Unscd. Notes | 4.38 | 12/5/2033 | 250000 | 253450 |
| Johnson & Johnson, Sr. Unscd. Notes | 4.85 | 3/1/2032 | 325000 | 337921 |
| Johnson & Johnson, Sr. Unscd. Notes | 5.00 | 3/1/2035 | 500000 | 520264 |
| Kaiser Foundation Hospitals, Gtd. Notes | 3.15 | 5/1/2027 | 70000 | 69252 |
| Kaiser Foundation Hospitals, Gtd. Notes | 4.15 | 5/1/2047 | 240000 | 203055 |
| Kaiser Foundation Hospitals, Unscd. Bonds, Ser. 2021 | 3.00 | 6/1/2051 | 180000 | 120678 |
| Laboratory Corp. of America Holdings, Gtd. Notes | 2.95 | 12/1/2029 | 65000 | 61777 |
| Laboratory Corp. of America Holdings, Gtd. Notes | 4.70 | 2/1/2045 | 70000 | 63086 |
| Mass General Brigham, Inc., Unscd. Notes, Ser. 2020 | 3.19 | 7/1/2049 | 140000 | 98858 |
| Mayo Clinic, Unscd. Bonds, Ser. 2016 | 4.13 | 11/15/2052 | 270000 | 222155 |
| McKesson Corp., Sr. Unscd. Notes | 3.95 | 2/16/2028 | 250800 | 250068 |
| McKesson Corp., Sr. Unscd. Notes | 4.90 | 7/15/2028 | 40000 | 40891 |
| McKesson Corp., Sr. Unscd. Notes | 5.10 | 7/15/2033 | 10000 | 10331 |
| Mead Johnson Nutrition Co., Gtd. Notes | 5.90 | 11/1/2039 | 20000 | 21338 |
| Medtronic, Inc., Gtd. Notes | 4.38 | 3/15/2035 | 350000 | 343978 |
| Medtronic, Inc., Gtd. Notes | 4.63 | 3/15/2045 | 90000 | 82736 |
| Memorial Health Services, Sr. Unscd. Notes | 3.45 | 11/1/2049 | 50000 | 36355 |
| Memorial Sloan-Kettering Cancer Center, Sr. Unscd. Notes | 4.13 | 7/1/2052 | 5000 | 4128 |
| Merck & Co., Inc., Gtd. Notes | 5.70 | 9/15/2055 | 975000 | 1005354 |
| Merck & Co., Inc., Sr. Unscd. Notes | 1.45 | 6/24/2030 | 149000 | 132554 |
| Merck & Co., Inc., Sr. Unscd. Notes | 1.70 | 6/10/2027 | 30000 | 29036 |
| Merck & Co., Inc., Sr. Unscd. Notes | 1.90 | 12/10/2028 | 30000 | 28244 |
| Merck & Co., Inc., Sr. Unscd. Notes | 2.90 | 12/10/2061 | 195000 | 116695 |
| Merck & Co., Inc., Sr. Unscd. Notes | 3.40 | 3/7/2029 | 50000 | 49023 |
| Merck & Co., Inc., Sr. Unscd. Notes | 3.70 | 2/10/2045 | 43000 | 34619 |
| Merck & Co., Inc., Sr. Unscd. Notes | 3.90 | 3/7/2039 | 120000 | 107449 |
| Merck & Co., Inc., Sr. Unscd. Notes | 4.05 | 5/17/2028 | 40000 | 40206 |
| Merck & Co., Inc., Sr. Unscd. Notes | 4.15 | 5/18/2043 | 265000 | 230828 |
| Merck & Co., Inc., Sr. Unscd. Notes | 4.30 | 5/17/2030 | 75000 | 75658 |
| Merck & Co., Inc., Sr. Unscd. Notes | 4.50 | 5/17/2033 | 75000 | 75583 |
| Merck & Co., Inc., Sr. Unscd. Notes | 5.00 | 5/17/2053 | 161000 | 151432 |
| Montefiore Obligated Group, Unscd. Bonds | 4.29 | 9/1/2050 | 100000 | 69821 |

---

**133**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Health Care — 2.6% (continued)** | **Health Care — 2.6% (continued)** | **Health Care — 2.6% (continued)** | **Health Care — 2.6% (continued)** | **Health Care — 2.6% (continued)** |
| Montefiore Obligated Group, Unscd. Bonds, Ser. 18-C | 5.25 | 11/1/2048 | 455000 | 372926 |
| Mylan, Inc., Gtd. Notes | 4.55 | 4/15/2028 | 60000 | 59733 |
| MyMichigan Health, Scd. Bonds, Ser. 2020 | 3.41 | 6/1/2050 | 50000 | 35654 |
| Northwell Healthcare, Inc., Scd. Bonds | 3.81 | 11/1/2049 | 100000 | 75240 |
| Northwell Healthcare, Inc., Scd. Notes | 3.98 | 11/1/2046 | 25000 | 19846 |
| Novartis Capital Corp., Gtd. Notes | 2.00 | 2/14/2027 | 55000 | 53776 |
| Novartis Capital Corp., Gtd. Notes | 2.20 | 8/14/2030 | 190000 | 175070 |
| Novartis Capital Corp., Gtd. Notes | 3.10 | 5/17/2027 | 170000 | 168293 |
| Novartis Capital Corp., Gtd. Notes | 3.70 | 9/21/2042 | 10000 | 8321 |
| Novartis Capital Corp., Gtd. Notes | 4.40 | 5/6/2044 | 170000 | 154482 |
| NY Society for Relief of Ruptured & Crippled Maintaining Hospital for Special <br> Surgery, Scd. Bonds, Ser. 2020<br>| 2.67 | 10/1/2050 | 50000 | 31223 |
| NYU Langone Hospitals, Scd. Bonds | 4.78 | 7/1/2044 | 125000 | 115527 |
| NYU Langone Hospitals, Scd. Bonds, Ser. 2020<sup>(b)</sup> <br>| 3.38 | 7/1/2055 | 100000 | 70481 |
| Ochsner LSU Health System of North Louisiana, Scd. Bonds, Ser. 2021 | 2.51 | 5/15/2031 | 100000 | 85078 |
| OhioHealth Corp., Scd. Bonds | 2.83 | 11/15/2041 | 50000 | 37015 |
| OhioHealth Corp., Unscd. Bonds, Ser. 2020 | 3.04 | 11/15/2050 | 30000 | 20748 |
| Orlando Health Obligated Group, Unscd. Bonds | 4.09 | 10/1/2048 | 175000 | 144449 |
| PeaceHealth Obligated Group, Sr. Unscd. Bonds, Ser. 2020 | 3.22 | 11/15/2050 | 12000 | 7967 |
| PeaceHealth Obligated Group, Sr. Unscd. Notes, Ser. 2018 | 4.79 | 11/15/2048 | 185000 | 162836 |
| Pfizer Investment Enterprises Pte Ltd., Gtd. Notes | 4.75 | 5/19/2033 | 85000 | 86028 |
| Pfizer Investment Enterprises Pte Ltd., Gtd. Notes | 5.11 | 5/19/2043 | 50000 | 48540 |
| Pfizer Investment Enterprises Pte Ltd., Gtd. Notes | 5.30 | 5/19/2053 | 1080000 | 1041188 |
| Pfizer Investment Enterprises Pte Ltd., Gtd. Notes | 5.34 | 5/19/2063 | 70000 | 66366 |
| Pfizer, Inc., Sr. Unscd. Notes | 1.70 | 5/28/2030 | 70000 | 63045 |
| Pfizer, Inc., Sr. Unscd. Notes | 2.55 | 5/28/2040 | 125000 | 92419 |
| Pfizer, Inc., Sr. Unscd. Notes | 2.63 | 4/1/2030 | 50000 | 47035 |
| Pfizer, Inc., Sr. Unscd. Notes | 4.00 | 12/15/2036 | 244000 | 227935 |
| Pfizer, Inc., Sr. Unscd. Notes | 4.10 | 9/15/2038 | 250000 | 228229 |
| Pfizer, Inc., Sr. Unscd. Notes | 5.60 | 9/15/2040 | 200000 | 207561 |
| Pharmacia LLC, Gtd. Notes | 6.60 | 12/1/2028 | 50000 | 53644 |
| Piedmont Healthcare, Inc., Scd. Bonds, Ser. 2024 | 2.72 | 1/1/2042 | 50000 | 35893 |
| Piedmont Healthcare, Inc., Scd. Bonds, Ser. 2032 | 2.04 | 1/1/2032 | 50000 | 43231 |
| Providence St. Joseph Health Obligated Group, Unscd. Bonds, Ser. A | 3.93 | 10/1/2048 | 85000 | 66762 |
| Providence St. Joseph Health Obligated Group, Unscd. Notes, Ser. 19A | 2.53 | 10/1/2029 | 110000 | 103315 |
| Providence St. Joseph Health Obligated Group, Unscd. Notes, Ser. I | 3.74 | 10/1/2047 | 103000 | 79049 |
| Quest Diagnostics, Inc., Sr. Unscd. Notes | 4.20 | 6/30/2029 | 18000 | 18035 |
| Regeneron Pharmaceuticals, Inc., Sr. Unscd. Notes | 1.75 | 9/15/2030 | 115000 | 101950 |
| Regeneron Pharmaceuticals, Inc., Sr. Unscd. Notes | 2.80 | 9/15/2050 | 163000 | 102337 |
| Revvity, Inc., Sr. Unscd. Notes | 2.55 | 3/15/2031 | 215000 | 193159 |
| Revvity, Inc., Sr. Unscd. Notes | 3.30 | 9/15/2029 | 50000 | 47935 |
| Royalty Pharma PLC, Gtd. Notes | 2.20 | 9/2/2030 | 40000 | 36029 |
| Royalty Pharma PLC, Gtd. Notes | 3.30 | 9/2/2040 | 400000 | 309272 |
| Royalty Pharma PLC, Gtd. Notes | 3.55 | 9/2/2050 | 70000 | 49339 |
| Seattle Children's Hospital, Unscd. Bonds, Ser. 2021 | 2.72 | 10/1/2050 | 25000 | 15958 |
| Sharp HealthCare, Unscd. Bonds, Ser. 20B | 2.68 | 8/1/2050 | 45000 | 28325 |
| Smith & Nephew PLC, Sr. Unscd. Notes | 2.03 | 10/14/2030 | 45000 | 40289 |
| Stanford Health Care, Unscd. Bonds, Ser. 2018 | 3.80 | 11/15/2048 | 225000 | 177475 |
| STERIS Irish FinCo UnLtd. Co., Gtd. Notes | 2.70 | 3/15/2031 | 150000 | 136952 |
| Stryker Corp., Sr. Unscd. Notes | 4.38 | 5/15/2044 | 185000 | 163332 |

---

**134**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Health Care — 2.6% (continued)** | **Health Care — 2.6% (continued)** | **Health Care — 2.6% (continued)** | **Health Care — 2.6% (continued)** | **Health Care — 2.6% (continued)** |
| Stryker Corp., Sr. Unscd. Notes | 4.63 | 3/15/2046 | 55000 | 49961 |
| Summa Health, Scd. Notes | 3.51 | 11/15/2051 | 50000 | 40308 |
| Sutter Health, Unscd. Bonds, Ser. 2018 | 4.09 | 8/15/2048 | 190000 | 157309 |
| Sutter Health, Unscd. Bonds, Ser. 20A | 3.36 | 8/15/2050 | 85000 | 61102 |
| Takeda Pharmaceutical Co. Ltd., Sr. Unscd. Notes | 3.03 | 7/9/2040 | 465000 | 356503 |
| Takeda Pharmaceutical Co. Ltd., Sr. Unscd. Notes | 5.00 | 11/26/2028 | 205000 | 209437 |
| The Cigna Group, Gtd. Notes | 3.88 | 10/15/2047 | 150000 | 116446 |
| The Cigna Group, Gtd. Notes | 4.38 | 10/15/2028 | 25000 | 25151 |
| The Cigna Group, Sr. Unscd. Notes | 2.38 | 3/15/2031 | 122000 | 109903 |
| The Cigna Group, Sr. Unscd. Notes | 2.40 | 3/15/2030 | 131000 | 121132 |
| The Cigna Group, Sr. Unscd. Notes | 3.40 | 3/15/2050 | 120000 | 84055 |
| The Cigna Group, Sr. Unscd. Notes | 3.40 | 3/15/2051 | 25000 | 17463 |
| The Cigna Group, Sr. Unscd. Notes | 4.88 | 9/15/2032 | 400000 | 403391 |
| The Cigna Group, Sr. Unscd. Notes | 5.25 | 2/15/2034 | 250000 | 257086 |
| The Cigna Group, Sr. Unscd. Notes | 5.40 | 3/15/2033 | 250000 | 260440 |
| The Cigna Group, Sr. Unscd. Notes | 5.60 | 2/15/2054 | 400000 | 393374 |
| The Mount Sinai Hospital, Scd. Bonds, Ser. 2019 | 3.74 | 7/1/2049 | 50000 | 35972 |
| The New York & Presbyterian Hospital, Unscd. Bonds | 4.02 | 8/1/2045 | 10000 | 8436 |
| The New York & Presbyterian Hospital, Unscd. Bonds, Ser. 2019 | 3.95 | 8/1/2119 | 110000 | 77717 |
| The Toledo Hospital, Sr. Scd. Bonds | 5.75 | 11/15/2038 | 200000 | 201205 |
| Thermo Fisher Scientific, Inc., Sr. Unscd. Notes | 4.10 | 8/15/2047 | 150000 | 126586 |
| Thermo Fisher Scientific, Inc., Sr. Unscd. Notes | 4.80 | 11/21/2027 | 100000 | 101631 |
| Thermo Fisher Scientific, Inc., Sr. Unscd. Notes | 4.95 | 11/21/2032 | 176000 | 181620 |
| Thermo Fisher Scientific, Inc., Sr. Unscd. Notes | 4.98 | 8/10/2030 | 95000 | 98128 |
| Thermo Fisher Scientific, Inc., Sr. Unscd. Notes | 5.09 | 8/10/2033 | 20000 | 20724 |
| Thermo Fisher Scientific, Inc., Sr. Unscd. Notes | 5.40 | 8/10/2043 | 105000 | 106382 |
| Trinity Health Corp., Scd. Bonds | 4.13 | 12/1/2045 | 45000 | 38372 |
| Trinity Health Corp., Sr. Unscd. Bonds, Ser. 2021 | 2.63 | 12/1/2040 | 155000 | 113695 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 2.30 | 5/15/2031 | 60000 | 53964 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 2.88 | 8/15/2029 | 286000 | 273570 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 2.95 | 10/15/2027 | 363000 | 356492 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 3.05 | 5/15/2041 | 10000 | 7619 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 3.25 | 5/15/2051 | 75000 | 51334 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 3.45 | 1/15/2027 | 60000 | 59631 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 3.50 | 8/15/2039 | 433000 | 361267 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 3.70 | 8/15/2049 | 50000 | 37614 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 3.75 | 10/15/2047 | 185000 | 142839 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 3.88 | 12/15/2028 | 285000 | 283664 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 4.00 | 5/15/2029 | 110000 | 109735 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 4.25 | 1/15/2029 | 60000 | 60308 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 4.25 | 6/15/2048 | 38000 | 31502 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 4.63 | 7/15/2035 | 147000 | 145290 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 4.75 | 7/15/2045 | 160000 | 145888 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 4.75 | 5/15/2052 | 185000 | 162991 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 4.95 | 5/15/2062 | 53000 | 46758 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 5.05 | 4/15/2053 | 315000 | 289237 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 5.20 | 4/15/2063 | 494000 | 452355 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 5.38 | 4/15/2054 | 500000 | 480386 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 5.50 | 4/15/2064 | 110000 | 105785 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 5.80 | 3/15/2036 | 87000 | 92989 |

---

**135**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Health Care — 2.6% (continued)** | **Health Care — 2.6% (continued)** | **Health Care — 2.6% (continued)** | **Health Care — 2.6% (continued)** | **Health Care — 2.6% (continued)** |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 5.88 | 2/15/2053 | 60000 | 61592 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 5.95 | 2/15/2041 | 30000 | 31818 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 6.05 | 2/15/2063 | 165000 | 172451 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 6.50 | 6/15/2037 | 227000 | 254830 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 6.88 | 2/15/2038 | 72000 | 83482 |
| Universal Health Services, Inc., Sr. Scd. Notes | 2.65 | 1/15/2032 | 215000 | 187948 |
| Utah Acquisition Sub, Inc., Gtd. Notes | 5.25 | 6/15/2046 | 140000 | 116149 |
| Viatris, Inc., Gtd. Notes | 3.85 | 6/22/2040 | 187000 | 141933 |
| Viatris, Inc., Gtd. Notes | 4.00 | 6/22/2050 | 230000 | 155193 |
| West Virginia United Health System Obligated Group, Scd. Bonds, Ser. 2020 | 3.13 | 6/1/2050 | 50000 | 32097 |
| Willis-Knighton Medical Center, Scd. Bonds, Ser. 2018 | 4.81 | 9/1/2048 | 150000 | 133795 |
| Willis-Knighton Medical Center, Scd. Bonds, Ser. 2021 | 3.07 | 3/1/2051 | 170000 | 108666 |
| Wyeth LLC, Gtd. Notes | 6.50 | 2/1/2034 | 25000 | 28249 |
| Zimmer Biomet Holdings, Inc., Sr. Unscd. Notes | 2.60 | 11/24/2031 | 400000 | 360237 |
| Zimmer Biomet Holdings, Inc., Sr. Unscd. Notes | 5.75 | 11/30/2039 | 28000 | 29221 |
| Zoetis, Inc., Sr. Unscd. Notes | 3.00 | 9/12/2027 | 150000 | 147521 |
| Zoetis, Inc., Sr. Unscd. Notes | 3.95 | 9/12/2047 | 60000 | 48866 |
| Zoetis, Inc., Sr. Unscd. Notes | 4.15 | 8/17/2028 | 100000 | 100394 |
| Zoetis, Inc., Sr. Unscd. Notes | 4.45 | 8/20/2048 | 25000 | 21731 |
| Zoetis, Inc., Sr. Unscd. Notes | 4.70 | 2/1/2043 | 100000 | 92585 |
| Zoetis, Inc., Sr. Unscd. Notes | 5.00 | 8/17/2035 | 100000 | 100952 |
|  |  |  |  | **52033379** |
| **Industrial — .5%** | **Industrial — .5%** | **Industrial — .5%** | **Industrial — .5%** | **Industrial — .5%** |
| 3M Co., Sr. Unscd. Notes | 2.38 | 8/26/2029 | 189000 | 177504 |
| 3M Co., Sr. Unscd. Notes | 2.88 | 10/15/2027 | 177000 | 173336 |
| 3M Co., Sr. Unscd. Notes | 3.05 | 4/15/2030 | 42000 | 40043 |
| 3M Co., Sr. Unscd. Notes | 3.25 | 8/26/2049 | 50000 | 35104 |
| 3M Co., Sr. Unscd. Notes | 3.63 | 10/15/2047 | 210000 | 160123 |
| Caterpillar Financial Services Corp., Sr. Unscd. Notes | 3.60 | 8/12/2027 | 50000 | 49815 |
| Caterpillar Financial Services Corp., Sr. Unscd. Notes | 4.60 | 11/15/2027 | 200000 | 202901 |
| Caterpillar Financial Services Corp., Sr. Unscd. Notes | 4.70 | 11/15/2029 | 510000 | 522846 |
| Caterpillar, Inc., Sr. Unscd. Debs. | 3.80 | 8/15/2042 | 215000 | 182877 |
| Caterpillar, Inc., Sr. Unscd. Debs. | 5.30 | 9/15/2035 | 25000 | 26343 |
| Caterpillar, Inc., Sr. Unscd. Notes | 4.75 | 5/15/2064 | 34000 | 30894 |
| Caterpillar, Inc., Sr. Unscd. Notes | 5.20 | 5/27/2041 | 275000 | 278815 |
| CDW LLC/CDW Finance Corp., Gtd. Notes | 2.67 | 12/1/2026 | 55000 | 54016 |
| CDW LLC/CDW Finance Corp., Gtd. Notes | 3.28 | 12/1/2028 | 198000 | 191232 |
| CNH Industrial Capital LLC, Gtd. Bonds | 5.50 | 1/12/2029 | 10000 | 10347 |
| Deere & Co., Sr. Unscd. Notes | 3.10 | 4/15/2030 | 287000 | 275959 |
| Deere & Co., Sr. Unscd. Notes | 3.75 | 4/15/2050 | 95000 | 75610 |
| Deere & Co., Sr. Unscd. Notes | 5.38 | 10/16/2029 | 50000 | 52621 |
| Dover Corp., Sr. Unscd. Notes | 5.38 | 10/15/2035 | 25000 | 26050 |
| Eaton Corp., Gtd. Notes | 4.15 | 3/15/2033 | 355000 | 349789 |
| Eaton Corp., Gtd. Notes | 4.15 | 11/2/2042 | 77000 | 68139 |
| Eaton Corp., Gtd. Notes | 4.35 | 5/18/2028 | 20000 | 20205 |
| Flowserve Corp., Sr. Unscd. Notes | 2.80 | 1/15/2032 | 75000 | 66676 |
| Flowserve Corp., Sr. Unscd. Notes | 3.50 | 10/1/2030 | 385000 | 366660 |
| GATX Corp., Sr. Unscd. Notes | 3.10 | 6/1/2051 | 50000 | 32552 |
| GATX Corp., Sr. Unscd. Notes | 3.50 | 6/1/2032 | 220000 | 204182 |
| GATX Corp., Sr. Unscd. Notes | 3.85 | 3/30/2027 | 564000 | 560883 |

---

**136**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Industrial — .5% (continued)** | **Industrial — .5% (continued)** | **Industrial — .5% (continued)** | **Industrial — .5% (continued)** | **Industrial — .5% (continued)** |
| GATX Corp., Sr. Unscd. Notes | 5.45 | 9/15/2033 | 90000 | 92910 |
| GATX Corp., Sr. Unscd. Notes | 6.90 | 5/1/2034 | 120000 | 135129 |
| Huntington Ingalls Industries, Inc., Gtd. Notes | 3.48 | 12/1/2027 | 135000 | 132856 |
| IDEX Corp., Sr. Unscd. Notes | 2.63 | 6/15/2031 | 25000 | 22801 |
| Illinois Tool Works, Inc., Sr. Unscd. Notes | 2.65 | 11/15/2026 | 35000 | 34619 |
| Illinois Tool Works, Inc., Sr. Unscd. Notes | 3.90 | 9/1/2042 | 215000 | 183869 |
| Ingersoll Rand, Inc., Sr. Unscd. Notes | 5.18 | 6/15/2029 | 356000 | 367626 |
| Ingersoll Rand, Inc., Sr. Unscd. Notes | 5.31 | 6/15/2031 | 100000 | 104378 |
| Ingersoll Rand, Inc., Sr. Unscd. Notes | 5.40 | 8/14/2028 | 25000 | 25832 |
| Jacobs Engineering Group, Inc., Gtd. Notes | 5.90 | 3/1/2033 | 50000 | 52625 |
| John Deere Capital Corp., Sr. Unscd. Notes | 1.70 | 1/11/2027 | 60000 | 58493 |
| John Deere Capital Corp., Sr. Unscd. Notes | 2.35 | 3/8/2027 | 50000 | 49009 |
| John Deere Capital Corp., Sr. Unscd. Notes | 2.45 | 1/9/2030 | 25000 | 23500 |
| John Deere Capital Corp., Sr. Unscd. Notes | 2.80 | 7/18/2029 | 50000 | 47905 |
| John Deere Capital Corp., Sr. Unscd. Notes | 4.15 | 9/15/2027 | 135000 | 135738 |
| John Deere Capital Corp., Sr. Unscd. Notes | 4.38 | 10/15/2030 | 400000 | 403130 |
| John Deere Capital Corp., Sr. Unscd. Notes | 4.70 | 6/10/2030 | 215000 | 220197 |
| John Deere Capital Corp., Sr. Unscd. Notes | 4.85 | 6/11/2029 | 250000 | 256937 |
| John Deere Capital Corp., Sr. Unscd. Notes | 4.90 | 3/3/2028 | 50000 | 51121 |
| John Deere Capital Corp., Sr. Unscd. Notes | 4.90 | 3/7/2031 | 300000 | 309097 |
| John Deere Capital Corp., Sr. Unscd. Notes | 5.05 | 6/12/2034 | 250000 | 257497 |
| Nordson Corp., Sr. Unscd. Notes | 5.80 | 9/15/2033 | 15000 | 16045 |
| nVent Finance Sarl, Gtd. Notes | 2.75 | 11/15/2031 | 100000 | 89942 |
| Oshkosh Corp., Sr. Unscd. Notes | 3.10 | 3/1/2030 | 105000 | 99720 |
| Otis Worldwide Corp., Sr. Unscd. Notes | 3.11 | 2/15/2040 | 400000 | 312774 |
| Otis Worldwide Corp., Sr. Unscd. Notes | 5.25 | 8/16/2028 | 147000 | 151369 |
| Parker-Hannifin Corp., Sr. Unscd. Notes | 3.25 | 6/14/2029 | 25000 | 24297 |
| Parker-Hannifin Corp., Sr. Unscd. Notes | 4.00 | 6/14/2049 | 210000 | 171908 |
| Parker-Hannifin Corp., Sr. Unscd. Notes | 4.50 | 9/15/2029 | 260000 | 263762 |
| Regal Rexnord Corp., Gtd. Notes | 6.05 | 4/15/2028 | 140000 | 144731 |
| Regal Rexnord Corp., Gtd. Notes | 6.30 | 2/15/2030 | 55000 | 58201 |
| Rockwell Automation, Inc., Sr. Unscd. Notes | 1.75 | 8/15/2031 | 50000 | 43693 |
| Rockwell Automation, Inc., Sr. Unscd. Notes | 2.80 | 8/15/2061 | 162000 | 97586 |
| Snap-on, Inc., Sr. Unscd. Notes | 3.25 | 3/1/2027 | 25000 | 24743 |
| Snap-on, Inc., Sr. Unscd. Notes | 4.10 | 3/1/2048 | 35000 | 29226 |
| Stanley Black & Decker, Inc., Sr. Unscd. Notes | 2.30 | 3/15/2030 | 385000 | 350570 |
| Stanley Black & Decker, Inc., Sr. Unscd. Notes | 4.25 | 11/15/2028 | 162000 | 161802 |
| Teledyne Technologies, Inc., Gtd. Notes | 2.75 | 4/1/2031 | 290000 | 267465 |
| Textron, Inc., Sr. Unscd. Notes | 3.38 | 3/1/2028 | 84000 | 82355 |
| Textron, Inc., Sr. Unscd. Notes | 3.65 | 3/15/2027 | 350000 | 347264 |
| Textron, Inc., Sr. Unscd. Notes | 6.10 | 11/15/2033 | 85000 | 91917 |
| Westinghouse Air Brake Technologies Corp., Gtd. Notes | 3.45 | 11/15/2026 | 150000 | 148845 |
| Westinghouse Air Brake Technologies Corp., Gtd. Notes | 4.70 | 9/15/2028 | 490000 | 495697 |
| Xylem, Inc., Sr. Unscd. Notes | 3.25 | 11/1/2026 | 67000 | 66394 |
| Xylem, Inc., Sr. Unscd. Notes | 4.38 | 11/1/2046 | 50000 | 42820 |
|  |  |  |  | **10783917** |
| **Information Technology — .7%** | **Information Technology — .7%** | **Information Technology — .7%** | **Information Technology — .7%** | **Information Technology — .7%** |
| Adobe, Inc., Sr. Unscd. Notes | 2.15 | 2/1/2027 | 240000 | 235119 |
| Autodesk, Inc., Sr. Unscd. Notes | 2.85 | 1/15/2030 | 91000 | 86116 |
| Autodesk, Inc., Sr. Unscd. Notes | 5.30 | 6/15/2035 | 300000 | 307798 |

---

**137**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Information Technology — .7% (continued)** | **Information Technology — .7% (continued)** | **Information Technology — .7% (continued)** | **Information Technology — .7% (continued)** | **Information Technology — .7% (continued)** |
| Concentrix Corp., Sr. Unscd. Notes | 6.60 | 8/2/2028 | 310000 | 323074 |
| Electronic Arts, Inc., Sr. Unscd. Notes | 1.85 | 2/15/2031 | 25000 | 24023 |
| Fidelity National Information Services, Inc., Sr. Unscd. Notes | 1.65 | 3/1/2028 | 480000 | 451939 |
| Fidelity National Information Services, Inc., Sr. Unscd. Notes | 3.10 | 3/1/2041 | 50000 | 37316 |
| Fidelity National Information Services, Inc., Sr. Unscd. Notes | 5.10 | 7/15/2032 | 96000 | 97906 |
| Fiserv, Inc., Sr. Unscd. Notes | 2.65 | 6/1/2030 | 200000 | 183362 |
| Fiserv, Inc., Sr. Unscd. Notes | 3.50 | 7/1/2029 | 188000 | 180924 |
| Fiserv, Inc., Sr. Unscd. Notes | 4.20 | 10/1/2028 | 150000 | 148571 |
| Fiserv, Inc., Sr. Unscd. Notes | 4.40 | 7/1/2049 | 130000 | 104299 |
| Fiserv, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>| 5.25 | 8/11/2035 | 100000 | 99650 |
| Fiserv, Inc., Sr. Unscd. Notes | 5.38 | 8/21/2028 | 65000 | 66358 |
| Fiserv, Inc., Sr. Unscd. Notes | 5.60 | 3/2/2033 | 485000 | 499462 |
| Intuit, Inc., Sr. Unscd. Notes | 5.50 | 9/15/2053 | 235000 | 235339 |
| Microsoft Corp., Sr. Unscd. Notes | 1.35 | 9/15/2030 | 375000 | 333412 |
| Microsoft Corp., Sr. Unscd. Notes | 2.53 | 6/1/2050 | 595000 | 373606 |
| Microsoft Corp., Sr. Unscd. Notes | 2.92 | 3/17/2052 | 245000 | 164828 |
| Microsoft Corp., Sr. Unscd. Notes | 3.04 | 3/17/2062 | 181000 | 116430 |
| Microsoft Corp., Sr. Unscd. Notes | 3.50 | 2/12/2035 | 100000 | 94456 |
| Microsoft Corp., Sr. Unscd. Notes | 3.50 | 11/15/2042 | 400000 | 329821 |
| Microsoft Corp., Sr. Unscd. Notes | 3.70 | 8/8/2046 | 115000 | 94320 |
| Microsoft Corp., Sr. Unscd. Notes | 3.95 | 8/8/2056 | 75000 | 60741 |
| Microsoft Corp., Sr. Unscd. Notes | 4.00 | 2/12/2055 | 160000 | 131341 |
| Microsoft Corp., Sr. Unscd. Notes | 4.25 | 2/6/2047 | 195000 | 175517 |
| Microsoft Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>| 4.45 | 11/3/2045 | 55000 | 51446 |
| Microsoft Corp., Sr. Unscd. Notes | 4.50 | 10/1/2040 | 25000 | 24412 |
| MSCI, Inc., Sr. Unscd. Notes | 5.25 | 9/1/2035 | 100000 | 100319 |
| Oracle Corp., Sr. Unscd. Notes | 2.30 | 3/25/2028 | 125000 | 119572 |
| Oracle Corp., Sr. Unscd. Notes | 2.80 | 4/1/2027 | 322000 | 315950 |
| Oracle Corp., Sr. Unscd. Notes | 2.95 | 4/1/2030 | 22000 | 20574 |
| Oracle Corp., Sr. Unscd. Notes | 3.25 | 11/15/2027 | 210000 | 205994 |
| Oracle Corp., Sr. Unscd. Notes | 3.60 | 4/1/2040 | 500000 | 391921 |
| Oracle Corp., Sr. Unscd. Notes | 3.60 | 4/1/2050 | 391000 | 264961 |
| Oracle Corp., Sr. Unscd. Notes | 3.80 | 11/15/2037 | 95000 | 80491 |
| Oracle Corp., Sr. Unscd. Notes | 3.85 | 7/15/2036 | 320000 | 279034 |
| Oracle Corp., Sr. Unscd. Notes | 3.85 | 4/1/2060 | 525000 | 346982 |
| Oracle Corp., Sr. Unscd. Notes | 3.95 | 3/25/2051 | 400000 | 284705 |
| Oracle Corp., Sr. Unscd. Notes | 4.00 | 11/15/2047 | 330000 | 246955 |
| Oracle Corp., Sr. Unscd. Notes | 4.10 | 3/25/2061 | 200000 | 138250 |
| Oracle Corp., Sr. Unscd. Notes | 4.13 | 5/15/2045 | 296000 | 228748 |
| Oracle Corp., Sr. Unscd. Notes | 4.50 | 5/6/2028 | 600000 | 603427 |
| Oracle Corp., Sr. Unscd. Notes | 4.50 | 7/8/2044 | 28000 | 23142 |
| Oracle Corp., Sr. Unscd. Notes | 4.70 | 9/27/2034 | 70000 | 67226 |
| Oracle Corp., Sr. Unscd. Notes | 4.90 | 2/6/2033 | 1286000 | 1277304 |
| Oracle Corp., Sr. Unscd. Notes | 5.20 | 9/26/2035 | 600000 | 590460 |
| Oracle Corp., Sr. Unscd. Notes | 5.50 | 8/3/2035 | 80000 | 80818 |
| Oracle Corp., Sr. Unscd. Notes | 5.55 | 2/6/2053 | 220000 | 197477 |
| Oracle Corp., Sr. Unscd. Notes | 6.15 | 11/9/2029 | 200000 | 211969 |
| Roper Technologies, Inc., Sr. Unscd. Notes | 1.75 | 2/15/2031 | 125000 | 109081 |
| Roper Technologies, Inc., Sr. Unscd. Notes | 3.80 | 12/15/2026 | 40000 | 39866 |
| Roper Technologies, Inc., Sr. Unscd. Notes | 4.20 | 9/15/2028 | 100000 | 100143 |

---

**138**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Information Technology — .7% (continued)** | **Information Technology — .7% (continued)** | **Information Technology — .7% (continued)** | **Information Technology — .7% (continued)** | **Information Technology — .7% (continued)** |
| Roper Technologies, Inc., Sr. Unscd. Notes | 5.10 | 9/15/2035 | 100000 | 100650 |
| Salesforce, Inc., Sr. Unscd. Notes | 1.50 | 7/15/2028 | 70000 | 65815 |
| Salesforce, Inc., Sr. Unscd. Notes | 2.70 | 7/15/2041 | 100000 | 73365 |
| Salesforce, Inc., Sr. Unscd. Notes | 2.90 | 7/15/2051 | 75000 | 48929 |
| Salesforce, Inc., Sr. Unscd. Notes | 3.70 | 4/11/2028 | 715000 | 712561 |
| ServiceNow, Inc., Sr. Unscd. Notes | 1.40 | 9/1/2030 | 207000 | 181563 |
| Synopsys, Inc., Sr. Unscd. Notes | 4.65 | 4/1/2028 | 150000 | 151633 |
| Synopsys, Inc., Sr. Unscd. Notes | 5.00 | 4/1/2032 | 250000 | 255451 |
| Synopsys, Inc., Sr. Unscd. Notes | 5.15 | 4/1/2035 | 165000 | 167570 |
| Synopsys, Inc., Sr. Unscd. Notes | 5.70 | 4/1/2055 | 145000 | 145871 |
| Take-Two Interactive Software, Inc., Sr. Unscd. Notes | 4.95 | 3/28/2028 | 129000 | 131281 |
| Take-Two Interactive Software, Inc., Sr. Unscd. Notes | 5.40 | 6/12/2029 | 400000 | 414104 |
| VMware LLC, Sr. Unscd. Notes | 1.80 | 8/15/2028 | 45000 | 42260 |
| VMware LLC, Sr. Unscd. Notes | 2.20 | 8/15/2031 | 210000 | 185704 |
| VMware LLC, Sr. Unscd. Notes | 4.70 | 5/15/2030 | 47000 | 47655 |
|  |  |  |  | **14081367** |
| **Insurance — .8%** | **Insurance — .8%** | **Insurance — .8%** | **Insurance — .8%** | **Insurance — .8%** |
| Aflac, Inc., Sr. Unscd. Notes | 4.75 | 1/15/2049 | 111000 | 100321 |
| Alleghany Corp., Sr. Unscd. Notes | 3.63 | 5/15/2030 | 57000 | 55755 |
| American Financial Group, Inc., Sr. Unscd. Notes | 4.50 | 6/15/2047 | 50000 | 42311 |
| American International Group, Inc., Sr. Unscd. Notes | 3.40 | 6/30/2030 | 25000 | 23994 |
| American International Group, Inc., Sr. Unscd. Notes | 5.13 | 3/27/2033 | 134000 | 137591 |
| American International Group, Inc., Sr. Unscd. Notes | 5.45 | 5/7/2035 | 300000 | 312118 |
| Aon Corp., Gtd. Notes | 2.80 | 5/15/2030 | 55000 | 51709 |
| Aon Corp., Gtd. Notes | 4.50 | 12/15/2028 | 265000 | 267897 |
| Aon Corp., Gtd. Notes | 6.25 | 9/30/2040 | 50000 | 54770 |
| Aon Corp./Aon Global Holdings PLC, Gtd. Notes | 2.05 | 8/23/2031 | 83000 | 73053 |
| Aon Corp./Aon Global Holdings PLC, Gtd. Notes | 2.85 | 5/28/2027 | 586000 | 575146 |
| Aon Corp./Aon Global Holdings PLC, Gtd. Notes | 2.90 | 8/23/2051 | 212000 | 133820 |
| Aon Corp./Aon Global Holdings PLC, Gtd. Notes | 5.00 | 9/12/2032 | 135000 | 138487 |
| Aon North America, Inc., Gtd. Notes | 5.45 | 3/1/2034 | 317000 | 329927 |
| Arch Capital Group Ltd., Sr. Unscd. Notes | 7.35 | 5/1/2034 | 100000 | 116718 |
| Arthur J. Gallagher & Co., Sr. Unscd. Notes | 5.55 | 2/15/2055 | 56000 | 54524 |
| Arthur J. Gallagher & Co., Sr. Unscd. Notes | 5.75 | 7/15/2054 | 445000 | 444925 |
| Assurant, Inc., Sr. Unscd. Notes | 3.70 | 2/22/2030 | 155000 | 150499 |
| Assurant, Inc., Sr. Unscd. Notes | 4.90 | 3/27/2028 | 30000 | 30356 |
| Assured Guaranty US Holdings, Inc., Gtd. Notes | 3.60 | 9/15/2051 | 100000 | 71851 |
| Athene Holding Ltd., Jr. Sub. Notes | 6.63 | 10/15/2054 | 25000 | 24854 |
| Athene Holding Ltd., Sr. Unscd. Notes | 3.45 | 5/15/2052 | 50000 | 32585 |
| Athene Holding Ltd., Sr. Unscd. Notes | 3.95 | 5/25/2051 | 50000 | 35949 |
| Athene Holding Ltd., Sr. Unscd. Notes | 4.13 | 1/12/2028 | 164000 | 163447 |
| Athene Holding Ltd., Sr. Unscd. Notes | 6.25 | 4/1/2054 | 230000 | 228881 |
| AXIS Specialty Finance LLC, Gtd. Notes | 3.90 | 7/15/2029 | 15000 | 14789 |
| AXIS Specialty Finance PLC, Gtd. Notes | 4.00 | 12/6/2027 | 15000 | 14944 |
| Berkshire Hathaway Finance Corp., Gtd. Notes | 2.30 | 3/15/2027 | 50000 | 49011 |
| Berkshire Hathaway Finance Corp., Gtd. Notes | 2.88 | 3/15/2032 | 750000 | 699645 |
| Berkshire Hathaway Finance Corp., Gtd. Notes | 4.20 | 8/15/2048 | 127000 | 108343 |
| Berkshire Hathaway Finance Corp., Gtd. Notes | 4.25 | 1/15/2049 | 252000 | 216577 |
| Berkshire Hathaway Finance Corp., Gtd. Notes | 4.40 | 5/15/2042 | 25000 | 23376 |
| Berkshire Hathaway Finance Corp., Gtd. Notes | 5.75 | 1/15/2040 | 175000 | 190640 |

---

**139**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Insurance — .8% (continued)** | **Insurance — .8% (continued)** | **Insurance — .8% (continued)** | **Insurance — .8% (continued)** | **Insurance — .8% (continued)** |
| Brighthouse Financial, Inc., Sr. Unscd. Notes | 3.85 | 12/22/2051 | 145000 | 94630 |
| Brighthouse Financial, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>| 5.63 | 5/15/2030 | 70000 | 71488 |
| Brown & Brown Inc., Sr. Unscd. Notes | 5.55 | 6/23/2035 | 200000 | 205998 |
| Brown & Brown, Inc., Sr. Unscd. Notes | 2.38 | 3/15/2031 | 40000 | 35654 |
| Brown & Brown, Inc., Sr. Unscd. Notes | 4.95 | 3/17/2052 | 30000 | 26491 |
| Brown & Brown, Inc., Sr. Unscd. Notes | 5.65 | 6/11/2034 | 613000 | 634307 |
| Chubb INA Holdings LLC, Gtd. Notes | 1.38 | 9/15/2030 | 125000 | 109724 |
| Chubb INA Holdings LLC, Gtd. Notes | 4.35 | 11/3/2045 | 435000 | 385837 |
| Cincinnati Financial Corp., Sr. Unscd. Debs. | 6.92 | 5/15/2028 | 110000 | 117565 |
| CNA Financial Corp., Sr. Unscd. Notes | 2.05 | 8/15/2030 | 50000 | 44780 |
| CNA Financial Corp., Sr. Unscd. Notes | 5.13 | 2/15/2034 | 200000 | 201001 |
| Corebridge Financial, Inc., Sr. Unscd. Notes | 3.65 | 4/5/2027 | 220000 | 218172 |
| Corebridge Financial, Inc., Sr. Unscd. Notes | 3.90 | 4/5/2032 | 70000 | 66574 |
| Corebridge Financial, Inc., Sr. Unscd. Notes | 4.35 | 4/5/2042 | 10000 | 8649 |
| Corebridge Financial, Inc., Sr. Unscd. Notes | 4.40 | 4/5/2052 | 95000 | 78622 |
| Corebridge Financial, Inc., Sr. Unscd. Notes | 6.05 | 9/15/2033 | 102000 | 108764 |
| Enstar Group Ltd., Sr. Unscd. Notes | 3.10 | 9/1/2031 | 50000 | 44792 |
| Equitable Holdings, Inc., Sr. Unscd. Notes | 4.35 | 4/20/2028 | 45000 | 45111 |
| Equitable Holdings, Inc., Sr. Unscd. Notes | 5.00 | 4/20/2048 | 148000 | 135907 |
| Everest Reinsurance Holdings, Inc., Sr. Unscd. Notes | 3.13 | 10/15/2052 | 175000 | 112251 |
| Fairfax Financial Holdings Ltd., Sr. Unscd. Notes | 4.63 | 4/29/2030 | 25000 | 25091 |
| Fairfax Financial Holdings Ltd., Sr. Unscd. Notes | 4.85 | 4/17/2028 | 157000 | 159002 |
| Fairfax Financial Holdings Ltd., Sr. Unscd. Notes<sup>(c)</sup> <br>| 5.75 | 5/20/2035 | 300000 | 312741 |
| Fairfax Financial Holdings Ltd., Sr. Unscd. Notes | 6.00 | 12/7/2033 | 200000 | 212645 |
| Fairfax Financial Holdings Ltd., Sr. Unscd. Notes | 6.35 | 3/22/2054 | 30000 | 31745 |
| Fidelity National Financial, Inc., Gtd. Notes | 2.45 | 3/15/2031 | 140000 | 123961 |
| Fidelity National Financial, Inc., Sr. Unscd. Notes | 3.40 | 6/15/2030 | 137000 | 130199 |
| Fidelity National Financial, Inc., Sr. Unscd. Notes | 4.50 | 8/15/2028 | 74000 | 74287 |
| First American Financial Corp., Sr. Unscd. Notes | 4.00 | 5/15/2030 | 25000 | 24189 |
| Globe Life, Inc., Sr. Unscd. Notes | 2.15 | 8/15/2030 | 49000 | 44273 |
| Jackson Financial, Inc., Sr. Unscd. Notes | 4.00 | 11/23/2051 | 120000 | 85723 |
| Kemper Corp., Sr. Unscd. Notes | 2.40 | 9/30/2030 | 25000 | 22280 |
| Kemper Corp., Sr. Unscd. Notes | 3.80 | 2/23/2032 | 49000 | 45311 |
| Lincoln National Corp., Sr. Unscd. Notes | 3.40 | 3/1/2032 | 85000 | 78670 |
| Lincoln National Corp., Sr. Unscd. Notes | 5.85 | 3/15/2034 | 200000 | 209765 |
| Lincoln National Corp., Sr. Unscd. Notes | 6.30 | 10/9/2037 | 20000 | 21495 |
| Loews Corp., Sr. Unscd. Notes | 6.00 | 2/1/2035 | 50000 | 54060 |
| Manulife Financial Corp., Sr. Unscd. Notes | 5.38 | 3/4/2046 | 85000 | 85377 |
| Manulife Financial Corp., Sub. Notes | 4.06 | 2/24/2032 | 145000 | 144167 |
| Markel Group, Inc., Sr. Unscd. Notes | 4.15 | 9/17/2050 | 35000 | 27565 |
| Markel Group, Inc., Sr. Unscd. Notes | 4.30 | 11/1/2047 | 75000 | 61798 |
| Markel Group, Inc., Sr. Unscd. Notes | 5.00 | 4/5/2046 | 65000 | 59133 |
| Marsh & McLennan Cos., Inc., Sr. Unscd. Notes | 2.25 | 11/15/2030 | 50000 | 45481 |
| Marsh & McLennan Cos., Inc., Sr. Unscd. Notes | 2.38 | 12/15/2031 | 210000 | 186963 |
| Marsh & McLennan Cos., Inc., Sr. Unscd. Notes | 2.90 | 12/15/2051 | 306000 | 197344 |
| Marsh & McLennan Cos., Inc., Sr. Unscd. Notes | 4.75 | 3/15/2039 | 25000 | 24291 |
| Marsh & McLennan Cos., Inc., Sr. Unscd. Notes | 4.90 | 3/15/2049 | 45000 | 41416 |
| Marsh & McLennan Cos., Inc., Sr. Unscd. Notes | 5.15 | 3/15/2034 | 200000 | 206178 |
| Marsh & McLennan Cos., Inc., Sr. Unscd. Notes | 5.70 | 9/15/2053 | 226000 | 231932 |
| Marsh & McLennan Cos., Inc., Sr. Unscd. Notes | 5.75 | 11/1/2032 | 60000 | 64400 |

---

**140**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Insurance — .8% (continued)** | **Insurance — .8% (continued)** | **Insurance — .8% (continued)** | **Insurance — .8% (continued)** | **Insurance — .8% (continued)** |
| MetLife, Inc., Sr. Unscd. Notes | 4.05 | 3/1/2045 | 70000 | 58644 |
| MetLife, Inc., Sr. Unscd. Notes | 4.13 | 8/13/2042 | 95000 | 81830 |
| MetLife, Inc., Sr. Unscd. Notes | 5.30 | 12/15/2034 | 250000 | 260433 |
| MetLife, Inc., Sr. Unscd. Notes | 5.70 | 6/15/2035 | 200000 | 213773 |
| MetLife, Inc., Sr. Unscd. Notes | 6.38 | 6/15/2034 | 100000 | 111590 |
| MGIC Investment Corp., Sr. Unscd. Notes | 5.25 | 8/15/2028 | 350000 | 349906 |
| Old Republic International Corp., Sr. Unscd. Notes | 3.85 | 6/11/2051 | 30000 | 22039 |
| PartnerRe Finance B LLC, Gtd. Notes | 3.70 | 7/2/2029 | 183000 | 179184 |
| Primerica, Inc., Sr. Unscd. Notes | 2.80 | 11/19/2031 | 50000 | 45215 |
| Principal Financial Group, Inc., Gtd. Notes | 3.10 | 11/15/2026 | 189000 | 187241 |
| Prudential Financial Inc., Jr. Sub. Notes | 6.50 | 3/15/2054 | 4000 | 4258 |
| Prudential Financial, Inc., Sr. Unscd. Notes | 3.70 | 3/13/2051 | 120000 | 90805 |
| Prudential Financial, Inc., Sr. Unscd. Notes | 3.88 | 3/27/2028 | 36000 | 35989 |
| Prudential Financial, Inc., Sr. Unscd. Notes | 3.91 | 12/7/2047 | 300000 | 239774 |
| Prudential Financial, Inc., Sr. Unscd. Notes | 3.94 | 12/7/2049 | 208000 | 164665 |
| Prudential Financial, Inc., Sr. Unscd. Notes | 4.42 | 3/27/2048 | 95000 | 81733 |
| Reinsurance Group of America, Inc., Sr. Unscd. Notes | 3.90 | 5/15/2029 | 150000 | 148275 |
| RenaissanceRe Finance, Inc., Gtd. Notes | 3.45 | 7/1/2027 | 220000 | 217079 |
| RenaissanceRe Holdings Ltd., Sr. Unscd. Notes | 5.75 | 6/5/2033 | 41000 | 42915 |
| Stewart Information Services Corp., Sr. Unscd. Notes | 3.60 | 11/15/2031 | 135000 | 120854 |
| The Allstate Corp., Sr. Unscd. Notes | 4.50 | 6/15/2043 | 70000 | 62122 |
| The Allstate Corp., Sr. Unscd. Notes | 5.05 | 6/24/2029 | 500000 | 514622 |
| The Allstate Corp., Sr. Unscd. Notes | 5.25 | 3/30/2033 | 90000 | 93160 |
| The Hanover Insurance Group, Inc., Sr. Unscd. Notes | 2.50 | 9/1/2030 | 28000 | 25381 |
| The Hartford Insurance Group, Inc., Sr. Unscd. Notes | 3.60 | 8/19/2049 | 185000 | 140036 |
| The Progressive Corp., Sr. Unscd. Notes | 4.00 | 3/1/2029 | 31000 | 31031 |
| The Progressive Corp., Sr. Unscd. Notes | 4.13 | 4/15/2047 | 235000 | 198464 |
| The Progressive Corp., Sr. Unscd. Notes | 4.20 | 3/15/2048 | 155000 | 131709 |
| The Travelers Companies, Inc., Sr. Unscd. Notes | 3.75 | 5/15/2046 | 50000 | 39960 |
| The Travelers Companies, Inc., Sr. Unscd. Notes | 4.00 | 5/30/2047 | 145000 | 120094 |
| The Travelers Companies, Inc., Sr. Unscd. Notes | 5.05 | 7/24/2035 | 500000 | 509727 |
| The Travelers Companies, Inc., Sr. Unscd. Notes | 5.35 | 11/1/2040 | 25000 | 25486 |
| Travelers Property Casualty Corp., Gtd. Notes | 6.38 | 3/15/2033 | 200000 | 225062 |
| W.R. Berkley Corp., Sr. Unscd. Notes | 4.75 | 8/1/2044 | 70000 | 65025 |
| Willis North America, Inc., Gtd. Notes | 4.65 | 6/15/2027 | 189000 | 190222 |
| Willis North America, Inc., Gtd. Notes | 5.05 | 9/15/2048 | 177000 | 161581 |
| Willis North America, Inc., Gtd. Notes | 5.35 | 5/15/2033 | 15000 | 15493 |
| XL Group Ltd., Sr. Unscd. Bonds | 5.25 | 12/15/2043 | 25000 | 24324 |
|  |  |  |  | **15976313** |
| **Internet Software & Services — .4%** | **Internet Software & Services — .4%** | **Internet Software & Services — .4%** | **Internet Software & Services — .4%** | **Internet Software & Services — .4%** |
| Alphabet, Inc., Sr. Unscd. Notes | 0.80 | 8/15/2027 | 202000 | 192101 |
| Alphabet, Inc., Sr. Unscd. Notes | 1.90 | 8/15/2040 | 160000 | 109445 |
| Alphabet, Inc., Sr. Unscd. Notes | 2.05 | 8/15/2050 | 285000 | 160486 |
| Alphabet, Inc., Sr. Unscd. Notes | 2.25 | 8/15/2060 | 160000 | 85038 |
| Amazon.com, Inc., Sr. Unscd. Notes | 1.20 | 6/3/2027 | 185000 | 177763 |
| Amazon.com, Inc., Sr. Unscd. Notes | 1.50 | 6/3/2030 | 117000 | 104847 |
| Amazon.com, Inc., Sr. Unscd. Notes | 1.65 | 5/12/2028 | 225000 | 213335 |
| Amazon.com, Inc., Sr. Unscd. Notes | 2.50 | 6/3/2050 | 180000 | 110489 |
| Amazon.com, Inc., Sr. Unscd. Notes | 2.88 | 5/12/2041 | 201000 | 153900 |
| Amazon.com, Inc., Sr. Unscd. Notes | 3.10 | 5/12/2051 | 227000 | 155686 |

---

**141**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Internet Software & Services — .4% (continued)** | **Internet Software & Services — .4% (continued)** | **Internet Software & Services — .4% (continued)** | **Internet Software & Services — .4% (continued)** | **Internet Software & Services — .4% (continued)** |
| Amazon.com, Inc., Sr. Unscd. Notes | 3.15 | 8/22/2027 | 335000 | 331469 |
| Amazon.com, Inc., Sr. Unscd. Notes | 3.25 | 5/12/2061 | 160000 | 106093 |
| Amazon.com, Inc., Sr. Unscd. Notes | 3.30 | 4/13/2027 | 150000 | 148922 |
| Amazon.com, Inc., Sr. Unscd. Notes | 3.60 | 4/13/2032 | 125000 | 120760 |
| Amazon.com, Inc., Sr. Unscd. Notes | 3.88 | 8/22/2037 | 521000 | 478813 |
| Amazon.com, Inc., Sr. Unscd. Notes | 3.95 | 4/13/2052 | 134000 | 107847 |
| Amazon.com, Inc., Sr. Unscd. Notes | 4.05 | 8/22/2047 | 297000 | 249430 |
| Amazon.com, Inc., Sr. Unscd. Notes | 4.10 | 4/13/2062 | 190000 | 150961 |
| Amazon.com, Inc., Sr. Unscd. Notes | 4.25 | 8/22/2057 | 90000 | 74619 |
| Amazon.com, Inc., Sr. Unscd. Notes | 4.55 | 12/1/2027 | 245000 | 248507 |
| Amazon.com, Inc., Sr. Unscd. Notes | 4.65 | 12/1/2029 | 153000 | 156915 |
| Amazon.com, Inc., Sr. Unscd. Notes | 4.80 | 12/5/2034 | 50000 | 51499 |
| Booking Holdings, Inc., Sr. Unscd. Notes | 3.55 | 3/15/2028 | 25000 | 24734 |
| eBay, Inc., Sr. Unscd. Notes | 2.70 | 3/11/2030 | 17000 | 15906 |
| eBay, Inc., Sr. Unscd. Notes | 3.60 | 6/5/2027 | 155000 | 153896 |
| eBay, Inc., Sr. Unscd. Notes | 3.65 | 5/10/2051 | 28000 | 21030 |
| eBay, Inc., Sr. Unscd. Notes | 4.00 | 7/15/2042 | 175000 | 145833 |
| eBay, Inc., Sr. Unscd. Notes | 6.30 | 11/22/2032 | 60000 | 65916 |
| Expedia Group, Inc., Gtd. Notes | 3.80 | 2/15/2028 | 133000 | 131894 |
| Expedia Group, Inc., Gtd. Notes | 4.63 | 8/1/2027 | 30000 | 30187 |
| Meta Platforms, Inc., Sr. Unscd. Notes | 3.85 | 8/15/2032 | 220000 | 212260 |
| Meta Platforms, Inc., Sr. Unscd. Notes | 4.45 | 8/15/2052 | 291400 | 243985 |
| Meta Platforms, Inc., Sr. Unscd. Notes | 4.55 | 8/15/2031 | 250000 | 253643 |
| Meta Platforms, Inc., Sr. Unscd. Notes | 4.60 | 5/15/2028 | 70000 | 71155 |
| Meta Platforms, Inc., Sr. Unscd. Notes | 4.65 | 8/15/2062 | 260000 | 215973 |
| Meta Platforms, Inc., Sr. Unscd. Notes | 4.75 | 8/15/2034 | 250000 | 251333 |
| Meta Platforms, Inc., Sr. Unscd. Notes | 4.80 | 5/15/2030 | 100000 | 102860 |
| Meta Platforms, Inc., Sr. Unscd. Notes | 5.75 | 5/15/2063 | 495000 | 493623 |
| Netflix, Inc., Sr. Unscd. Notes | 4.88 | 4/15/2028 | 580000 | 592093 |
| Netflix, Inc., Sr. Unscd. Notes | 5.88 | 11/15/2028 | 321000 | 337564 |
| Netflix, Inc., Sr. Unscd. Notes | 6.38 | 5/15/2029 | 40000 | 42932 |
| VeriSign, Inc., Sr. Unscd. Notes | 4.75 | 7/15/2027 | 236000 | 235900 |
| Weibo Corp., Sr. Unscd. Notes | 3.38 | 7/8/2030 | 225000 | 213928 |
|  |  |  |  | **7545570** |
| **Materials — .1%** | **Materials — .1%** | **Materials — .1%** | **Materials — .1%** | **Materials — .1%** |
| Amcor Flexibles North America, Inc., Gtd. Notes | 2.69 | 5/25/2031 | 172000 | 156606 |
| Berry Global, Inc., Sr. Scd. Notes | 1.65 | 1/15/2027 | 25000 | 24209 |
| Berry Global, Inc., Sr. Scd. Notes | 5.80 | 6/15/2031 | 250000 | 264897 |
| Packaging Corp. of America, Sr. Unscd. Notes | 3.00 | 12/15/2029 | 103000 | 98442 |
| Packaging Corp. of America, Sr. Unscd. Notes | 4.05 | 12/15/2049 | 54000 | 43493 |
| Packaging Corp. of America, Sr. Unscd. Notes | 5.70 | 12/1/2033 | 150000 | 158664 |
| Sonoco Products Co., Sr. Unscd. Notes | 2.25 | 2/1/2027 | 25000 | 24373 |
| Sonoco Products Co., Sr. Unscd. Notes<sup>(b)</sup> <br>| 2.85 | 2/1/2032 | 101000 | 90531 |
| WRKCo, Inc., Gtd. Notes | 4.00 | 3/15/2028 | 50000 | 49783 |
|  |  |  |  | **910998** |
| **Media — .5%** | **Media — .5%** | **Media — .5%** | **Media — .5%** | **Media — .5%** |
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Sr. Scd. Notes<br>| 2.80 | 4/1/2031 | 331000 | 297113 |
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Sr. Scd. Notes<br>| 3.50 | 6/1/2041 | 300000 | 215813 |

---

**142**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Media — .5% (continued)** | **Media — .5% (continued)** | **Media — .5% (continued)** | **Media — .5% (continued)** | **Media — .5% (continued)** |
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Sr. Scd. Notes<br>| 3.70 | 4/1/2051 | 140000 | 91044 |
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Sr. Scd. Notes<br>| 3.85 | 4/1/2061 | 156000 | 95388 |
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Sr. Scd. Notes<br>| 3.90 | 6/1/2052 | 45000 | 29544 |
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Sr. Scd. Notes<br>| 4.40 | 12/1/2061 | 844000 | 571590 |
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Sr. Scd. Notes<br>| 4.80 | 3/1/2050 | 230000 | 178872 |
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Sr. Scd. Notes<br>| 5.13 | 7/1/2049 | 175000 | 141866 |
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Sr. Scd. Notes<br>| 5.50 | 4/1/2063 | 150000 | 121911 |
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Sr. Scd. Notes<br>| 6.83 | 10/23/2055 | 121000 | 120358 |
| Comcast Corp., Gtd. Bonds | 3.97 | 11/1/2047 | 50000 | 38417 |
| Comcast Corp., Gtd. Notes | 1.95 | 1/15/2031 | 172000 | 152239 |
| Comcast Corp., Gtd. Notes | 2.80 | 1/15/2051 | 255000 | 152580 |
| Comcast Corp., Gtd. Notes | 2.89 | 11/1/2051 | 160000 | 96748 |
| Comcast Corp., Gtd. Notes | 2.94 | 11/1/2056 | 400000 | 232314 |
| Comcast Corp., Gtd. Notes | 2.99 | 11/1/2063 | 185000 | 103048 |
| Comcast Corp., Gtd. Notes | 3.30 | 2/1/2027 | 120000 | 118947 |
| Comcast Corp., Gtd. Notes | 3.45 | 2/1/2050 | 120000 | 82474 |
| Comcast Corp., Gtd. Notes | 3.75 | 4/1/2040 | 250000 | 207977 |
| Comcast Corp., Gtd. Notes | 4.00 | 3/1/2048 | 150000 | 115736 |
| Comcast Corp., Gtd. Notes | 4.20 | 8/15/2034 | 150000 | 142617 |
| Comcast Corp., Gtd. Notes | 4.25 | 1/15/2033 | 50000 | 48733 |
| Comcast Corp., Gtd. Notes | 4.60 | 10/15/2038 | 125000 | 116413 |
| Comcast Corp., Gtd. Notes | 4.65 | 2/15/2033 | 50000 | 49951 |
| Comcast Corp., Gtd. Notes | 4.95 | 5/15/2032 | 200000 | 203714 |
| Comcast Corp., Gtd. Notes<sup>(c)</sup> <br>| 5.17 | 1/15/2037 | 1246000 | 1227167 |
| Comcast Corp., Gtd. Notes | 5.50 | 5/15/2064 | 625000 | 575759 |
| Comcast Corp., Gtd. Notes<sup>(b)</sup> <br>| 5.65 | 6/15/2035 | 125000 | 131079 |
| Comcast Corp., Gtd. Notes | 5.65 | 6/1/2054 | 85000 | 81382 |
| Comcast Corp., Gtd. Notes | 6.05 | 5/15/2055 | 200000 | 201994 |
| Comcast Corp., Gtd. Notes | 6.95 | 8/15/2037 | 100000 | 115335 |
| FactSet Research Systems, Inc., Sr. Unscd. Notes | 2.90 | 3/1/2027 | 175000 | 171979 |
| Fox Corp., Sr. Unscd. Notes | 4.71 | 1/25/2029 | 50000 | 50597 |
| Fox Corp., Sr. Unscd. Notes | 5.48 | 1/25/2039 | 100000 | 100558 |
| Fox Corp., Sr. Unscd. Notes | 5.58 | 1/25/2049 | 85000 | 82535 |
| Grupo Televisa SAB, Sr. Unscd. Bonds | 6.63 | 1/15/2040 | 121000 | 110991 |
| Grupo Televisa SAB, Sr. Unscd. Notes | 5.00 | 5/13/2045 | 100000 | 69545 |
| Grupo Televisa SAB, Sr. Unscd. Notes | 6.13 | 1/31/2046 | 250000 | 200465 |
| Grupo Televisa SAB, Sr. Unscd. Notes | 8.50 | 3/11/2032 | 100000 | 109406 |
| NBCUniversal Media LLC, Gtd. Notes | 4.45 | 1/15/2043 | 50000 | 42820 |
| NBCUniversal Media LLC, Gtd. Notes | 6.40 | 4/30/2040 | 50000 | 54661 |
| Paramount Global, Gtd. Debs. | 5.85 | 9/1/2043 | 130000 | 116647 |
| Paramount Global, Gtd. Notes | 4.60 | 1/15/2045 | 270000 | 206211 |
| Paramount Global, Gtd. Notes | 5.90 | 10/15/2040 | 160000 | 146954 |
| The Walt Disney Company, Gtd. Notes | 3.60 | 1/13/2051 | 215000 | 163733 |

---

**143**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Media — .5% (continued)** | **Media — .5% (continued)** | **Media — .5% (continued)** | **Media — .5% (continued)** | **Media — .5% (continued)** |
| The Walt Disney Company, Gtd. Notes | 3.70 | 3/23/2027 | 600000 | 599124 |
| The Walt Disney Company, Gtd. Notes | 3.80 | 3/22/2030 | 250000 | 247565 |
| The Walt Disney Company, Gtd. Notes | 4.63 | 3/23/2040 | 211000 | 203041 |
| The Walt Disney Company, Gtd. Notes | 4.70 | 3/23/2050 | 271000 | 247278 |
| The Walt Disney Company, Gtd. Notes | 4.75 | 9/15/2044 | 50000 | 46465 |
| Time Warner Cable LLC, Sr. Scd. Bonds | 5.88 | 11/15/2040 | 600000 | 557405 |
| Time Warner Cable LLC, Sr. Scd. Debs. | 6.55 | 5/1/2037 | 100000 | 102451 |
| Time Warner Cable LLC, Sr. Scd. Notes | 5.50 | 9/1/2041 | 150000 | 134819 |
| Time Warner Cable LLC, Sr. Scd. Notes | 7.30 | 7/1/2038 | 149800 | 161405 |
| TWDC Enterprises 18 Corp., Gtd. Notes | 3.00 | 7/30/2046 | 285000 | 200609 |
| TWDC Enterprises 18 Corp., Gtd. Notes | 4.13 | 6/1/2044 | 70000 | 59634 |
| TWDC Enterprises 18 Corp., Gtd. Notes, Ser. E | 4.13 | 12/1/2041 | 155000 | 135721 |
|  |  |  |  | **10380742** |
| **Metals & Mining — .2%** | **Metals & Mining — .2%** | **Metals & Mining — .2%** | **Metals & Mining — .2%** | **Metals & Mining — .2%** |
| AngloGold Ashanti Holdings PLC, Gtd. Notes | 3.75 | 10/1/2030 | 50000 | 47813 |
| ArcelorMittal SA, Sr. Unscd. Notes | 4.25 | 7/16/2029 | 95000 | 94946 |
| ArcelorMittal SA, Sr. Unscd. Notes | 6.55 | 11/29/2027 | 92000 | 95687 |
| ArcelorMittal SA, Sr. Unscd. Notes | 6.75 | 3/1/2041 | 148000 | 161815 |
| Barrick PD Australia Finance Pty Ltd., Gtd. Notes | 5.95 | 10/15/2039 | 157000 | 166868 |
| BHP Billiton Finance USA Ltd., Gtd. Notes | 4.90 | 2/28/2033 | 35000 | 35748 |
| BHP Billiton Finance USA Ltd., Gtd. Notes | 5.00 | 9/30/2043 | 30000 | 28894 |
| BHP Billiton Finance USA Ltd., Gtd. Notes | 5.10 | 9/8/2028 | 110000 | 113080 |
| BHP Billiton Finance USA Ltd., Gtd. Notes | 5.25 | 9/8/2030 | 55000 | 57306 |
| BHP Billiton Finance USA Ltd., Gtd. Notes | 5.25 | 9/8/2033 | 329000 | 342255 |
| BHP Billiton Finance USA Ltd., Gtd. Notes | 5.30 | 2/21/2035 | 250000 | 259208 |
| BHP Billiton Finance USA Ltd., Gtd. Notes | 5.50 | 9/8/2053 | 140000 | 142365 |
| Freeport-McMoRan, Inc., Gtd. Notes | 4.25 | 3/1/2030 | 205000 | 203363 |
| Freeport-McMoRan, Inc., Gtd. Notes | 4.38 | 8/1/2028 | 125000 | 124623 |
| Freeport-McMoRan, Inc., Gtd. Notes | 5.00 | 9/1/2027 | 25000 | 25013 |
| Freeport-McMoRan, Inc., Gtd. Notes | 5.25 | 9/1/2029 | 132000 | 134078 |
| Freeport-McMoRan, Inc., Gtd. Notes | 5.45 | 3/15/2043 | 20000 | 19408 |
| Nucor Corp., Sr. Unscd. Notes | 2.98 | 12/15/2055 | 50000 | 31370 |
| Nucor Corp., Sr. Unscd. Notes | 4.30 | 5/23/2027 | 10000 | 10045 |
| Nucor Corp., Sr. Unscd. Notes | 4.40 | 5/1/2048 | 100000 | 86189 |
| Nucor Corp., Sr. Unscd. Notes | 5.10 | 6/1/2035 | 200000 | 204227 |
| Rio Tinto Alcan, Inc., Sr. Unscd. Debs. | 7.25 | 3/15/2031 | 176000 | 201969 |
| Rio Tinto Alcan, Inc., Sr. Unscd. Notes | 6.13 | 12/15/2033 | 100000 | 109966 |
| Rio Tinto Finance USA PLC, Gtd. Notes | 5.00 | 3/14/2032 | 200000 | 206185 |
| Rio Tinto Finance USA PLC, Gtd. Notes | 5.00 | 3/9/2033 | 55000 | 56596 |
| Rio Tinto Finance USA PLC, Gtd. Notes | 5.13 | 3/9/2053 | 155000 | 147480 |
| Rio Tinto Finance USA PLC, Gtd. Notes | 5.25 | 3/14/2035 | 200000 | 206764 |
| Rio Tinto Finance USA PLC, Gtd. Notes | 5.75 | 3/14/2055 | 150000 | 154986 |
| Southern Copper Corp., Sr. Unscd. Notes | 5.25 | 11/8/2042 | 305000 | 295857 |
| Southern Copper Corp., Sr. Unscd. Notes | 7.50 | 7/27/2035 | 290000 | 345208 |
| Steel Dynamics, Inc., Sr. Unscd. Notes | 3.25 | 1/15/2031 | 37000 | 35023 |
| Vale Overseas Ltd., Gtd. Notes | 3.75 | 7/8/2030 | 567000 | 547057 |
|  |  |  |  | **4691392** |
| **Municipal Securities — .3%** | **Municipal Securities — .3%** | **Municipal Securities — .3%** | **Municipal Securities — .3%** | **Municipal Securities — .3%** |
| Bay Area Toll Authority, Revenue Bonds, Ser. S1 | 7.04 | 4/1/2050 | 10000 | 11688 |
| Bay Area Toll Authority, Revenue Bonds, Ser. S3 | 6.91 | 10/1/2050 | 380000 | 440471 |

---

**144**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Municipal Securities — .3% (continued)** | **Municipal Securities — .3% (continued)** | **Municipal Securities — .3% (continued)** | **Municipal Securities — .3% (continued)** | **Municipal Securities — .3% (continued)** |
| California, GO | 5.13 | 9/1/2029 | 100000 | 104590 |
| California, GO | 7.50 | 4/1/2034 | 75000 | 88048 |
| California, GO | 7.60 | 11/1/2040 | 15000 | 18586 |
| California, GO | 7.63 | 3/1/2040 | 385000 | 469799 |
| California, GO (Build America Bonds) | 7.30 | 10/1/2039 | 85000 | 99701 |
| California State University, Revenue Bonds, Refunding, Ser. B | 2.72 | 11/1/2052 | 50000 | 33707 |
| California State University, Revenue Bonds, Refunding, Ser. B | 2.98 | 11/1/2051 | 15000 | 10575 |
| Chicago Transit Authority Sales & Transfer Tax Receipts, Revenue Bonds, Ser. A | 6.90 | 12/1/2040 | 93855 | 105812 |
| Commonwealth of Massachusetts, GO | 5.46 | 12/1/2039 | 320000 | 330359 |
| Dallas Fort Worth International Airport, Revenue Bonds, Refunding | 2.84 | 11/1/2046 | 175000 | 129151 |
| Dallas Fort Worth International Airport, Revenue Bonds, Ser. A | 4.09 | 11/1/2051 | 100000 | 82988 |
| Dallas Fort Worth International Airport, Revenue Bonds, Ser. A | 4.51 | 11/1/2051 | 40000 | 35381 |
| Idaho Energy Resources Authority, Revenue Bonds | 2.86 | 9/1/2046 | 45000 | 32247 |
| Illinois, GO | 5.10 | 6/1/2033 | 17451 | 17786 |
| Indiana Finance Authority, Revenue Bonds, Refunding (Ohio River Bridges East <br> End Crossing Project)<br>| 3.05 | 1/1/2051 | 65000 | 49057 |
| Los Angeles Department of Airports Customer Facility Charge, Revenue Bonds <br> (Consolidated Rental Car Facility Project) (Insured; Assured Guaranty Corp.) <br> Ser. A<br>| 4.24 | 5/15/2048 | 620000 | 539859 |
| Louisiana Local Government Environmental Facilities & Community <br> Development Authority, Revenue Bonds (Louisiana Utilities Restoration <br> Corporation Project)<br>| 4.48 | 8/1/2039 | 100000 | 91545 |
| Michigan State University, Revenue Bonds, Ser. A | 4.17 | 8/15/2122 | 100000 | 75328 |
| Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding <br> (The Washington University) Ser. A<br>| 3.23 | 5/15/2050 | 500000 | 362675 |
| Municipal Electric Authority of Georgia, Revenue Bonds, Refunding | 6.64 | 4/1/2057 | 97000 | 106511 |
| New Jersey Turnpike Authority, Revenue Bonds, Ser. A | 7.10 | 1/1/2041 | 345000 | 403449 |
| New Jersey Turnpike Authority, Revenue Bonds, Ser. F | 7.41 | 1/1/2040 | 200000 | 241980 |
| New York City Municipal Water Finance Authority, Revenue Bonds, Refunding | 5.44 | 6/15/2043 | 790000 | 788815 |
| New York City Municipal Water Finance Authority, Revenue Bonds, Refunding | 5.72 | 6/15/2042 | 225000 | 230982 |
| North Texas Tollway Authority, Revenue Bonds, Ser. B | 6.72 | 1/1/2049 | 15000 | 16896 |
| Port Authority of New York & New Jersey, Revenue Bonds | 3.14 | 2/15/2051 | 250000 | 185215 |
| Port Authority of New York & New Jersey, Revenue Bonds, Refunding | 4.46 | 10/1/2062 | 150000 | 129393 |
| Port Authority of New York & New Jersey, Revenue Bonds, Ser. 181 | 4.96 | 8/1/2046 | 100000 | 96623 |
| Regents of the University of California Medical Center, Revenue Bonds, <br> Refunding, Ser. F<br>| 6.58 | 5/15/2049 | 315000 | 342181 |
| Regents of the University of California Medical Center, Revenue Bonds, Ser. N | 3.01 | 5/15/2050 | 465000 | 314037 |
| Rutgers The State University of New Jersey, Revenue Bonds, Refunding, Ser. R | 3.27 | 5/1/2043 | 60000 | 49456 |
| Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. B | 3.59 | 1/1/2043 | 30000 | 25991 |
| Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. B | 3.82 | 1/1/2048 | 170000 | 136830 |
| San Diego County Regional Transportation Commission, Revenue Bonds | 5.91 | 4/1/2048 | 45000 | 46758 |
| San Francisco Public Utilities Commission, Revenue Bonds | 6.95 | 11/1/2050 | 110000 | 124149 |
| State Board of Administration Finance Corp., Revenue Bonds, Ser. A | 1.71 | 7/1/2027 | 100000 | 96464 |
| Texas Natural Gas Securitization Finance Corp., Revenue Bonds | 5.17 | 4/1/2041 | 50000 | 51366 |
| Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (NTE <br> Mobility Partners LLC North Tarrant Express Managed Lanes Project) Ser. B<br>| 3.92 | 12/31/2049 | 10000 | 8132 |
| The Ohio State University, Revenue Bonds, Ser. A | 4.80 | 6/1/2111 | 10000 | 8709 |
| The Ohio State University, Revenue Bonds, Ser. C | 4.91 | 6/1/2040 | 50000 | 49382 |
| University of Michigan, Revenue Bonds, Ser. A | 4.45 | 4/1/2122 | 50000 | 40520 |

---

**145**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Municipal Securities — .3% (continued)** | **Municipal Securities — .3% (continued)** | **Municipal Securities — .3% (continued)** | **Municipal Securities — .3% (continued)** | **Municipal Securities — .3% (continued)** |
| University of Michigan, Revenue Bonds, Ser. B | 2.44 | 4/1/2040 | 54000 | 41108 |
| University of Virginia, Revenue Bonds, Refunding, Ser. B | 2.58 | 11/1/2051 | 100000 | 63354 |
|  |  |  |  | **6727654** |
| **Real Estate — .9%** | **Real Estate — .9%** | **Real Estate — .9%** | **Real Estate — .9%** | **Real Estate — .9%** |
| Agree LP, Gtd. Notes | 2.00 | 6/15/2028 | 410000 | 388656 |
| Alexandria Real Estate Equities, Inc., Gtd. Notes | 2.95 | 3/15/2034 | 78000 | 66894 |
| Alexandria Real Estate Equities, Inc., Gtd. Notes | 3.00 | 5/18/2051 | 152000 | 93537 |
| Alexandria Real Estate Equities, Inc., Gtd. Notes | 3.38 | 8/15/2031 | 40000 | 37328 |
| Alexandria Real Estate Equities, Inc., Gtd. Notes | 3.55 | 3/15/2052 | 130000 | 89127 |
| Alexandria Real Estate Equities, Inc., Gtd. Notes | 3.95 | 1/15/2027 | 50000 | 49775 |
| Alexandria Real Estate Equities, Inc., Gtd. Notes | 4.75 | 4/15/2035 | 200000 | 193752 |
| American Assets Trust LP, Gtd. Notes | 3.38 | 2/1/2031 | 50000 | 45570 |
| American Homes 4 Rent LP, Sr. Unscd. Notes | 3.38 | 7/15/2051 | 92000 | 62789 |
| American Homes 4 Rent LP, Sr. Unscd. Notes | 5.50 | 7/15/2034 | 250000 | 258231 |
| American Tower Corp., Sr. Unscd. Notes | 1.88 | 10/15/2030 | 25000 | 22153 |
| American Tower Corp., Sr. Unscd. Notes | 2.10 | 6/15/2030 | 25000 | 22596 |
| American Tower Corp., Sr. Unscd. Notes | 2.30 | 9/15/2031 | 25000 | 22140 |
| American Tower Corp., Sr. Unscd. Notes | 2.70 | 4/15/2031 | 35000 | 31949 |
| American Tower Corp., Sr. Unscd. Notes | 2.90 | 1/15/2030 | 75000 | 70833 |
| American Tower Corp., Sr. Unscd. Notes | 2.95 | 1/15/2051 | 87000 | 56221 |
| American Tower Corp., Sr. Unscd. Notes | 3.10 | 6/15/2050 | 95000 | 63950 |
| American Tower Corp., Sr. Unscd. Notes | 3.70 | 10/15/2049 | 20000 | 15041 |
| American Tower Corp., Sr. Unscd. Notes | 3.80 | 8/15/2029 | 57000 | 55946 |
| American Tower Corp., Sr. Unscd. Notes | 3.95 | 3/15/2029 | 596000 | 590146 |
| American Tower Corp., Sr. Unscd. Notes | 5.00 | 1/31/2030 | 100000 | 102395 |
| American Tower Corp., Sr. Unscd. Notes | 5.25 | 7/15/2028 | 69000 | 70850 |
| American Tower Corp., Sr. Unscd. Notes | 5.40 | 1/31/2035 | 120000 | 123609 |
| American Tower Corp., Sr. Unscd. Notes | 5.50 | 3/15/2028 | 55000 | 56564 |
| American Tower Corp., Sr. Unscd. Notes | 5.55 | 7/15/2033 | 95000 | 99366 |
| American Tower Corp., Sr. Unscd. Notes | 5.90 | 11/15/2033 | 39000 | 41739 |
| AvalonBay Communities, Inc., Sr. Unscd. Notes | 3.30 | 6/1/2029 | 50000 | 48529 |
| AvalonBay Communities, Inc., Sr. Unscd. Notes | 5.00 | 2/15/2033 | 50000 | 51158 |
| AvalonBay Communities, Inc., Sr. Unscd. Notes | 5.30 | 12/7/2033 | 300000 | 312257 |
| Boston Properties LP, Sr. Unscd. Notes | 2.55 | 4/1/2032 | 122000 | 105635 |
| Boston Properties LP, Sr. Unscd. Notes | 3.25 | 1/30/2031 | 426000 | 396698 |
| Boston Properties LP, Sr. Unscd. Notes | 3.40 | 6/21/2029 | 27000 | 25975 |
| Boston Properties LP, Sr. Unscd. Notes | 4.50 | 12/1/2028 | 575000 | 576030 |
| Brixmor Operating Partnership LP, Sr. Unscd. Notes | 2.50 | 8/16/2031 | 190000 | 169104 |
| Broadstone NET Lease LLC, Gtd. Notes | 2.60 | 9/15/2031 | 15000 | 13181 |
| Camden Property Trust, Sr. Unscd. Notes | 3.35 | 11/1/2049 | 35000 | 25131 |
| Camden Property Trust, Sr. Unscd. Notes | 4.10 | 10/15/2028 | 40000 | 40066 |
| Camden Property Trust, Sr. Unscd. Notes | 5.85 | 11/3/2026 | 50000 | 50833 |
| CBRE Services, Inc., Gtd. Notes | 5.95 | 8/15/2034 | 15000 | 16022 |
| COPT Defense Properties LP, Gtd. Notes | 2.00 | 1/15/2029 | 52000 | 48384 |
| Cousins Properties LP, Gtd. Notes | 5.88 | 10/1/2034 | 140000 | 146113 |
| Crown Castle, Inc., Sr. Unscd. Bonds | 3.80 | 2/15/2028 | 50000 | 49458 |
| Crown Castle, Inc., Sr. Unscd. Notes | 2.25 | 1/15/2031 | 285000 | 253865 |
| Crown Castle, Inc., Sr. Unscd. Notes | 2.50 | 7/15/2031 | 363000 | 323167 |
| Crown Castle, Inc., Sr. Unscd. Notes | 3.10 | 11/15/2029 | 156000 | 148367 |
| Crown Castle, Inc., Sr. Unscd. Notes | 3.25 | 1/15/2051 | 130000 | 87251 |

---

**146**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Real Estate — .9% (continued)** | **Real Estate — .9% (continued)** | **Real Estate — .9% (continued)** | **Real Estate — .9% (continued)** | **Real Estate — .9% (continued)** |
| Crown Castle, Inc., Sr. Unscd. Notes | 4.00 | 11/15/2049 | 150000 | 115355 |
| Crown Castle, Inc., Sr. Unscd. Notes | 4.15 | 7/1/2050 | 15000 | 11903 |
| Crown Castle, Inc., Sr. Unscd. Notes | 4.30 | 2/15/2029 | 50000 | 49793 |
| Crown Castle, Inc., Sr. Unscd. Notes | 5.00 | 1/11/2028 | 50000 | 50688 |
| Crown Castle, Inc., Sr. Unscd. Notes | 5.10 | 5/1/2033 | 127000 | 128623 |
| CubeSmart LP, Gtd. Notes | 5.13 | 11/1/2035 | 200000 | 199175 |
| Digital Realty Trust LP, Gtd. Bonds | 3.70 | 8/15/2027 | 260000 | 258167 |
| Digital Realty Trust LP, Gtd. Notes | 4.45 | 7/15/2028 | 95000 | 95567 |
| DOC DR LLC, Gtd. Notes | 3.95 | 1/15/2028 | 25000 | 24811 |
| EPR Properties, Gtd. Notes | 4.50 | 6/1/2027 | 50000 | 50023 |
| Equinix, Inc., Sr. Unscd. Notes | 2.50 | 5/15/2031 | 122000 | 110103 |
| Equinix, Inc., Sr. Unscd. Notes | 2.90 | 11/18/2026 | 54000 | 53303 |
| Equinix, Inc., Sr. Unscd. Notes | 2.95 | 9/15/2051 | 155000 | 99244 |
| Equinix, Inc., Sr. Unscd. Notes | 3.00 | 7/15/2050 | 100000 | 65474 |
| Equinix, Inc., Sr. Unscd. Notes | 3.40 | 2/15/2052 | 70000 | 49082 |
| Equinix, Inc., Sr. Unscd. Notes | 3.90 | 4/15/2032 | 50000 | 48037 |
| ERP Operating LP, Sr. Unscd. Notes | 4.00 | 8/1/2047 | 25000 | 20389 |
| ERP Operating LP, Sr. Unscd. Notes | 4.15 | 12/1/2028 | 200000 | 200693 |
| ERP Operating LP, Sr. Unscd. Notes | 4.50 | 7/1/2044 | 120000 | 107056 |
| Essex Portfolio LP, Gtd. Notes | 2.55 | 6/15/2031 | 310000 | 279019 |
| Essex Portfolio LP, Gtd. Notes | 2.65 | 3/15/2032 | 500000 | 446471 |
| Extra Space Storage LP, Gtd. Notes | 2.35 | 3/15/2032 | 470000 | 408828 |
| Extra Space Storage LP, Gtd. Notes | 4.00 | 6/15/2029 | 125000 | 123761 |
| Extra Space Storage LP, Gtd. Notes | 5.40 | 6/15/2035 | 110000 | 112569 |
| Extra Space Storage LP, Gtd. Notes | 5.50 | 7/1/2030 | 60000 | 62484 |
| Federal Realty OP LP, Sr. Unscd. Notes | 3.20 | 6/15/2029 | 76000 | 72906 |
| Federal Realty OP LP, Sr. Unscd. Notes | 3.50 | 6/1/2030 | 100000 | 96279 |
| Federal Realty OP LP, Sr. Unscd. Notes | 4.50 | 12/1/2044 | 40000 | 35272 |
| GLP Capital LP/GLP Financing II, Inc., Gtd. Notes | 3.25 | 1/15/2032 | 130000 | 116735 |
| GLP Capital LP/GLP Financing II, Inc., Gtd. Notes | 4.00 | 1/15/2030 | 140000 | 135409 |
| GLP Capital LP/GLP Financing II, Inc., Gtd. Notes | 5.63 | 9/15/2034 | 50000 | 50532 |
| GLP Capital LP/GLP Financing II, Inc., Gtd. Notes | 5.75 | 6/1/2028 | 45000 | 46243 |
| GLP Capital LP/GLP Financing II, Inc., Gtd. Notes | 6.75 | 12/1/2033 | 145000 | 156664 |
| Healthpeak OP LLC, Gtd. Notes | 5.25 | 12/15/2032 | 100000 | 102738 |
| Highwoods Realty LP, Sr. Unscd. Notes | 3.05 | 2/15/2030 | 50000 | 46405 |
| Highwoods Realty LP, Sr. Unscd. Notes | 3.88 | 3/1/2027 | 44000 | 43563 |
| Highwoods Realty LP, Sr. Unscd. Notes | 7.65 | 2/1/2034 | 629000 | 717506 |
| Host Hotels & Resorts LP, Sr. Unscd. Notes | 5.70 | 7/1/2034 | 207000 | 212256 |
| Invitation Homes Operating Partnership LP, Gtd. Notes | 2.30 | 11/15/2028 | 71000 | 67162 |
| Jones Lang Lasalle, Inc., Sr. Unscd. Notes | 6.88 | 12/1/2028 | 50000 | 53627 |
| Kilroy Realty LP, Gtd. Notes | 6.25 | 1/15/2036 | 200000 | 206217 |
| Kimco Realty OP LLC, Gtd. Notes | 3.70 | 10/1/2049 | 95000 | 71688 |
| Kimco Realty OP LLC, Gtd. Notes | 6.40 | 3/1/2034 | 10000 | 11034 |
| Mid-America Apartments LP, Sr. Unscd. Notes | 3.60 | 6/1/2027 | 40000 | 39747 |
| National Health Investors, Inc., Gtd. Notes | 3.00 | 2/1/2031 | 95000 | 85627 |
| NNN REIT, Inc., Sr. Unscd. Notes | 3.00 | 4/15/2052 | 76000 | 48378 |
| NNN REIT, Inc., Sr. Unscd. Notes | 3.50 | 4/15/2051 | 25000 | 17692 |
| NNN REIT, Inc., Sr. Unscd. Notes | 5.60 | 10/15/2033 | 10000 | 10464 |
| OMEGA Healthcare Investors, Inc., Gtd. Notes | 3.63 | 10/1/2029 | 115000 | 110497 |
| OMEGA Healthcare Investors, Inc., Gtd. Notes | 4.50 | 4/1/2027 | 95000 | 95309 |

---

**147**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Real Estate — .9% (continued)** | **Real Estate — .9% (continued)** | **Real Estate — .9% (continued)** | **Real Estate — .9% (continued)** | **Real Estate — .9% (continued)** |
| OMEGA Healthcare Investors, Inc., Gtd. Notes | 4.75 | 1/15/2028 | 25000 | 25169 |
| ProLogis LP, Sr. Unscd. Notes | 1.75 | 2/1/2031 | 10000 | 8801 |
| ProLogis LP, Sr. Unscd. Notes | 2.88 | 11/15/2029 | 267000 | 254343 |
| ProLogis LP, Sr. Unscd. Notes | 4.88 | 6/15/2028 | 315000 | 321898 |
| ProLogis LP, Sr. Unscd. Notes | 5.13 | 1/15/2034 | 275000 | 282346 |
| ProLogis LP, Sr. Unscd. Notes | 5.25 | 3/15/2054 | 300000 | 291309 |
| Public Storage Operating Co., Gtd. Notes | 1.50 | 11/9/2026 | 565000 | 551343 |
| Public Storage Operating Co., Gtd. Notes | 1.95 | 11/9/2028 | 500000 | 470834 |
| Public Storage Operating Co., Gtd. Notes | 3.39 | 5/1/2029 | 105000 | 102578 |
| Public Storage Operating Co., Gtd. Notes | 5.10 | 8/1/2033 | 46000 | 47735 |
| Rayonier LP, Gtd. Notes | 2.75 | 5/17/2031 | 65000 | 58570 |
| Realty Income Corp., Gtd. Notes<sup>(b)</sup> <br>| 3.40 | 1/15/2030 | 110000 | 106589 |
| Realty Income Corp., Gtd. Notes | 4.00 | 7/15/2029 | 203000 | 202028 |
| Realty Income Corp., Sr. Unscd. Notes | 2.70 | 2/15/2032 | 25000 | 22493 |
| Realty Income Corp., Sr. Unscd. Notes | 3.00 | 1/15/2027 | 50000 | 49374 |
| Realty Income Corp., Sr. Unscd. Notes | 3.20 | 2/15/2031 | 10000 | 9435 |
| Realty Income Corp., Sr. Unscd. Notes | 3.25 | 6/15/2029 | 151000 | 146354 |
| Realty Income Corp., Sr. Unscd. Notes | 3.40 | 1/15/2028 | 55000 | 54266 |
| Realty Income Corp., Sr. Unscd. Notes | 3.95 | 8/15/2027 | 60000 | 59893 |
| Realty Income Corp., Sr. Unscd. Notes | 4.65 | 3/15/2047 | 171000 | 153471 |
| Realty Income Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>| 4.90 | 7/15/2033 | 60000 | 60775 |
| Regency Centers LP, Gtd. Notes | 2.95 | 9/15/2029 | 130000 | 124412 |
| Regency Centers LP, Gtd. Notes | 4.40 | 2/1/2047 | 25000 | 21649 |
| Rexford Industrial Realty LP, Gtd. Notes | 2.15 | 9/1/2031 | 40000 | 34921 |
| Sabra Health Care LP, Gtd. Notes | 3.90 | 10/15/2029 | 202000 | 196277 |
| Safehold GL Holdings LLC, Gtd. Notes<sup>(b)</sup> <br>| 2.80 | 6/15/2031 | 44000 | 40537 |
| Simon Property Group LP, Sr. Unscd. Notes | 2.20 | 2/1/2031 | 316000 | 284330 |
| Simon Property Group LP, Sr. Unscd. Notes | 2.45 | 9/13/2029 | 125000 | 117520 |
| Simon Property Group LP, Sr. Unscd. Notes | 2.65 | 7/15/2030 | 15000 | 13999 |
| Simon Property Group LP, Sr. Unscd. Notes | 3.25 | 11/30/2026 | 37000 | 36741 |
| Simon Property Group LP, Sr. Unscd. Notes<sup>(b)</sup> <br>| 3.25 | 9/13/2049 | 102000 | 71384 |
| Simon Property Group LP, Sr. Unscd. Notes | 3.38 | 6/15/2027 | 48000 | 47579 |
| Simon Property Group LP, Sr. Unscd. Notes | 3.38 | 12/1/2027 | 90000 | 88986 |
| Simon Property Group LP, Sr. Unscd. Notes | 4.75 | 9/26/2034 | 100000 | 99335 |
| Simon Property Group LP, Sr. Unscd. Notes | 4.75 | 3/15/2042 | 70000 | 64664 |
| Simon Property Group LP, Sr. Unscd. Notes | 5.13 | 10/1/2035 | 200000 | 202626 |
| Simon Property Group LP, Sr. Unscd. Notes | 5.50 | 3/8/2033 | 30000 | 31608 |
| Simon Property Group LP, Sr. Unscd. Notes | 6.25 | 1/15/2034 | 50000 | 54903 |
| Store Capital LLC, Sr. Unscd. Notes | 2.70 | 12/1/2031 | 78000 | 68454 |
| Store Capital LLC, Sr. Unscd. Notes | 2.75 | 11/18/2030 | 20000 | 18206 |
| Sun Communities Operating LP, Gtd. Notes | 4.20 | 4/15/2032 | 35000 | 34113 |
| Tanger Properties LP, Sr. Unscd. Notes | 2.75 | 9/1/2031 | 90000 | 80987 |
| UDR, Inc., Gtd. Notes | 2.10 | 8/1/2032 | 25000 | 21373 |
| UDR, Inc., Gtd. Notes | 3.00 | 8/15/2031 | 50000 | 46253 |
| Ventas Realty LP, Gtd. Notes | 3.00 | 1/15/2030 | 15000 | 14212 |
| Ventas Realty LP, Gtd. Notes | 4.40 | 1/15/2029 | 228000 | 228577 |
| Ventas Realty LP, Gtd. Notes | 4.88 | 4/15/2049 | 10000 | 8881 |
| VICI Properties LP, Sr. Unscd. Notes | 4.95 | 2/15/2030 | 315000 | 318312 |
| VICI Properties LP, Sr. Unscd. Notes | 5.63 | 5/15/2052 | 208000 | 196782 |
| Welltower OP LLC, Gtd. Notes | 2.75 | 1/15/2031 | 237000 | 219828 |

---

**148**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Real Estate — .9% (continued)** | **Real Estate — .9% (continued)** | **Real Estate — .9% (continued)** | **Real Estate — .9% (continued)** | **Real Estate — .9% (continued)** |
| Welltower OP LLC, Gtd. Notes | 3.10 | 1/15/2030 | 52000 | 49777 |
| Weyerhaeuser Co., Sr. Unscd. Notes | 4.00 | 11/15/2029 | 375000 | 370512 |
| Weyerhaeuser Co., Sr. Unscd. Notes | 4.00 | 4/15/2030 | 15000 | 14784 |
| Weyerhaeuser Co., Sr. Unscd. Notes | 4.00 | 3/9/2052 | 41000 | 32090 |
| WP Carey, Inc., Sr. Unscd. Notes | 2.25 | 4/1/2033 | 50000 | 41811 |
| WP Carey, Inc., Sr. Unscd. Notes | 3.85 | 7/15/2029 | 25000 | 24596 |
|  |  |  |  | **18039572** |
| **Retailing — .7%** | **Retailing — .7%** | **Retailing — .7%** | **Retailing — .7%** | **Retailing — .7%** |
| AutoNation, Inc., Sr. Unscd. Notes | 1.95 | 8/1/2028 | 45000 | 42178 |
| AutoNation, Inc., Sr. Unscd. Notes | 5.89 | 3/15/2035 | 100000 | 103242 |
| AutoZone, Inc., Sr. Unscd. Notes | 4.00 | 4/15/2030 | 75000 | 74080 |
| AutoZone, Inc., Sr. Unscd. Notes | 4.50 | 2/1/2028 | 19000 | 19174 |
| AutoZone, Inc., Sr. Unscd. Notes | 6.25 | 11/1/2028 | 411000 | 434652 |
| Best Buy Co., Inc., Sr. Unscd. Notes | 4.45 | 10/1/2028 | 308000 | 310448 |
| Costco Wholesale Corp., Sr. Unscd. Notes | 1.38 | 6/20/2027 | 70000 | 67414 |
| Costco Wholesale Corp., Sr. Unscd. Notes | 3.00 | 5/18/2027 | 333000 | 329466 |
| Darden Restaurants, Inc., Sr. Unscd. Notes | 3.85 | 5/1/2027 | 260000 | 258851 |
| Dick's Sporting Goods, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>| 3.15 | 1/15/2032 | 80000 | 73447 |
| Dick's Sporting Goods, Inc., Sr. Unscd. Notes | 4.10 | 1/15/2052 | 85000 | 63338 |
| Dollar General Corp., Sr. Unscd. Notes | 3.50 | 4/3/2030 | 50000 | 48083 |
| Dollar General Corp., Sr. Unscd. Notes | 4.13 | 4/3/2050 | 153000 | 121125 |
| Dollar General Corp., Sr. Unscd. Notes | 4.63 | 11/1/2027 | 110000 | 110828 |
| Dollar General Corp., Sr. Unscd. Notes | 5.20 | 7/5/2028 | 10000 | 10229 |
| Dollar General Corp., Sr. Unscd. Notes | 5.45 | 7/5/2033 | 315000 | 325561 |
| Dollar Tree, Inc., Sr. Unscd. Notes | 3.38 | 12/1/2051 | 25000 | 17077 |
| Dollar Tree, Inc., Sr. Unscd. Notes | 4.20 | 5/15/2028 | 136000 | 135446 |
| Genuine Parts Co., Sr. Unscd. Notes | 2.75 | 2/1/2032 | 20000 | 17568 |
| Lowe's Companies, Inc., Sr. Unscd. Notes | 1.70 | 9/15/2028 | 420000 | 393288 |
| Lowe's Companies, Inc., Sr. Unscd. Notes | 1.70 | 10/15/2030 | 40000 | 35295 |
| Lowe's Companies, Inc., Sr. Unscd. Notes | 2.63 | 4/1/2031 | 110000 | 100455 |
| Lowe's Companies, Inc., Sr. Unscd. Notes | 3.00 | 10/15/2050 | 85000 | 55123 |
| Lowe's Companies, Inc., Sr. Unscd. Notes | 3.50 | 4/1/2051 | 107000 | 75945 |
| Lowe's Companies, Inc., Sr. Unscd. Notes | 3.70 | 4/15/2046 | 433000 | 332284 |
| Lowe's Companies, Inc., Sr. Unscd. Notes | 3.75 | 4/1/2032 | 305000 | 291067 |
| Lowe's Companies, Inc., Sr. Unscd. Notes | 4.00 | 10/15/2028 | 1040000 | 1037842 |
| Lowe's Companies, Inc., Sr. Unscd. Notes | 4.05 | 5/3/2047 | 105000 | 84320 |
| Lowe's Companies, Inc., Sr. Unscd. Notes | 4.25 | 4/1/2052 | 209000 | 167001 |
| Lowe's Companies, Inc., Sr. Unscd. Notes | 4.45 | 4/1/2062 | 129000 | 103002 |
| Lowe's Companies, Inc., Sr. Unscd. Notes | 5.80 | 9/15/2062 | 40000 | 39881 |
| McDonald's Corp., Sr. Unscd. Notes | 2.63 | 9/1/2029 | 341000 | 323631 |
| McDonald's Corp., Sr. Unscd. Notes | 3.63 | 9/1/2049 | 115000 | 86000 |
| McDonald's Corp., Sr. Unscd. Notes | 3.80 | 4/1/2028 | 25000 | 24873 |
| McDonald's Corp., Sr. Unscd. Notes | 4.20 | 4/1/2050 | 175000 | 143453 |
| McDonald's Corp., Sr. Unscd. Notes | 4.45 | 3/1/2047 | 241000 | 208275 |
| McDonald's Corp., Sr. Unscd. Notes | 4.45 | 9/1/2048 | 240000 | 206535 |
| McDonald's Corp., Sr. Unscd. Notes | 4.70 | 12/9/2035 | 269000 | 267006 |
| McDonald's Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>| 4.95 | 8/14/2033 | 125000 | 128823 |
| McDonald's Corp., Sr. Unscd. Notes | 5.45 | 8/14/2053 | 115000 | 113436 |
| McDonald's Corp., Sr. Unscd. Notes | 6.30 | 3/1/2038 | 135000 | 149682 |
| O'Reilly Automotive, Inc., Sr. Unscd. Notes | 1.75 | 3/15/2031 | 20000 | 17416 |

---

**149**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Retailing — .7% (continued)** | **Retailing — .7% (continued)** | **Retailing — .7% (continued)** | **Retailing — .7% (continued)** | **Retailing — .7% (continued)** |
| O'Reilly Automotive, Inc., Sr. Unscd. Notes | 3.60 | 9/1/2027 | 50000 | 49560 |
| O'Reilly Automotive, Inc., Sr. Unscd. Notes | 3.90 | 6/1/2029 | 45000 | 44547 |
| O'Reilly Automotive, Inc., Sr. Unscd. Notes | 5.75 | 11/20/2026 | 100000 | 101639 |
| Starbucks Corp., Sr. Unscd. Notes | 2.00 | 3/12/2027 | 120000 | 116722 |
| Starbucks Corp., Sr. Unscd. Notes | 3.35 | 3/12/2050 | 50000 | 34760 |
| Starbucks Corp., Sr. Unscd. Notes | 3.50 | 11/15/2050 | 102000 | 73120 |
| Starbucks Corp., Sr. Unscd. Notes | 3.55 | 8/15/2029 | 168000 | 164738 |
| Starbucks Corp., Sr. Unscd. Notes | 3.75 | 12/1/2047 | 150000 | 114984 |
| Starbucks Corp., Sr. Unscd. Notes | 4.45 | 8/15/2049 | 40000 | 33635 |
| Starbucks Corp., Sr. Unscd. Notes | 4.80 | 2/15/2033 | 165000 | 167173 |
| Target Corp., Sr. Unscd. Notes | 2.35 | 2/15/2030 | 40000 | 37317 |
| Target Corp., Sr. Unscd. Notes | 2.95 | 1/15/2052 | 120000 | 78693 |
| Target Corp., Sr. Unscd. Notes | 3.38 | 4/15/2029 | 223000 | 218471 |
| Target Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>| 4.50 | 9/15/2032 | 100000 | 100641 |
| Target Corp., Sr. Unscd. Notes | 4.80 | 1/15/2053 | 265000 | 240158 |
| The Home Depot, Inc., Sr. Unscd. Notes | 1.38 | 3/15/2031 | 127000 | 109822 |
| The Home Depot, Inc., Sr. Unscd. Notes | 2.38 | 3/15/2051 | 271000 | 158527 |
| The Home Depot, Inc., Sr. Unscd. Notes | 2.70 | 4/15/2030 | 168000 | 158557 |
| The Home Depot, Inc., Sr. Unscd. Notes | 2.95 | 6/15/2029 | 125000 | 120696 |
| The Home Depot, Inc., Sr. Unscd. Notes | 3.50 | 9/15/2056 | 15000 | 10711 |
| The Home Depot, Inc., Sr. Unscd. Notes | 3.63 | 4/15/2052 | 150000 | 112049 |
| The Home Depot, Inc., Sr. Unscd. Notes | 4.25 | 4/1/2046 | 400000 | 344059 |
| The Home Depot, Inc., Sr. Unscd. Notes | 4.50 | 9/15/2032 | 600000 | 608259 |
| The Home Depot, Inc., Sr. Unscd. Notes | 4.75 | 6/25/2029 | 839000 | 859112 |
| The Home Depot, Inc., Sr. Unscd. Notes | 4.95 | 6/25/2034 | 640000 | 655630 |
| The TJX Companies, Inc., Sr. Unscd. Notes | 1.15 | 5/15/2028 | 10000 | 9337 |
| The TJX Companies, Inc., Sr. Unscd. Notes | 1.60 | 5/15/2031 | 102000 | 89370 |
| Tractor Supply Co., Sr. Unscd. Notes | 5.25 | 5/15/2033 | 15000 | 15514 |
| Walmart, Inc., Sr. Unscd. Notes | 1.50 | 9/22/2028 | 60000 | 56370 |
| Walmart, Inc., Sr. Unscd. Notes | 2.50 | 9/22/2041 | 100000 | 72426 |
| Walmart, Inc., Sr. Unscd. Notes | 2.65 | 9/22/2051 | 285000 | 182500 |
| Walmart, Inc., Sr. Unscd. Notes | 2.95 | 9/24/2049 | 213000 | 148588 |
| Walmart, Inc., Sr. Unscd. Notes | 3.70 | 6/26/2028 | 50000 | 50010 |
| Walmart, Inc., Sr. Unscd. Notes | 3.90 | 4/15/2028 | 15000 | 15053 |
| Walmart, Inc., Sr. Unscd. Notes | 3.95 | 6/28/2038 | 10000 | 9349 |
| Walmart, Inc., Sr. Unscd. Notes | 4.00 | 4/15/2030 | 105000 | 105670 |
| Walmart, Inc., Sr. Unscd. Notes | 4.05 | 6/29/2048 | 213000 | 179961 |
| Walmart, Inc., Sr. Unscd. Notes | 4.10 | 4/15/2033 | 525000 | 522566 |
| Walmart, Inc., Sr. Unscd. Notes | 4.50 | 9/9/2052 | 129000 | 115754 |
| Walmart, Inc., Sr. Unscd. Notes | 5.25 | 9/1/2035 | 70000 | 74070 |
|  |  |  |  | **13306958** |
| **Semiconductors & Semiconductor Equipment — .6%** | **Semiconductors & Semiconductor Equipment — .6%** | **Semiconductors & Semiconductor Equipment — .6%** | **Semiconductors & Semiconductor Equipment — .6%** | **Semiconductors & Semiconductor Equipment — .6%** |
| Analog Devices, Inc., Sr. Unscd. Notes | 1.70 | 10/1/2028 | 200000 | 187644 |
| Analog Devices, Inc., Sr. Unscd. Notes | 2.95 | 10/1/2051 | 200000 | 132106 |
| Analog Devices, Inc., Sr. Unscd. Notes | 3.45 | 6/15/2027 | 202000 | 200417 |
| Applied Materials, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>| 5.10 | 10/1/2035 | 330000 | 342042 |
| Broadcom Corp./Broadcom Cayman Finance Ltd., Gtd. Notes | 3.50 | 1/15/2028 | 387000 | 383100 |
| Broadcom, Inc., Gtd. Notes | 1.95 | 2/15/2028 | 30000 | 28646 |
| Broadcom, Inc., Gtd. Notes | 2.45 | 2/15/2031 | 200000 | 182465 |
| Broadcom, Inc., Gtd. Notes | 2.60 | 2/15/2033 | 70000 | 61549 |

---

**150**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Semiconductors & Semiconductor Equipment — .6% (continued)** | **Semiconductors & Semiconductor Equipment — .6% (continued)** | **Semiconductors & Semiconductor Equipment — .6% (continued)** | **Semiconductors & Semiconductor Equipment — .6% (continued)** | **Semiconductors & Semiconductor Equipment — .6% (continued)** |
| Broadcom, Inc., Gtd. Notes | 3.50 | 2/15/2041 | 205000 | 169135 |
| Broadcom, Inc., Gtd. Notes | 4.11 | 9/15/2028 | 233000 | 233260 |
| Broadcom, Inc., Sr. Unscd. Notes<sup>(c)</sup> <br>| 3.19 | 11/15/2036 | 275000 | 234715 |
| Broadcom, Inc., Sr. Unscd. Notes | 3.47 | 4/15/2034 | 1099000 | 1006222 |
| Broadcom, Inc., Sr. Unscd. Notes<sup>(c)</sup> <br>| 4.00 | 4/15/2029 | 50000 | 49772 |
| Broadcom, Inc., Sr. Unscd. Notes<sup>(c)</sup> <br>| 4.15 | 4/15/2032 | 165000 | 161570 |
| Broadcom, Inc., Sr. Unscd. Notes | 4.60 | 7/15/2030 | 200000 | 202822 |
| Broadcom, Inc., Sr. Unscd. Notes | 4.80 | 2/15/2036 | 1130000 | 1120406 |
| Broadcom, Inc., Sr. Unscd. Notes | 4.90 | 7/15/2032 | 200000 | 204336 |
| Broadcom, Inc., Sr. Unscd. Notes<sup>(c)</sup> <br>| 4.93 | 5/15/2037 | 50000 | 49901 |
| Broadcom, Inc., Sr. Unscd. Notes | 5.15 | 11/15/2031 | 295000 | 306892 |
| Broadcom, Inc., Sr. Unscd. Notes | 5.20 | 7/15/2035 | 100000 | 102968 |
| Intel Corp., Sr. Unscd. Notes | 2.45 | 11/15/2029 | 155000 | 144174 |
| Intel Corp., Sr. Unscd. Notes | 2.80 | 8/12/2041 | 50000 | 35175 |
| Intel Corp., Sr. Unscd. Notes | 3.10 | 2/15/2060 | 170000 | 99427 |
| Intel Corp., Sr. Unscd. Notes | 3.20 | 8/12/2061 | 50000 | 29773 |
| Intel Corp., Sr. Unscd. Notes | 3.25 | 11/15/2049 | 50000 | 33117 |
| Intel Corp., Sr. Unscd. Notes | 3.73 | 12/8/2047 | 355000 | 260787 |
| Intel Corp., Sr. Unscd. Notes | 3.90 | 3/25/2030 | 150000 | 146939 |
| Intel Corp., Sr. Unscd. Notes | 4.00 | 8/5/2029 | 200000 | 197693 |
| Intel Corp., Sr. Unscd. Notes | 4.00 | 12/15/2032 | 764000 | 728254 |
| Intel Corp., Sr. Unscd. Notes | 4.10 | 5/19/2046 | 75000 | 58799 |
| Intel Corp., Sr. Unscd. Notes | 4.60 | 3/25/2040 | 95000 | 85961 |
| Intel Corp., Sr. Unscd. Notes | 4.75 | 3/25/2050 | 150000 | 126760 |
| Intel Corp., Sr. Unscd. Notes | 4.90 | 8/5/2052 | 70000 | 59978 |
| Intel Corp., Sr. Unscd. Notes | 4.95 | 3/25/2060 | 50000 | 42497 |
| Intel Corp., Sr. Unscd. Notes | 5.05 | 8/5/2062 | 130000 | 109678 |
| Intel Corp., Sr. Unscd. Notes | 5.13 | 2/10/2030 | 50000 | 51312 |
| Intel Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>| 5.20 | 2/10/2033 | 550000 | 561079 |
| Intel Corp., Sr. Unscd. Notes | 5.63 | 2/10/2043 | 50000 | 49190 |
| Intel Corp., Sr. Unscd. Notes | 5.70 | 2/10/2053 | 70000 | 67273 |
| KLA Corp., Sr. Unscd. Notes | 3.30 | 3/1/2050 | 50000 | 35690 |
| KLA Corp., Sr. Unscd. Notes | 4.10 | 3/15/2029 | 50000 | 50101 |
| KLA Corp., Sr. Unscd. Notes | 5.25 | 7/15/2062 | 221000 | 212714 |
| LAM Research Corp., Sr. Unscd. Notes | 2.88 | 6/15/2050 | 25000 | 16640 |
| LAM Research Corp., Sr. Unscd. Notes | 3.13 | 6/15/2060 | 115000 | 73961 |
| Marvell Technology, Inc., Gtd. Notes | 4.75 | 7/15/2030 | 50000 | 50610 |
| Micron Technology, Inc., Sr. Unscd. Notes | 3.37 | 11/1/2041 | 150000 | 115673 |
| Micron Technology, Inc., Sr. Unscd. Notes | 4.66 | 2/15/2030 | 48000 | 48481 |
| Micron Technology, Inc., Sr. Unscd. Notes | 5.65 | 11/1/2032 | 149000 | 156280 |
| Micron Technology, Inc., Sr. Unscd. Notes | 5.88 | 2/9/2033 | 50000 | 53063 |
| NVIDIA Corp., Sr. Unscd. Notes | 1.55 | 6/15/2028 | 222000 | 209911 |
| NVIDIA Corp., Sr. Unscd. Notes | 2.00 | 6/15/2031 | 220000 | 197768 |
| NVIDIA Corp., Sr. Unscd. Notes | 2.85 | 4/1/2030 | 124000 | 118483 |
| NVIDIA Corp., Sr. Unscd. Notes | 3.50 | 4/1/2040 | 175000 | 150089 |
| NXP BV/NXP Funding LLC, Gtd. Notes | 5.55 | 12/1/2028 | 40000 | 41358 |
| NXP BV/NXP Funding LLC/NXP USA, Inc., Gtd. Notes | 3.25 | 5/11/2041 | 25000 | 18965 |
| NXP BV/NXP Funding LLC/NXP USA, Inc., Gtd. Notes | 3.25 | 11/30/2051 | 80000 | 53605 |
| NXP BV/NXP Funding LLC/NXP USA, Inc., Gtd. Notes | 4.30 | 6/18/2029 | 20000 | 19939 |
| QUALCOMM, Inc., Sr. Unscd. Notes | 2.15 | 5/20/2030 | 100000 | 91905 |

---

**151**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Semiconductors & Semiconductor Equipment — .6% (continued)** | **Semiconductors & Semiconductor Equipment — .6% (continued)** | **Semiconductors & Semiconductor Equipment — .6% (continued)** | **Semiconductors & Semiconductor Equipment — .6% (continued)** | **Semiconductors & Semiconductor Equipment — .6% (continued)** |
| QUALCOMM, Inc., Sr. Unscd. Notes | 3.25 | 5/20/2050 | 50000 | 35396 |
| QUALCOMM, Inc., Sr. Unscd. Notes | 4.30 | 5/20/2047 | 355000 | 304418 |
| QUALCOMM, Inc., Sr. Unscd. Notes | 5.00 | 5/20/2035 | 200000 | 204087 |
| QUALCOMM, Inc., Sr. Unscd. Notes | 6.00 | 5/20/2053 | 60000 | 64295 |
| Texas Instruments, Inc., Sr. Unscd. Notes | 1.90 | 9/15/2031 | 50000 | 44171 |
| Texas Instruments, Inc., Sr. Unscd. Notes | 4.15 | 5/15/2048 | 450000 | 375245 |
| Texas Instruments, Inc., Sr. Unscd. Notes | 4.60 | 2/15/2028 | 718000 | 729507 |
| Texas Instruments, Inc., Sr. Unscd. Notes | 5.00 | 3/14/2053 | 65000 | 60828 |
| Texas Instruments, Inc., Sr. Unscd. Notes | 5.05 | 5/18/2063 | 135000 | 123978 |
| TSMC Arizona Corp., Gtd. Notes | 2.50 | 10/25/2031 | 260000 | 236616 |
| Xilinx, Inc., Gtd. Notes | 2.38 | 6/1/2030 | 40000 | 37081 |
|  |  |  |  | **12178692** |
| **Supranational Bank — 1.2%** | **Supranational Bank — 1.2%** | **Supranational Bank — 1.2%** | **Supranational Bank — 1.2%** | **Supranational Bank — 1.2%** |
| African Development Bank, Jr. Sub. Notes<sup>(d)</sup> <br>| 5.75 | 5/7/2034 | 460000 | 464560 |
| African Development Bank, Sr. Unscd. Notes | 4.38 | 11/3/2027 | 1385000 | 1403766 |
| African Development Bank, Sr. Unscd. Notes | 4.63 | 1/4/2027 | 100000 | 100958 |
| African Development Bank, Unscd. Notes | 4.50 | 6/12/2035 | 100000 | 102622 |
| Asian Development Bank, Sr. Unscd. Bonds | 6.22 | 8/15/2027 | 317000 | 328843 |
| Asian Development Bank, Sr. Unscd. Notes | 1.50 | 1/20/2027 | 725000 | 705847 |
| Asian Development Bank, Sr. Unscd. Notes | 1.50 | 3/4/2031 | 10000 | 8894 |
| Asian Development Bank, Sr. Unscd. Notes | 1.75 | 9/19/2029 | 150000 | 139477 |
| Asian Development Bank, Sr. Unscd. Notes | 2.63 | 1/12/2027 | 100000 | 98683 |
| Asian Development Bank, Sr. Unscd. Notes | 3.13 | 8/20/2027 | 530000 | 525087 |
| Asian Development Bank, Sr. Unscd. Notes | 3.13 | 9/26/2028 | 273000 | 269063 |
| Asian Development Bank, Sr. Unscd. Notes | 3.88 | 6/14/2033 | 750000 | 743686 |
| Asian Development Bank, Sr. Unscd. Notes | 4.13 | 1/12/2027 | 100000 | 100421 |
| Asian Development Bank, Sr. Unscd. Notes | 4.13 | 1/12/2034 | 200000 | 201150 |
| Asian Development Bank, Sr. Unscd. Notes<sup>(b)</sup> <br>| 4.50 | 8/25/2028 | 915000 | 935973 |
| Corp Andina de Fomento, Sr. Unscd. Notes | 5.00 | 1/24/2029 | 370000 | 381034 |
| Corp. Andina de Fomento, Sr. Unscd. Notes | 2.25 | 2/8/2027 | 338000 | 330425 |
| Council of Europe Development Bank, Sr. Unscd. Bonds | 3.63 | 1/26/2028 | 75000 | 74922 |
| European Bank for Reconstruction & Development, Notes | 4.38 | 3/9/2028 | 728000 | 739491 |
| European Bank for Reconstruction & Development, Sr. Unscd. Notes | 4.25 | 3/13/2034 | 475000 | 481383 |
| European Investment Bank, Sr. Unscd. Bonds | 3.25 | 11/15/2027 | 645000 | 640141 |
| European Investment Bank, Sr. Unscd. Bonds | 3.63 | 7/15/2030 | 900000 | 895517 |
| European Investment Bank, Sr. Unscd. Bonds | 3.75 | 2/14/2033 | 100000 | 98716 |
| European Investment Bank, Sr. Unscd. Bonds | 3.88 | 6/15/2028 | 400000 | 402473 |
| European Investment Bank, Sr. Unscd. Bonds | 4.13 | 2/13/2034 | 715000 | 720286 |
| European Investment Bank, Sr. Unscd. Bonds | 4.25 | 8/16/2032 | 50000 | 50917 |
| European Investment Bank, Sr. Unscd. Bonds | 4.63 | 2/12/2035 | 500000 | 519740 |
| European Investment Bank, Sr. Unscd. Notes | 0.88 | 5/17/2030 | 700000 | 617395 |
| European Investment Bank, Sr. Unscd. Notes | 1.25 | 2/14/2031 | 100000 | 87971 |
| European Investment Bank, Sr. Unscd. Notes | 2.38 | 5/24/2027 | 150000 | 147053 |
| European Investment Bank, Sr. Unscd. Notes | 3.88 | 3/15/2028 | 100000 | 100550 |
| European Investment Bank, Sr. Unscd. Notes | 4.00 | 2/15/2029 | 325000 | 328368 |
| European Investment Bank, Sr. Unscd. Notes | 4.75 | 6/15/2029 | 1315000 | 1362280 |
| Inter-American Development Bank, Sr. Unscd. Bonds | 1.13 | 7/20/2028 | 535000 | 500519 |
| Inter-American Development Bank, Sr. Unscd. Bonds | 4.13 | 2/15/2029 | 450000 | 456321 |
| Inter-American Development Bank, Sr. Unscd. Notes | 1.13 | 1/13/2031 | 880000 | 769962 |
| Inter-American Development Bank, Sr. Unscd. Notes | 1.50 | 1/13/2027 | 50000 | 48688 |

---

**152**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Supranational Bank — 1.2% (continued)** | **Supranational Bank — 1.2% (continued)** | **Supranational Bank — 1.2% (continued)** | **Supranational Bank — 1.2% (continued)** | **Supranational Bank — 1.2% (continued)** |
| Inter-American Development Bank, Sr. Unscd. Notes | 2.25 | 6/18/2029 | 255000 | 242672 |
| Inter-American Development Bank, Sr. Unscd. Notes | 3.50 | 9/14/2029 | 138000 | 137013 |
| Inter-American Development Bank, Sr. Unscd. Notes | 3.63 | 9/17/2031 | 700000 | 690926 |
| Inter-American Development Bank, Sr. Unscd. Notes | 3.88 | 10/28/2041 | 150000 | 135914 |
| Inter-American Development Bank, Sr. Unscd. Notes | 4.38 | 7/16/2035 | 200000 | 203323 |
| Inter-American Development Bank, Unscd. Bonds | 0.63 | 9/16/2027 | 115000 | 108739 |
| Inter-American Investment Corp., Sr. Unscd. Bonds | 3.63 | 2/17/2027 | 285000 | 284131 |
| International Bank for Reconstruction & Development, Sr. Unscd. Bonds | 0.75 | 8/26/2030 | 575000 | 499520 |
| International Bank for Reconstruction & Development, Sr. Unscd. Bonds | 1.25 | 2/10/2031 | 50000 | 43945 |
| International Bank for Reconstruction & Development, Sr. Unscd. Bonds | 3.13 | 6/15/2027 | 1525000 | 1511855 |
| International Bank for Reconstruction & Development, Sr. Unscd. Bonds | 3.88 | 10/16/2029 | 800000 | 804977 |
| International Bank for Reconstruction & Development, Sr. Unscd. Bonds | 4.00 | 7/25/2030 | 155000 | 156610 |
| International Bank for Reconstruction & Development, Sr. Unscd. Notes | 1.63 | 11/3/2031 | 2555000 | 2248969 |
| International Bank for Reconstruction & Development, Sr. Unscd. Notes | 2.50 | 3/29/2032 | 400000 | 368348 |
| International Bank for Reconstruction & Development, Sr. Unscd. Notes | 4.75 | 2/15/2035 | 160000 | 167476 |
| International Bank for Reconstruction & Development, Sr. Unscd. Notes, Ser. <br> GDIF<br>| 2.50 | 11/22/2027 | 388000 | 379256 |
| International Bank for Reconstruction & Development, Sr. Unscd. Notes, Ser. <br> GDIF<br>| 5.10 | 4/5/2034 | 85000 | 86062 |
| International Finance Corp., Sr. Unscd. Notes | 0.75 | 8/27/2030 | 350000 | 303961 |
| International Finance Corp., Sr. Unscd. Notes | 4.38 | 1/15/2027 | 210000 | 211448 |
| Nordic Investment Bank, Sr. Unscd. Notes | 3.38 | 9/8/2027 | 30000 | 29832 |
| The Asian Infrastructure Investment Bank, Sr. Unscd. Bonds | 4.13 | 1/18/2029 | 400000 | 405415 |
|  |  |  |  | **24903574** |
| **Technology Hardware & Equipment — .5%** | **Technology Hardware & Equipment — .5%** | **Technology Hardware & Equipment — .5%** | **Technology Hardware & Equipment — .5%** | **Technology Hardware & Equipment — .5%** |
| Accenture Capital, Inc., Gtd. Notes | 4.50 | 10/4/2034 | 200000 | 197005 |
| Amdocs Ltd., Sr. Unscd. Notes | 2.54 | 6/15/2030 | 140000 | 128535 |
| Apple, Inc., Sr. Unscd. Bonds | 4.75 | 5/12/2035 | 300000 | 306865 |
| Apple, Inc., Sr. Unscd. Notes | 1.25 | 8/20/2030 | 138000 | 121816 |
| Apple, Inc., Sr. Unscd. Notes | 1.40 | 8/5/2028 | 105000 | 98523 |
| Apple, Inc., Sr. Unscd. Notes | 1.65 | 5/11/2030 | 500000 | 452457 |
| Apple, Inc., Sr. Unscd. Notes | 1.70 | 8/5/2031 | 250000 | 220590 |
| Apple, Inc., Sr. Unscd. Notes | 2.20 | 9/11/2029 | 150000 | 140904 |
| Apple, Inc., Sr. Unscd. Notes | 2.38 | 2/8/2041 | 60000 | 43094 |
| Apple, Inc., Sr. Unscd. Notes | 2.65 | 5/11/2050 | 485000 | 308744 |
| Apple, Inc., Sr. Unscd. Notes | 2.65 | 2/8/2051 | 381000 | 241725 |
| Apple, Inc., Sr. Unscd. Notes | 2.70 | 8/5/2051 | 370000 | 235534 |
| Apple, Inc., Sr. Unscd. Notes | 2.85 | 8/5/2061 | 100000 | 60649 |
| Apple, Inc., Sr. Unscd. Notes | 2.90 | 9/12/2027 | 62000 | 61014 |
| Apple, Inc., Sr. Unscd. Notes | 2.95 | 9/11/2049 | 150000 | 102723 |
| Apple, Inc., Sr. Unscd. Notes | 3.00 | 6/20/2027 | 260000 | 256883 |
| Apple, Inc., Sr. Unscd. Notes | 3.25 | 8/8/2029 | 166000 | 162528 |
| Apple, Inc., Sr. Unscd. Notes | 3.35 | 2/9/2027 | 281000 | 279447 |
| Apple, Inc., Sr. Unscd. Notes | 3.35 | 8/8/2032 | 155000 | 147881 |
| Apple, Inc., Sr. Unscd. Notes | 3.85 | 5/4/2043 | 411000 | 350481 |
| Apple, Inc., Sr. Unscd. Notes | 3.85 | 8/4/2046 | 166000 | 136367 |
| Apple, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>| 3.95 | 8/8/2052 | 25000 | 20242 |
| Apple, Inc., Sr. Unscd. Notes | 4.00 | 5/10/2028 | 350000 | 351703 |
| Apple, Inc., Sr. Unscd. Notes | 4.15 | 5/10/2030 | 116000 | 117248 |
| Apple, Inc., Sr. Unscd. Notes | 4.20 | 5/12/2030 | 200000 | 201755 |

---

**153**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Technology Hardware & Equipment — .5% (continued)** | **Technology Hardware & Equipment — .5% (continued)** | **Technology Hardware & Equipment — .5% (continued)** | **Technology Hardware & Equipment — .5% (continued)** | **Technology Hardware & Equipment — .5% (continued)** |
| Apple, Inc., Sr. Unscd. Notes | 4.50 | 5/12/2032 | 200000 | 203637 |
| Apple, Inc., Sr. Unscd. Notes | 4.65 | 2/23/2046 | 207000 | 192895 |
| Apple, Inc., Sr. Unscd. Notes | 4.85 | 5/10/2053 | 85000 | 82135 |
| Dell International LLC/EMC Corp., Gtd. Notes | 3.38 | 12/15/2041 | 108000 | 83063 |
| Dell International LLC/EMC Corp., Gtd. Notes | 3.45 | 12/15/2051 | 40000 | 27976 |
| Dell International LLC/EMC Corp., Sr. Unscd. Notes | 5.30 | 10/1/2029 | 168000 | 173424 |
| Dell International LLC/EMC Corp., Sr. Unscd. Notes | 6.20 | 7/15/2030 | 110000 | 117746 |
| Dell International LLC/EMC Corp., Sr. Unscd. Notes | 8.35 | 7/15/2046 | 100000 | 129454 |
| Hewlett Packard Enterprise Co., Sr. Unscd. Notes | 4.55 | 10/15/2029 | 500000 | 502692 |
| Hewlett Packard Enterprise Co., Sr. Unscd. Notes | 5.60 | 10/15/2054 | 350000 | 330118 |
| Hewlett Packard Enterprise Co., Sr. Unscd. Notes | 6.20 | 10/15/2035 | 101000 | 108951 |
| HP, Inc., Sr. Unscd. Notes | 3.00 | 6/17/2027 | 397000 | 389671 |
| HP, Inc., Sr. Unscd. Notes | 4.75 | 1/15/2028 | 20000 | 20240 |
| International Business Machines Corp., Sr. Unscd. Notes | 1.70 | 5/15/2027 | 50000 | 48331 |
| International Business Machines Corp., Sr. Unscd. Notes | 2.95 | 5/15/2050 | 345000 | 225949 |
| International Business Machines Corp., Sr. Unscd. Notes | 3.30 | 1/27/2027 | 315000 | 312441 |
| International Business Machines Corp., Sr. Unscd. Notes | 3.43 | 2/9/2052 | 50000 | 35316 |
| International Business Machines Corp., Sr. Unscd. Notes | 4.00 | 6/20/2042 | 140000 | 118691 |
| International Business Machines Corp., Sr. Unscd. Notes | 4.15 | 7/27/2027 | 357000 | 358579 |
| International Business Machines Corp., Sr. Unscd. Notes | 4.15 | 5/15/2039 | 189900 | 170715 |
| International Business Machines Corp., Sr. Unscd. Notes | 4.50 | 2/6/2028 | 215000 | 217119 |
| International Business Machines Corp., Sr. Unscd. Notes | 4.70 | 2/19/2046 | 160000 | 144871 |
| International Business Machines Corp., Sr. Unscd. Notes | 4.90 | 7/27/2052 | 200000 | 180345 |
| International Business Machines Corp., Sr. Unscd. Notes | 5.10 | 2/6/2053 | 65000 | 60403 |
| International Business Machines Corp., Sr. Unscd. Notes | 7.13 | 12/1/2096 | 125000 | 152718 |
| Kyndryl Holdings, Inc., Sr. Unscd. Notes | 2.70 | 10/15/2028 | 50000 | 47713 |
| Kyndryl Holdings, Inc., Sr. Unscd. Notes | 6.35 | 2/20/2034 | 300000 | 319331 |
| Leidos, Inc., Gtd. Notes | 5.50 | 3/15/2035 | 100000 | 103725 |
| Teledyne FLIR LLC, Sr. Unscd. Notes | 2.50 | 8/1/2030 | 25000 | 23033 |
| Western Digital Corp., Sr. Scd. Notes | 2.85 | 2/1/2029 | 135000 | 127953 |
|  |  |  |  | **9753948** |
| **Telecommunication Services — 1.0%** | **Telecommunication Services — 1.0%** | **Telecommunication Services — 1.0%** | **Telecommunication Services — 1.0%** | **Telecommunication Services — 1.0%** |
| America Movil SAB de CV, Gtd. Notes | 6.13 | 3/30/2040 | 20000 | 21515 |
| America Movil SAB de CV, Sr. Unscd. Notes | 4.38 | 7/16/2042 | 305000 | 269689 |
| AT&T, Inc., Sr. Unscd. Bonds | 5.65 | 2/15/2047 | 50000 | 51173 |
| AT&T, Inc., Sr. Unscd. Notes | 1.65 | 2/1/2028 | 305000 | 288961 |
| AT&T, Inc., Sr. Unscd. Notes | 2.25 | 2/1/2032 | 75000 | 65574 |
| AT&T, Inc., Sr. Unscd. Notes | 2.55 | 12/1/2033 | 382000 | 324463 |
| AT&T, Inc., Sr. Unscd. Notes | 3.10 | 2/1/2043 | 60000 | 44344 |
| AT&T, Inc., Sr. Unscd. Notes | 3.30 | 2/1/2052 | 200000 | 133318 |
| AT&T, Inc., Sr. Unscd. Notes | 3.50 | 9/15/2053 | 470000 | 322403 |
| AT&T, Inc., Sr. Unscd. Notes | 3.55 | 9/15/2055 | 493000 | 336738 |
| AT&T, Inc., Sr. Unscd. Notes | 3.65 | 6/1/2051 | 150000 | 107635 |
| AT&T, Inc., Sr. Unscd. Notes | 3.65 | 9/15/2059 | 350000 | 236754 |
| AT&T, Inc., Sr. Unscd. Notes | 3.80 | 2/15/2027 | 65000 | 64709 |
| AT&T, Inc., Sr. Unscd. Notes | 3.80 | 12/1/2057 | 615000 | 433683 |
| AT&T, Inc., Sr. Unscd. Notes | 3.85 | 6/1/2060 | 105000 | 74057 |
| AT&T, Inc., Sr. Unscd. Notes | 4.10 | 2/15/2028 | 165000 | 164728 |
| AT&T, Inc., Sr. Unscd. Notes | 4.35 | 3/1/2029 | 400000 | 401150 |
| AT&T, Inc., Sr. Unscd. Notes | 4.50 | 3/9/2048 | 75000 | 63225 |

---

**154**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Telecommunication Services — 1.0% (continued)** | **Telecommunication Services — 1.0% (continued)** | **Telecommunication Services — 1.0% (continued)** | **Telecommunication Services — 1.0% (continued)** | **Telecommunication Services — 1.0% (continued)** |
| AT&T, Inc., Sr. Unscd. Notes | 4.55 | 3/9/2049 | 50000 | 42165 |
| AT&T, Inc., Sr. Unscd. Notes | 4.75 | 5/15/2046 | 700000 | 619723 |
| AT&T, Inc., Sr. Unscd. Notes | 4.90 | 11/1/2035 | 300000 | 295764 |
| AT&T, Inc., Sr. Unscd. Notes | 5.15 | 3/15/2042 | 219000 | 210404 |
| AT&T, Inc., Sr. Unscd. Notes | 5.25 | 3/1/2037 | 250000 | 253318 |
| AT&T, Inc., Sr. Unscd. Notes | 5.40 | 2/15/2034 | 508000 | 525822 |
| Bell Telephone Co. of Canada or Bell Canada, Gtd. Notes | 5.55 | 2/15/2054 | 106000 | 103204 |
| British Telecommunications PLC, Sr. Unscd. Notes | 5.13 | 12/4/2028 | 100000 | 102367 |
| Cisco Systems, Inc., Sr. Unscd. Notes | 5.30 | 2/26/2054 | 50000 | 48885 |
| Cisco Systems, Inc., Sr. Unscd. Notes | 5.35 | 2/26/2064 | 732000 | 710939 |
| Cisco Systems, Inc., Sr. Unscd. Notes | 5.50 | 1/15/2040 | 125000 | 129996 |
| Corning, Inc., Sr. Unscd. Notes | 3.90 | 11/15/2049 | 50000 | 39556 |
| Corning, Inc., Sr. Unscd. Notes | 5.35 | 11/15/2048 | 50000 | 48992 |
| Corning, Inc., Sr. Unscd. Notes | 5.45 | 11/15/2079 | 197000 | 184088 |
| Corning, Inc., Sr. Unscd. Notes | 5.85 | 11/15/2068 | 55000 | 54792 |
| Deutsche Telekom International Finance BV, Gtd. Bonds | 8.75 | 6/15/2030 | 50000 | 58859 |
| Deutsche Telekom International Finance BV, Gtd. Bonds | 9.25 | 6/1/2032 | 100000 | 125304 |
| Juniper Networks, Inc., Sr. Unscd. Notes | 2.00 | 12/10/2030 | 95000 | 83379 |
| Juniper Networks, Inc., Sr. Unscd. Notes | 3.75 | 8/15/2029 | 40000 | 39091 |
| Motorola Solutions, Inc., Sr. Unscd. Notes | 2.30 | 11/15/2030 | 292000 | 264035 |
| Motorola Solutions, Inc., Sr. Unscd. Notes | 4.60 | 2/23/2028 | 20000 | 20195 |
| Motorola Solutions, Inc., Sr. Unscd. Notes | 4.85 | 8/15/2030 | 500000 | 509806 |
| Motorola Solutions, Inc., Sr. Unscd. Notes | 5.00 | 4/15/2029 | 600000 | 614198 |
| Motorola Solutions, Inc., Sr. Unscd. Notes | 5.55 | 8/15/2035 | 300000 | 311731 |
| Motorola Solutions, Inc., Sr. Unscd. Notes | 5.60 | 6/1/2032 | 99000 | 104160 |
| Nokia OYJ, Sr. Unscd. Notes | 6.63 | 5/15/2039 | 210000 | 226956 |
| Orange SA, Sr. Unscd. Notes | 5.38 | 1/13/2042 | 67000 | 66500 |
| Orange SA, Sr. Unscd. Notes | 9.00 | 3/1/2031 | 295000 | 356971 |
| Rogers Communications, Inc., Gtd. Notes | 3.20 | 3/15/2027 | 250000 | 246488 |
| Rogers Communications, Inc., Gtd. Notes | 4.50 | 3/15/2042 | 500000 | 434018 |
| Rogers Communications, Inc., Gtd. Notes | 5.30 | 2/15/2034 | 300000 | 303619 |
| Sprint Capital Corp., Gtd. Notes | 6.88 | 11/15/2028 | 310000 | 333093 |
| Sprint Capital Corp., Gtd. Notes | 8.75 | 3/15/2032 | 35000 | 42581 |
| Telefonica Emisiones SA, Gtd. Notes | 4.90 | 3/6/2048 | 200000 | 171348 |
| Telefonica Emisiones SA, Gtd. Notes | 5.52 | 3/1/2049 | 130000 | 120861 |
| Telefonica Emisiones SA, Gtd. Notes | 7.05 | 6/20/2036 | 120000 | 135102 |
| Telefonica Europe BV, Gtd. Notes | 8.25 | 9/15/2030 | 91000 | 104870 |
| TELUS Corp., Sr. Unscd. Notes | 3.70 | 9/15/2027 | 109000 | 108052 |
| The Bell Telephone Company of Canada or Bell Canada, Gtd. Notes | 4.46 | 4/1/2048 | 74000 | 61807 |
| T-Mobile USA, Inc., Gtd. Notes | 2.05 | 2/15/2028 | 27000 | 25780 |
| T-Mobile USA, Inc., Gtd. Notes | 2.40 | 3/15/2029 | 100000 | 94374 |
| T-Mobile USA, Inc., Gtd. Notes | 2.55 | 2/15/2031 | 391000 | 355462 |
| T-Mobile USA, Inc., Gtd. Notes | 2.70 | 3/15/2032 | 109000 | 97462 |
| T-Mobile USA, Inc., Gtd. Notes | 2.88 | 2/15/2031 | 150000 | 138571 |
| T-Mobile USA, Inc., Gtd. Notes | 3.00 | 2/15/2041 | 190000 | 142075 |
| T-Mobile USA, Inc., Gtd. Notes | 3.30 | 2/15/2051 | 260000 | 175610 |
| T-Mobile USA, Inc., Gtd. Notes | 3.40 | 10/15/2052 | 25000 | 17039 |
| T-Mobile USA, Inc., Gtd. Notes | 3.60 | 11/15/2060 | 95000 | 64245 |
| T-Mobile USA, Inc., Gtd. Notes | 3.75 | 4/15/2027 | 285000 | 283351 |
| T-Mobile USA, Inc., Gtd. Notes | 4.38 | 4/15/2040 | 315000 | 282379 |

---

**155**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Telecommunication Services — 1.0% (continued)** | **Telecommunication Services — 1.0% (continued)** | **Telecommunication Services — 1.0% (continued)** | **Telecommunication Services — 1.0% (continued)** | **Telecommunication Services — 1.0% (continued)** |
| T-Mobile USA, Inc., Gtd. Notes | 4.50 | 4/15/2050 | 95000 | 79543 |
| T-Mobile USA, Inc., Gtd. Notes | 4.80 | 7/15/2028 | 368000 | 374042 |
| T-Mobile USA, Inc., Gtd. Notes | 4.95 | 3/15/2028 | 415000 | 422685 |
| T-Mobile USA, Inc., Gtd. Notes | 5.05 | 7/15/2033 | 103000 | 104913 |
| T-Mobile USA, Inc., Gtd. Notes | 5.15 | 4/15/2034 | 300000 | 306315 |
| T-Mobile USA, Inc., Gtd. Notes | 5.65 | 1/15/2053 | 403000 | 395645 |
| T-Mobile USA, Inc., Gtd. Notes | 5.75 | 1/15/2034 | 260000 | 274870 |
| T-Mobile USA, Inc., Gtd. Notes | 5.75 | 1/15/2054 | 75000 | 74584 |
| T-Mobile USA, Inc., Gtd. Notes | 5.80 | 9/15/2062 | 166000 | 166217 |
| T-Mobile USA, Inc., Gtd. Notes | 6.00 | 6/15/2054 | 99000 | 101908 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 1.50 | 9/18/2030 | 205000 | 179322 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 1.68 | 10/30/2030 | 140000 | 123344 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 1.75 | 1/20/2031 | 30000 | 26226 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 2.10 | 3/22/2028 | 325000 | 310352 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 2.36 | 3/15/2032 | 455000 | 398446 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 2.85 | 9/3/2041 | 50000 | 36125 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 2.88 | 11/20/2050 | 435000 | 274346 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 3.00 | 11/20/2060 | 554000 | 330188 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 3.15 | 3/22/2030 | 50000 | 47769 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 3.40 | 3/22/2041 | 210000 | 164906 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 3.55 | 3/22/2051 | 93000 | 67003 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 3.70 | 3/22/2061 | 140000 | 97219 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 3.88 | 2/8/2029 | 161000 | 159776 |
| Verizon Communications, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>| 3.88 | 3/1/2052 | 30000 | 22637 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 4.02 | 12/3/2029 | 250000 | 247549 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 4.33 | 9/21/2028 | 503000 | 505340 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 4.50 | 8/10/2033 | 50000 | 49178 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 4.52 | 9/15/2048 | 194000 | 165149 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 4.78 | 2/15/2035 | 250000 | 245225 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 4.81 | 3/15/2039 | 500000 | 474058 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 4.86 | 8/21/2046 | 50000 | 45030 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 5.01 | 8/21/2054 | 34000 | 30566 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 5.05 | 5/9/2033 | 165000 | 168565 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 5.25 | 3/16/2037 | 200000 | 201154 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 5.50 | 3/16/2047 | 40000 | 39368 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 5.85 | 9/15/2035 | 305000 | 324027 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 6.55 | 9/15/2043 | 260000 | 287458 |
| Vodafone Group PLC, Sr. Unscd. Bonds | 6.15 | 2/27/2037 | 175000 | 190872 |
| Vodafone Group PLC, Sr. Unscd. Notes | 5.63 | 2/10/2053 | 200000 | 194646 |
| Vodafone Group PLC, Sr. Unscd. Notes | 5.75 | 2/10/2063 | 55000 | 53147 |
|  |  |  |  | **21053219** |
| **Transportation — .5%** | **Transportation — .5%** | **Transportation — .5%** | **Transportation — .5%** | **Transportation — .5%** |
| Burlington Northern Santa Fe LLC, Sr. Unscd. Debs. | 3.90 | 8/1/2046 | 165000 | 133868 |
| Burlington Northern Santa Fe LLC, Sr. Unscd. Debs. | 4.15 | 12/15/2048 | 90000 | 74819 |
| Burlington Northern Santa Fe LLC, Sr. Unscd. Debs. | 4.45 | 1/15/2053 | 155000 | 133066 |
| Burlington Northern Santa Fe LLC, Sr. Unscd. Debs. | 4.55 | 9/1/2044 | 222000 | 199866 |
| Burlington Northern Santa Fe LLC, Sr. Unscd. Debs. | 5.75 | 5/1/2040 | 70000 | 74155 |
| Burlington Northern Santa Fe LLC, Sr. Unscd. Debs. | 6.15 | 5/1/2037 | 315000 | 350871 |
| Burlington Northern Santa Fe LLC, Sr. Unscd. Notes | 4.45 | 3/15/2043 | 113000 | 101854 |
| Burlington Northern Santa Fe LLC, Sr. Unscd. Notes | 4.70 | 9/1/2045 | 40000 | 36660 |

---

**156**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Transportation — .5% (continued)** | **Transportation — .5% (continued)** | **Transportation — .5% (continued)** | **Transportation — .5% (continued)** | **Transportation — .5% (continued)** |
| Canadian National Railway Co., Sr. Unscd. Notes | 2.45 | 5/1/2050 | 100000 | 59965 |
| Canadian National Railway Co., Sr. Unscd. Notes | 4.45 | 1/20/2049 | 100000 | 87632 |
| Canadian National Railway Co., Sr. Unscd. Notes | 6.20 | 6/1/2036 | 115000 | 128537 |
| Canadian National Railway Co., Sr. Unscd. Notes | 6.25 | 8/1/2034 | 200000 | 222239 |
| Canadian Pacific Railway Co., Gtd. Notes | 2.88 | 11/15/2029 | 193000 | 183334 |
| Canadian Pacific Railway Co., Gtd. Notes | 4.80 | 8/1/2045 | 50000 | 46312 |
| Canadian Pacific Railway Co., Gtd. Notes | 4.95 | 8/15/2045 | 226000 | 212880 |
| Canadian Pacific Railway Co., Gtd. Notes | 6.13 | 9/15/2115 | 205000 | 211225 |
| CSX Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>| 2.40 | 2/15/2030 | 600000 | 560547 |
| CSX Corp., Sr. Unscd. Notes | 3.25 | 6/1/2027 | 40000 | 39535 |
| CSX Corp., Sr. Unscd. Notes | 3.35 | 9/15/2049 | 175000 | 125750 |
| CSX Corp., Sr. Unscd. Notes | 3.80 | 4/15/2050 | 95000 | 74011 |
| CSX Corp., Sr. Unscd. Notes | 4.10 | 11/15/2032 | 100000 | 98189 |
| CSX Corp., Sr. Unscd. Notes | 4.10 | 3/15/2044 | 110000 | 93912 |
| CSX Corp., Sr. Unscd. Notes | 4.50 | 11/15/2052 | 100000 | 86447 |
| CSX Corp., Sr. Unscd. Notes | 4.75 | 11/15/2048 | 13000 | 11759 |
| CSX Corp., Sr. Unscd. Notes | 5.20 | 11/15/2033 | 200000 | 208556 |
| CSX Corp., Sr. Unscd. Notes | 6.22 | 4/30/2040 | 20000 | 22081 |
| FedEx Corp., Gtd. Bonds | 4.90 | 1/15/2034 | 130000 | 129014 |
| FedEx Corp., Gtd. Notes | 3.10 | 8/5/2029 | 50000 | 47991 |
| FedEx Corp., Gtd. Notes | 3.10 | 8/5/2029 | 120000 | 114916 |
| FedEx Corp., Gtd. Notes | 3.25 | 5/15/2041 | 120000 | 89510 |
| FedEx Corp., Gtd. Notes | 3.88 | 8/1/2042 | 275000 | 218297 |
| FedEx Corp., Gtd. Notes | 4.05 | 2/15/2048 | 95000 | 73229 |
| FedEx Corp., Gtd. Notes | 4.25 | 5/15/2030 | 150000 | 150205 |
| FedEx Corp., Gtd. Notes | 4.40 | 1/15/2047 | 70000 | 57420 |
| FedEx Corp., Gtd. Notes | 4.55 | 4/1/2046 | 35000 | 29452 |
| FedEx Corp., Gtd. Notes | 4.75 | 11/15/2045 | 200000 | 172166 |
| FedEx Corp., Gtd. Notes | 4.75 | 11/15/2045 | 15000 | 12999 |
| FedEx Corp., Gtd. Notes | 5.10 | 1/15/2044 | 59000 | 54218 |
| Kirby Corp., Sr. Unscd. Notes | 4.20 | 3/1/2028 | 55000 | 54866 |
| Norfolk Southern Corp., Sr. Unscd. Bonds | 4.84 | 10/1/2041 | 50000 | 47581 |
| Norfolk Southern Corp., Sr. Unscd. Notes | 2.55 | 11/1/2029 | 189000 | 178229 |
| Norfolk Southern Corp., Sr. Unscd. Notes | 3.05 | 5/15/2050 | 338000 | 228638 |
| Norfolk Southern Corp., Sr. Unscd. Notes | 4.05 | 8/15/2052 | 145000 | 115872 |
| Norfolk Southern Corp., Sr. Unscd. Notes | 4.15 | 2/28/2048 | 50000 | 41591 |
| Norfolk Southern Corp., Sr. Unscd. Notes | 4.45 | 3/1/2033 | 110000 | 109639 |
| Norfolk Southern Corp., Sr. Unscd. Notes | 4.45 | 6/15/2045 | 25000 | 22105 |
| Norfolk Southern Corp., Sr. Unscd. Notes | 4.55 | 6/1/2053 | 114000 | 98609 |
| Norfolk Southern Corp., Sr. Unscd. Notes | 5.35 | 8/1/2054 | 60000 | 58750 |
| Ryder System, Inc., Sr. Unscd. Notes | 5.25 | 6/1/2028 | 175000 | 179549 |
| Ryder System, Inc., Sr. Unscd. Notes | 5.65 | 3/1/2028 | 45000 | 46454 |
| Union Pacific Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>| 2.38 | 5/20/2031 | 100000 | 91243 |
| Union Pacific Corp., Sr. Unscd. Notes | 2.40 | 2/5/2030 | 164000 | 152791 |
| Union Pacific Corp., Sr. Unscd. Notes | 2.80 | 2/14/2032 | 190000 | 173524 |
| Union Pacific Corp., Sr. Unscd. Notes | 2.97 | 9/16/2062 | 266000 | 159458 |
| Union Pacific Corp., Sr. Unscd. Notes | 3.25 | 2/5/2050 | 75000 | 52985 |
| Union Pacific Corp., Sr. Unscd. Notes | 3.35 | 8/15/2046 | 40000 | 29661 |
| Union Pacific Corp., Sr. Unscd. Notes | 3.50 | 2/14/2053 | 250000 | 181624 |
| Union Pacific Corp., Sr. Unscd. Notes | 3.55 | 8/15/2039 | 128000 | 109267 |

---

**157**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Transportation — .5% (continued)** | **Transportation — .5% (continued)** | **Transportation — .5% (continued)** | **Transportation — .5% (continued)** | **Transportation — .5% (continued)** |
| Union Pacific Corp., Sr. Unscd. Notes | 3.70 | 3/1/2029 | 38000 | 37552 |
| Union Pacific Corp., Sr. Unscd. Notes | 3.75 | 2/5/2070 | 100000 | 69347 |
| Union Pacific Corp., Sr. Unscd. Notes | 3.85 | 2/14/2072 | 15000 | 10689 |
| Union Pacific Corp., Sr. Unscd. Notes | 3.95 | 9/10/2028 | 95000 | 94921 |
| Union Pacific Corp., Sr. Unscd. Notes | 3.95 | 8/15/2059 | 230000 | 174679 |
| Union Pacific Corp., Sr. Unscd. Notes | 4.05 | 3/1/2046 | 125000 | 103581 |
| Union Pacific Corp., Sr. Unscd. Notes | 4.10 | 9/15/2067 | 15000 | 11401 |
| Union Pacific Corp., Sr. Unscd. Notes | 4.30 | 3/1/2049 | 85000 | 71608 |
| Union Pacific Corp., Sr. Unscd. Notes | 4.95 | 5/15/2053 | 10000 | 9335 |
| Union Pacific Corp., Sr. Unscd. Notes | 6.63 | 2/1/2029 | 50000 | 53837 |
| United Parcel Service, Inc., Sr. Unscd. Bonds | 5.25 | 5/14/2035 | 100000 | 103777 |
| United Parcel Service, Inc., Sr. Unscd. Bonds | 5.95 | 5/14/2055 | 100000 | 104836 |
| United Parcel Service, Inc., Sr. Unscd. Notes | 2.50 | 9/1/2029 | 200000 | 188911 |
| United Parcel Service, Inc., Sr. Unscd. Notes | 3.05 | 11/15/2027 | 148000 | 145784 |
| United Parcel Service, Inc., Sr. Unscd. Notes | 4.25 | 3/15/2049 | 202000 | 169466 |
| United Parcel Service, Inc., Sr. Unscd. Notes | 4.45 | 4/1/2030 | 600000 | 610429 |
| United Parcel Service, Inc., Sr. Unscd. Notes | 4.88 | 3/3/2033 | 227000 | 234222 |
| United Parcel Service, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>| 5.30 | 4/1/2050 | 135000 | 131952 |
| United Parcel Service, Inc., Sr. Unscd. Notes | 6.05 | 5/14/2065 | 100000 | 105197 |
|  |  |  |  | **9291447** |
| **U.S. Government Agencies Collateralized Municipal-Backed Securities — .7%** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .7%** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .7%** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .7%** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .7%** |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K064, Cl. A2<sup>(e)</sup> <br>| 3.22 | 3/25/2027 | 20000 | 19806 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K065, Cl. AM<sup>(e)</sup> <br>| 3.33 | 5/25/2027 | 120000 | 118719 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K069, Cl. A2<sup>(e)</sup> <br>| 3.19 | 9/25/2027 | 146185 | 144236 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K072, Cl. A1<sup>(e)</sup> <br>| 3.25 | 11/25/2027 | 41719 | 41345 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K072, Cl. A2<sup>(e)</sup> <br>| 3.44 | 12/25/2027 | 160000 | 158456 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K077, Cl. A1<sup>(e)</sup> <br>| 3.70 | 3/25/2028 | 13061 | 12995 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K077, Cl. A2<sup>(e)</sup> <br>| 3.85 | 5/25/2028 | 50000 | 49901 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K077, Cl. AM<sup>(e)</sup> <br>| 3.85 | 5/25/2028 | 250000 | 249098 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K079, Cl. A2<sup>(e)</sup> <br>| 3.93 | 6/25/2028 | 322000 | 321888 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K081, Cl. AM<sup>(e)</sup> <br>| 3.90 | 8/25/2028 | 50000 | 49870 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K082, Cl. A2<sup>(e)</sup> <br>| 3.92 | 9/25/2028 | 350000 | 349881 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K087, Cl. A2<sup>(e)</sup> <br>| 3.77 | 12/25/2028 | 130000 | 129441 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K089, Cl. AM<sup>(e)</sup> <br>| 3.63 | 1/25/2029 | 410000 | 405428 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K099, Cl. A2<sup>(e)</sup> <br>| 2.60 | 9/25/2029 | 40000 | 38103 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K101, Cl. A2<sup>(e)</sup> <br>| 2.52 | 10/25/2029 | 10000 | 9485 |

---

**158**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **U.S. Government Agencies Collateralized Municipal-Backed Securities — .7% (continued)** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .7% (continued)** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .7% (continued)** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .7% (continued)** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .7% (continued)** |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K105, Cl. A2<sup>(e)</sup> <br>| 1.87 | 1/25/2030 | 90000 | 82841 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K106, Cl. A1<sup>(e)</sup> <br>| 1.78 | 10/25/2029 | 29542 | 28213 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K109, Cl. A2<sup>(e)</sup> <br>| 1.56 | 4/25/2030 | 450000 | 406869 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K110, Cl. A1<sup>(e)</sup> <br>| 1.02 | 9/25/2029 | 114295 | 107630 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K116, Cl. A2<sup>(e)</sup> <br>| 1.38 | 7/25/2030 | 320000 | 284520 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K117, Cl. A2<sup>(e)</sup> <br>| 1.41 | 8/25/2030 | 130000 | 115473 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K118, Cl. A2<sup>(e)</sup> <br>| 1.49 | 9/25/2030 | 280000 | 249164 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K121, Cl. A2<sup>(e)</sup> <br>| 1.55 | 10/25/2030 | 140000 | 124465 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K123, Cl. A2<sup>(e)</sup> <br>| 1.62 | 12/25/2030 | 200000 | 178006 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K124, Cl. A2<sup>(e)</sup> <br>| 1.66 | 12/25/2030 | 1200000 | 1068186 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K126, Cl. A2<sup>(e)</sup> <br>| 2.07 | 1/25/2031 | 50000 | 45426 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K134, Cl. A2<sup>(e)</sup> <br>| 2.24 | 10/25/2031 | 125000 | 112624 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K135, Cl. A2<sup>(e)</sup> <br>| 2.15 | 10/25/2031 | 200000 | 179364 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K136, Cl. A2<sup>(e)</sup> <br>| 2.13 | 11/25/2031 | 120000 | 107246 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K137, Cl. A2<sup>(e)</sup> <br>| 2.35 | 11/25/2031 | 400000 | 361661 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K142, Cl. A2<sup>(e)</sup> <br>| 2.40 | 3/25/2032 | 30000 | 27083 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K1510, Cl. A2<sup>(e)</sup> <br>| 3.72 | 1/25/2031 | 145000 | 142532 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K1513, Cl. A3<sup>(e)</sup> <br>| 2.80 | 8/25/2034 | 20000 | 17732 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K1515, Cl. A2<sup>(e)</sup> <br>| 1.94 | 2/25/2035 | 410000 | 335770 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K152, Cl. A1<sup>(e)</sup> <br>| 2.83 | 5/25/2030 | 30106 | 29231 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K153, Cl. A3<sup>(e)</sup> <br>| 3.12 | 10/25/2031 | 50000 | 47352 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K154, Cl. A3<sup>(e)</sup> <br>| 3.46 | 11/25/2032 | 555000 | 531604 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K155, Cl. AM<sup>(e)</sup> <br>| 4.25 | 4/25/2033 | 250000 | 248249 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K157, Cl. A2<sup>(e)</sup> <br>| 3.99 | 5/25/2033 | 260000 | 259128 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K157, Cl. A2<sup>(e)</sup> <br>| 4.20 | 5/25/2033 | 100000 | 99420 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K158, Cl. A2<sup>(e)</sup> <br>| 4.05 | 7/25/2033 | 413000 | 406507 |

---

**159**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **U.S. Government Agencies Collateralized Municipal-Backed Securities — .7% (continued)** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .7% (continued)** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .7% (continued)** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .7% (continued)** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .7% (continued)** |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K159, Cl. A2<sup>(e)</sup> <br>| 4.50 | 7/25/2033 | 250000 | 253309 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K161, Cl. A2<sup>(e)</sup> <br>| 4.90 | 10/25/2033 | 700000 | 726328 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K162, Cl. A2<sup>(e)</sup> <br>| 5.15 | 12/25/2033 | 390000 | 411201 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K163, Cl. A2<sup>(e)</sup> <br>| 5.00 | 3/25/2034 | 300000 | 313397 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K166, Cl. A2<sup>(e)</sup> <br>| 4.58 | 10/25/2034 | 200000 | 202830 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K508, Cl. A2<sup>(e)</sup> <br>| 4.74 | 8/25/2028 | 100000 | 101992 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K509, Cl. A2<sup>(e)</sup> <br>| 4.85 | 9/25/2028 | 210000 | 214951 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K518, Cl. A2<sup>(e)</sup> <br>| 5.40 | 1/25/2029 | 200000 | 207911 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K520, Cl. A2<sup>(e)</sup> <br>| 5.18 | 3/25/2029 | 100000 | 103472 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K743, Cl. A2<sup>(e)</sup> <br>| 1.77 | 5/25/2028 | 75000 | 71173 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K747, Cl. AM<sup>(e)</sup> <br>| 1.75 | 12/25/2028 | 1000000 | 935556 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K749, Cl. A1<sup>(e)</sup> <br>| 2.29 | 9/25/2028 | 161220 | 157215 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K754, Cl. A2<sup>(e)</sup> <br>| 4.94 | 11/25/2030 | 150000 | 155630 |
| Federal National Mortgage Association, ACES, Ser. 2017-M13, Cl. A2<sup>(e)</sup> <br>| 2.93 | 9/25/2027 | 199211 | 195730 |
| Federal National Mortgage Association, ACES, Ser. 2018-M1, Cl. A2<sup>(e)</sup> <br>| 2.99 | 12/25/2027 | 31108 | 30559 |
| Federal National Mortgage Association, ACES, Ser. 2018-M12, Cl. A2<sup>(e)</sup> <br>| 3.63 | 8/25/2030 | 599110 | 589463 |
| Federal National Mortgage Association, ACES, Ser. 2018-M13, Cl. A2<sup>(e)</sup> <br>| 3.75 | 9/25/2030 | 7099 | 7018 |
| Federal National Mortgage Association, ACES, Ser. 2019-M1, Cl. A2<sup>(e)</sup> <br>| 3.56 | 9/25/2028 | 17707 | 17552 |
| Federal National Mortgage Association, ACES, Ser. 2019-M12, Cl. A2<sup>(e)</sup> <br>| 2.89 | 6/25/2029 | 95782 | 92572 |
| Federal National Mortgage Association, ACES, Ser. 2019-M22, Cl. A2<sup>(e)</sup> <br>| 2.52 | 8/25/2029 | 34960 | 33298 |
| Federal National Mortgage Association, ACES, Ser. 2019-M25, Cl. A2<sup>(e)</sup> <br>| 2.33 | 11/25/2029 | 699352 | 659475 |
| Federal National Mortgage Association, ACES, Ser. 2019-M5, Cl. A2<sup>(e)</sup> <br>| 3.27 | 2/25/2029 | 37019 | 36318 |
| Federal National Mortgage Association, ACES, Ser. 2019-M7, Cl. A2<sup>(e)</sup> <br>| 3.14 | 4/25/2029 | 15444 | 15035 |
| Federal National Mortgage Association, ACES, Ser. 2020-M1, Cl. A1<sup>(e)</sup> <br>| 2.15 | 10/25/2029 | 11089 | 10826 |
| Federal National Mortgage Association, ACES, Ser. 2020-M1, Cl. A2<sup>(e)</sup> <br>| 2.44 | 10/25/2029 | 200000 | 189099 |
| Federal National Mortgage Association, ACES, Ser. 2020-M42, Cl. A2<sup>(e)</sup> <br>| 1.27 | 7/25/2030 | 500000 | 443183 |
| Federal National Mortgage Association, ACES, Ser. 2021-M13, Cl. 2A1<sup>(e)</sup> <br>| 1.49 | 11/25/2032 | 60743 | 56266 |
| Federal National Mortgage Association, ACES, Ser. 2021-M1G, Cl. A2<sup>(e)</sup> <br>| 1.47 | 11/25/2030 | 60000 | 52820 |
| Federal National Mortgage Association, ACES, Ser. 2022-M11, Cl. A2<sup>(e)</sup> <br>| 2.97 | 10/25/2027 | 138187 | 135808 |
| Federal National Mortgage Association, ACES, Ser. 2022-M13, Cl. A2<sup>(e)</sup> <br>| 2.59 | 6/25/2032 | 240000 | 217943 |
| Federal National Mortgage Association, ACES, Ser. 2022-M3, Cl. A2<sup>(e)</sup> <br>| 1.71 | 11/25/2031 | 100000 | 86729 |
| Federal National Mortgage Association, ACES, Ser. 2023-M8, Cl. A2<sup>(e)</sup> <br>| 4.48 | 3/25/2033 | 500000 | 505882 |
|  |  |  |  | **14925489** |
| **U.S. Government Agencies Mortgage-Backed — 24.2%** | **U.S. Government Agencies Mortgage-Backed — 24.2%** | **U.S. Government Agencies Mortgage-Backed — 24.2%** | **U.S. Government Agencies Mortgage-Backed — 24.2%** | **U.S. Government Agencies Mortgage-Backed — 24.2%** |
| Federal Home Loan Mortgage Corp.: | Federal Home Loan Mortgage Corp.: | Federal Home Loan Mortgage Corp.: | Federal Home Loan Mortgage Corp.: | Federal Home Loan Mortgage Corp.: |
| 1.00%, 10/1/2036<sup>(e)</sup> <br>|  |  | 49595 | 43237 |
| 1.50%, 11/1/2035-11/1/2051<sup>(e)</sup> <br>|  |  | 8468383 | 7044635 |
| 2.00%, 8/1/2035-8/1/2052<sup>(e)</sup> <br>|  |  | 31623803 | 26275031 |

---

**160**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **U.S. Government Agencies Mortgage-Backed — 24.2% (continued)** | **U.S. Government Agencies Mortgage-Backed — 24.2% (continued)** | **U.S. Government Agencies Mortgage-Backed — 24.2% (continued)** | **U.S. Government Agencies Mortgage-Backed — 24.2% (continued)** | **U.S. Government Agencies Mortgage-Backed — 24.2% (continued)** |
| 2.50%, 9/1/2027-10/1/2053<sup>(e)</sup> <br>|  |  | 25596157 | 22137075 |
| 3.00%, 2/1/2031-9/1/2053<sup>(e)</sup> <br>|  |  | 11185537 | 10169927 |
| 3.50%, 2/1/2033-8/1/2053<sup>(e)</sup> <br>|  |  | 9774263 | 9138729 |
| 4.00%, 7/1/2029-3/1/2055<sup>(e)</sup> <br>|  |  | 4447508 | 4261380 |
| 4.50%, 5/1/2038-2/1/2055<sup>(e)</sup> <br>|  |  | 5603526 | 5498042 |
| 5.00%, 10/1/2038-2/1/2055<sup>(e)</sup> <br>|  |  | 8785576 | 8779731 |
| 5.50%, 8/1/2038-6/1/2055<sup>(e)</sup> <br>|  |  | 14469655 | 14671322 |
| 6.00%, 11/1/2052-8/1/2055<sup>(e)</sup> <br>|  |  | 10800673 | 11076460 |
| 6.50%, 10/1/2053-10/1/2054<sup>(e)</sup> <br>|  |  | 3233696 | 3355172 |
| 7.00%, 12/1/2053<sup>(e)</sup> <br>|  |  | 568590 | 595156 |
| Federal National Mortgage Association: | Federal National Mortgage Association: | Federal National Mortgage Association: | Federal National Mortgage Association: | Federal National Mortgage Association: |
| 1.50%, 11/1/2040-11/1/2055<sup>(e),(f)</sup> <br>|  |  | 225000 | 186291 |
| 1.50%, 10/1/2035-4/1/2052<sup>(e)</sup> <br>|  |  | 14128402 | 11780225 |
| 2.00%, 11/1/2040<sup>(e),(f)</sup> <br>|  |  | 125000 | 115076 |
| 2.00%, 8/1/2030-9/1/2052<sup>(e)</sup> <br>|  |  | 74484199 | 62424585 |
| 2.50%, 11/1/2040<sup>(e),(f)</sup> <br>|  |  | 75000 | 70603 |
| 2.50%, 6/1/2028-9/1/2052<sup>(e)</sup> <br>|  |  | 45129992 | 39100652 |
| 3.00%, 11/1/2026-3/1/2053<sup>(e)</sup> <br>|  |  | 29682187 | 26876213 |
| 3.50%, 11/1/2055<sup>(e),(f)</sup> <br>|  |  | 425000 | 391671 |
| 3.50%, 8/1/2030-2/1/2055<sup>(e)</sup> <br>|  |  | 16627178 | 15619159 |
| 4.00%, 11/1/2040-11/1/2055<sup>(e),(f)</sup> <br>|  |  | 1350000 | 1290694 |
| 4.00%, 4/1/2034-5/1/2055<sup>(e)</sup> <br>|  |  | 16146547 | 15555519 |
| 4.50%, 11/1/2040-12/1/2055<sup>(e),(f)</sup> <br>|  |  | 1450000 | 1427115 |
| 4.50%, 11/1/2037-9/1/2053<sup>(e)</sup> <br>|  |  | 9537558 | 9396670 |
| 5.00%, 11/1/2040-12/15/2055<sup>(e),(f)</sup> <br>|  |  | 4025000 | 4019454 |
| 5.00%, 9/1/2039-1/1/2055<sup>(e)</sup> <br>|  |  | 9727789 | 9755645 |
| 5.50%, 11/1/2040-12/1/2055<sup>(e),(f)</sup> <br>|  |  | 8750000 | 8847849 |
| 5.50%, 10/1/2035-4/1/2055<sup>(e)</sup> <br>|  |  | 9254996 | 9410371 |
| 6.00%, 11/1/2040-12/1/2055<sup>(e),(f)</sup> <br>|  |  | 10675000 | 10918330 |
| 6.00%, 6/1/2038-5/1/2055<sup>(e)</sup> <br>|  |  | 10551362 | 10845920 |
| 6.50%, 11/1/2055-12/1/2055<sup>(e),(f)</sup> <br>|  |  | 4700000 | 4866302 |
| 6.50%, 7/1/2053-6/1/2055<sup>(e)</sup> <br>|  |  | 5634675 | 5847821 |
| 7.00%, 12/15/2054-11/1/2055<sup>(e),(f)</sup> <br>|  |  | 2525000 | 2641977 |
| 7.00%, 1/1/2054<sup>(e)</sup> <br>|  |  | 44931 | 47031 |
| Government National Mortgage Association II: | Government National Mortgage Association II: | Government National Mortgage Association II: | Government National Mortgage Association II: | Government National Mortgage Association II: |
| 1.50%, 2/20/2051 |  |  | 66236 | 52972 |
| 2.00%, 11/20/2055<sup>(f)</sup> <br>|  |  | 300000 | 249320 |
| 2.00%, 8/20/2050-4/20/2052 |  |  | 19582590 | 16292590 |
| 2.50%, 11/20/2055<sup>(f)</sup> <br>|  |  | 250000 | 216398 |
| 2.50%, 2/20/2043-6/20/2052 |  |  | 20324105 | 17624364 |
| 3.00%, 12/15/2054<sup>(f)</sup> <br>|  |  | 125000 | 112396 |
| 3.00%, 6/20/2042-11/20/2052 |  |  | 14902653 | 13491495 |
| 3.50%, 11/20/2055-12/20/2055<sup>(f)</sup> <br>|  |  | 925000 | 846415 |
| 3.50%, 10/20/2026-12/20/2054 |  |  | 11222291 | 10423462 |
| 4.00%, 11/20/2054<sup>(f)</sup> <br>|  |  | 475000 | 449037 |
| 4.00%, 10/20/2040-5/20/2054 |  |  | 7787966 | 7472250 |
| 4.50%, 12/20/2054-11/20/2055<sup>(f)</sup> <br>|  |  | 3625000 | 3536559 |
| 4.50%, 2/20/2040-5/20/2054 |  |  | 5823853 | 5737527 |
| 5.00%, 11/20/2055-12/20/2055<sup>(f)</sup> <br>|  |  | 5125000 | 5107356 |
| 5.00%, 9/20/2039-6/20/2055 |  |  | 6989033 | 6999847 |

---

**161**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **U.S. Government Agencies Mortgage-Backed — 24.2% (continued)** | **U.S. Government Agencies Mortgage-Backed — 24.2% (continued)** | **U.S. Government Agencies Mortgage-Backed — 24.2% (continued)** | **U.S. Government Agencies Mortgage-Backed — 24.2% (continued)** | **U.S. Government Agencies Mortgage-Backed — 24.2% (continued)** |
| 5.50%, 11/20/2055-12/20/2055<sup>(f)</sup> <br>|  |  | 9550000 | 9627426 |
| 5.50%, 9/20/2052-4/20/2055 |  |  | 5307900 | 5373979 |
| 6.00%, 11/20/2055-12/15/2055<sup>(f)</sup> <br>|  |  | 5575000 | 5674216 |
| 6.00%, 11/20/2053-12/20/2054 |  |  | 3843280 | 3930395 |
| 6.50%, 11/20/2055-12/20/2055<sup>(f)</sup> <br>|  |  | 2450000 | 2525740 |
| 6.50%, 12/20/2052-7/20/2054 |  |  | 915687 | 945295 |
| 7.00%, 11/20/2055<sup>(f)</sup> <br>|  |  | 775000 | 796677 |
|  |  |  |  | **491966786** |
| **U.S. Government Agencies Obligations — .6%** | **U.S. Government Agencies Obligations — .6%** | **U.S. Government Agencies Obligations — .6%** | **U.S. Government Agencies Obligations — .6%** | **U.S. Government Agencies Obligations — .6%** |
| Federal Farm Credit Banks Funding Corp., Bonds | 0.75 | 12/16/2026 | 116000 | 111970 |
| Federal Farm Credit Banks Funding Corp., Bonds | 1.10 | 8/10/2029 | 136000 | 122662 |
| Federal Farm Credit Banks Funding Corp., Bonds | 1.12 | 9/1/2028 | 50000 | 46346 |
| Federal Farm Credit Banks Funding Corp., Bonds | 1.15 | 8/12/2030 | 150000 | 132626 |
| Federal Farm Credit Banks Funding Corp., Bonds | 1.23 | 7/29/2030 | 26000 | 22937 |
| Federal Farm Credit Banks Funding Corp., Bonds | 1.24 | 9/3/2030 | 550000 | 483610 |
| Federal Farm Credit Banks Funding Corp., Bonds | 1.38 | 1/14/2031 | 150000 | 131339 |
| Federal Farm Credit Banks Funding Corp., Bonds | 1.79 | 6/22/2035 | 200000 | 156237 |
| Federal Farm Credit Banks Funding Corp., Bonds | 2.02 | 4/1/2031 | 500000 | 449986 |
| Federal Home Loan Banks, Bonds | 1.25 | 12/21/2026 | 740000 | 720368 |
| Federal Home Loan Banks, Bonds | 3.00 | 3/12/2027 | 300000 | 297250 |
| Federal Home Loan Banks, Bonds | 3.25 | 6/9/2028 | 150000 | 148484 |
| Federal Home Loan Banks, Bonds | 3.25 | 11/16/2028 | 1235000 | 1221954 |
| Federal Home Loan Banks, Bonds | 4.63 | 11/17/2026 | 500000 | 504468 |
| Federal Home Loan Banks, Bonds | 5.50 | 7/15/2036 | 150000 | 164698 |
| Federal Home Loan Mortgage Corp., Notes<sup>(a),(e)</sup> <br>| 0.00 | 12/14/2029 | 340000 | 290184 |
| Federal Home Loan Mortgage Corp., Notes<sup>(a),(e)</sup> <br>| 0.00 | 11/15/2038 | 50000 | 27489 |
| Federal Home Loan Mortgage Corp., Notes<sup>(e)</sup> <br>| 0.80 | 10/28/2026 | 700000 | 679893 |
| Federal Home Loan Mortgage Corp., Notes<sup>(e)</sup> <br>| 4.55 | 2/11/2028 | 400000 | 400349 |
| Federal Home Loan Mortgage Corp., Notes<sup>(e)</sup> <br>| 4.88 | 5/14/2030 | 800000 | 800178 |
| Federal Home Loan Mortgage Corp., Notes<sup>(b),(e)</sup> <br>| 6.25 | 7/15/2032 | 458000 | 520297 |
| Federal National Mortgage Association, Notes<sup>(e)</sup> <br>| 0.88 | 8/5/2030 | 195000 | 171112 |
| Federal National Mortgage Association, Notes<sup>(e)</sup> <br>| 6.25 | 5/15/2029 | 150000 | 162761 |
| Federal National Mortgage Association, Notes<sup>(e)</sup> <br>| 7.13 | 1/15/2030 | 100000 | 113155 |
| Federal National Mortgage Association, Notes<sup>(e)</sup> <br>| 7.25 | 5/15/2030 | 50000 | 57376 |
| Federal National Mortgage Association, Unscd. Notes<sup>(b),(e)</sup> <br>| 0.75 | 10/8/2027 | 1850000 | 1750790 |
| Tennessee Valley Authority, Sr. Unscd. Bonds | 5.25 | 9/15/2039 | 210000 | 223881 |
| Tennessee Valley Authority, Sr. Unscd. Bonds | 5.38 | 4/1/2056 | 200000 | 205725 |
| Tennessee Valley Authority, Sr. Unscd. Bonds | 7.13 | 5/1/2030 | 150000 | 170527 |
| Tennessee Valley Authority, Sr. Unscd. Bonds, Ser. B | 4.70 | 7/15/2033 | 307000 | 317663 |
| Tennessee Valley Authority, Sr. Unscd. Notes | 3.88 | 3/15/2028 | 390000 | 391998 |
| Tennessee Valley Authority, Sr. Unscd. Notes | 4.25 | 9/15/2065 | 170000 | 142507 |
| Tennessee Valley Authority, Sr. Unscd. Notes | 4.38 | 8/1/2034 | 100000 | 101311 |
| Tennessee Valley Authority, Sr. Unscd. Notes | 4.88 | 5/15/2035 | 600000 | 623982 |
| Tennessee Valley Authority, Sr. Unscd. Notes | 5.25 | 2/1/2055 | 300000 | 303431 |
|  |  |  |  | **12169544** |
| **U.S. Treasury Securities — 45.4%** | **U.S. Treasury Securities — 45.4%** | **U.S. Treasury Securities — 45.4%** | **U.S. Treasury Securities — 45.4%** | **U.S. Treasury Securities — 45.4%** |
| U.S. Treasury Bonds | 1.13 | 5/15/2040 | 845000 | 543573 |
| U.S. Treasury Bonds | 1.13 | 8/15/2040 | 1275000 | 811418 |
| U.S. Treasury Bonds | 1.25 | 5/15/2050 | 1400000 | 695625 |
| U.S. Treasury Bonds | 1.38 | 11/15/2040 | 3835000 | 2525707 |

---

**162**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **U.S. Treasury Securities — 45.4% (continued)** | **U.S. Treasury Securities — 45.4% (continued)** | **U.S. Treasury Securities — 45.4% (continued)** | **U.S. Treasury Securities — 45.4% (continued)** | **U.S. Treasury Securities — 45.4% (continued)** |
| U.S. Treasury Bonds | 1.38 | 8/15/2050 | 4445000 | 2265561 |
| U.S. Treasury Bonds | 1.63 | 11/15/2050 | 3975000 | 2161406 |
| U.S. Treasury Bonds | 1.75 | 8/15/2041 | 4544000 | 3111930 |
| U.S. Treasury Bonds | 1.88 | 2/15/2041 | 5715000 | 4050506 |
| U.S. Treasury Bonds | 1.88 | 2/15/2051 | 6633000 | 3834703 |
| U.S. Treasury Bonds | 1.88 | 11/15/2051 | 7745000 | 4432802 |
| U.S. Treasury Bonds | 2.00 | 11/15/2041 | 2562000 | 1815818 |
| U.S. Treasury Bonds | 2.00 | 2/15/2050 | 2133000 | 1290132 |
| U.S. Treasury Bonds | 2.00 | 8/15/2051 | 3700000 | 2193406 |
| U.S. Treasury Bonds | 2.25 | 5/15/2041 | 5269600 | 3934909 |
| U.S. Treasury Bonds | 2.25 | 8/15/2046 | 5628000 | 3797141 |
| U.S. Treasury Bonds | 2.25 | 8/15/2049 | 3755000 | 2424909 |
| U.S. Treasury Bonds | 2.25 | 2/15/2052 | 4954900 | 3108426 |
| U.S. Treasury Bonds | 2.38 | 2/15/2042 | 5730000 | 4283175 |
| U.S. Treasury Bonds | 2.38 | 11/15/2049 | 7865000 | 5203189 |
| U.S. Treasury Bonds | 2.38 | 5/15/2051 | 2465000 | 1603791 |
| U.S. Treasury Bonds | 2.50 | 2/15/2045 | 605000 | 438058 |
| U.S. Treasury Bonds | 2.50 | 2/15/2046 | 1775000 | 1265797 |
| U.S. Treasury Bonds | 2.50 | 5/15/2046 | 4655000 | 3308687 |
| U.S. Treasury Bonds | 2.75 | 8/15/2042 | 457000 | 358388 |
| U.S. Treasury Bonds | 2.75 | 11/15/2042 | 508000 | 396558 |
| U.S. Treasury Bonds | 2.75 | 8/15/2047 | 665000 | 487320 |
| U.S. Treasury Bonds | 2.88 | 5/15/2043 | 2611800 | 2062914 |
| U.S. Treasury Bonds | 2.88 | 8/15/2045 | 750000 | 575859 |
| U.S. Treasury Bonds | 2.88 | 5/15/2049 | 2925000 | 2155359 |
| U.S. Treasury Bonds | 2.88 | 5/15/2052 | 1980300 | 1428291 |
| U.S. Treasury Bonds | 3.00 | 5/15/2042 | 1845000 | 1508288 |
| U.S. Treasury Bonds | 3.00 | 11/15/2044 | 1590000 | 1256597 |
| U.S. Treasury Bonds | 3.00 | 5/15/2045 | 2693000 | 2117371 |
| U.S. Treasury Bonds | 3.00 | 2/15/2047 | 1385000 | 1069047 |
| U.S. Treasury Bonds | 3.00 | 5/15/2047 | 2522000 | 1941152 |
| U.S. Treasury Bonds | 3.00 | 2/15/2048 | 2596000 | 1981478 |
| U.S. Treasury Bonds | 3.00 | 8/15/2048 | 3075000 | 2336039 |
| U.S. Treasury Bonds | 3.00 | 2/15/2049 | 1645000 | 1244288 |
| U.S. Treasury Bonds | 3.00 | 8/15/2052 | 1108700 | 819572 |
| U.S. Treasury Bonds | 3.13 | 2/15/2042 | 1215000 | 1014905 |
| U.S. Treasury Bonds | 3.13 | 2/15/2043 | 135000 | 111038 |
| U.S. Treasury Bonds | 3.13 | 8/15/2044 | 700000 | 566125 |
| U.S. Treasury Bonds | 3.13 | 5/15/2048 | 1450000 | 1129867 |
| U.S. Treasury Bonds | 3.25 | 5/15/2042 | 5705000 | 4834987 |
| U.S. Treasury Bonds | 3.38 | 8/15/2042 | 5330000 | 4579636 |
| U.S. Treasury Bonds | 3.38 | 5/15/2044 | 1845000 | 1554413 |
| U.S. Treasury Bonds | 3.38 | 11/15/2048 | 1002000 | 812716 |
| U.S. Treasury Bonds | 3.63 | 8/15/2043 | 1559000 | 1370702 |
| U.S. Treasury Bonds | 3.63 | 2/15/2044 | 1150000 | 1006609 |
| U.S. Treasury Bonds | 3.63 | 2/15/2053 | 5600000 | 4675125 |
| U.S. Treasury Bonds | 3.63 | 5/15/2053 | 5115000 | 4266230 |
| U.S. Treasury Bonds | 3.75 | 8/15/2041 | 154200 | 140900 |
| U.S. Treasury Bonds | 3.75 | 11/15/2043 | 614600 | 549107 |
| U.S. Treasury Bonds | 3.88 | 8/15/2040 | 89600 | 84028 |

---

**163**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **U.S. Treasury Securities — 45.4% (continued)** | **U.S. Treasury Securities — 45.4% (continued)** | **U.S. Treasury Securities — 45.4% (continued)** | **U.S. Treasury Securities — 45.4% (continued)** | **U.S. Treasury Securities — 45.4% (continued)** |
| U.S. Treasury Bonds | 3.88 | 2/15/2043 | 4900000 | 4484266 |
| U.S. Treasury Bonds | 3.88 | 5/15/2043 | 4108000 | 3753043 |
| U.S. Treasury Bonds | 4.00 | 11/15/2042 | 6040000 | 5628525 |
| U.S. Treasury Bonds | 4.00 | 11/15/2052 | 3950000 | 3530313 |
| U.S. Treasury Bonds | 4.13 | 8/15/2044 | 1509000 | 1412330 |
| U.S. Treasury Bonds | 4.13 | 8/15/2053 | 4940000 | 4507750 |
| U.S. Treasury Bonds | 4.25 | 2/15/2054 | 3640000 | 3392594 |
| U.S. Treasury Bonds | 4.25 | 8/15/2054 | 4705000 | 4387412 |
| U.S. Treasury Bonds | 4.38 | 11/15/2039 | 55000 | 54854 |
| U.S. Treasury Bonds | 4.38 | 5/15/2041 | 490000 | 483952 |
| U.S. Treasury Bonds | 4.38 | 8/15/2043 | 3418000 | 3325073 |
| U.S. Treasury Bonds<sup>(b)</sup> <br>| 4.50 | 2/15/2036 | 2580000 | 2674331 |
| U.S. Treasury Bonds | 4.50 | 5/15/2038 | 190000 | 195017 |
| U.S. Treasury Bonds | 4.50 | 2/15/2044 | 2630000 | 2592605 |
| U.S. Treasury Bonds | 4.50 | 11/15/2054 | 5225000 | 5081312 |
| U.S. Treasury Bonds | 4.63 | 5/15/2044 | 500000 | 500313 |
| U.S. Treasury Bonds | 4.63 | 11/15/2044 | 1805000 | 1802744 |
| U.S. Treasury Bonds | 4.63 | 5/15/2054 | 4953900 | 4913650 |
| U.S. Treasury Bonds | 4.63 | 2/15/2055 | 6760000 | 6710356 |
| U.S. Treasury Bonds<sup>(b)</sup> <br>| 4.75 | 2/15/2037 | 3500000 | 3691953 |
| U.S. Treasury Bonds | 4.75 | 11/15/2043 | 1750000 | 1783086 |
| U.S. Treasury Bonds | 4.75 | 2/15/2045 | 1845000 | 1870945 |
| U.S. Treasury Bonds | 4.75 | 11/15/2053 | 3600000 | 3641625 |
| U.S. Treasury Bonds | 4.75 | 5/15/2055 | 4300000 | 4356437 |
| U.S. Treasury Bonds | 4.75 | 8/15/2055 | 3760000 | 3811113 |
| U.S. Treasury Bonds | 4.88 | 8/15/2045 | 1065000 | 1096950 |
| U.S. Treasury Bonds | 5.00 | 5/15/2045 | 1760000 | 1841950 |
| U.S. Treasury Bonds<sup>(b)</sup> <br>| 5.25 | 2/15/2029 | 135000 | 141834 |
| U.S. Treasury Bonds | 6.25 | 5/15/2030 | 2500000 | 2761523 |
| U.S. Treasury Bonds | 6.50 | 11/15/2026 | 5105000 | 5253364 |
| U.S. Treasury Notes | 0.38 | 7/31/2027 | 3929700 | 3716023 |
| U.S. Treasury Notes | 0.38 | 9/30/2027 | 1170000 | 1100988 |
| U.S. Treasury Notes | 0.50 | 5/31/2027 | 2300000 | 2191109 |
| U.S. Treasury Notes | 0.50 | 6/30/2027 | 2121700 | 2016112 |
| U.S. Treasury Notes | 0.50 | 8/31/2027 | 1555000 | 1470265 |
| U.S. Treasury Notes | 0.50 | 10/31/2027 | 4975000 | 4681164 |
| U.S. Treasury Notes | 0.63 | 11/30/2027 | 5630000 | 5298798 |
| U.S. Treasury Notes | 0.63 | 12/31/2027 | 9045800 | 8491745 |
| U.S. Treasury Notes | 0.63 | 5/15/2030 | 5885000 | 5138341 |
| U.S. Treasury Notes | 0.63 | 8/15/2030 | 7630000 | 6607103 |
| U.S. Treasury Notes | 0.75 | 1/31/2028 | 5381800 | 5054687 |
| U.S. Treasury Notes | 0.88 | 11/15/2030 | 7885000 | 6867958 |
| U.S. Treasury Notes | 1.00 | 7/31/2028 | 6809300 | 6350736 |
| U.S. Treasury Notes | 1.13 | 2/29/2028 | 4460600 | 4216661 |
| U.S. Treasury Notes | 1.13 | 8/31/2028 | 2854600 | 2666375 |
| U.S. Treasury Notes | 1.13 | 2/15/2031 | 1820000 | 1597334 |
| U.S. Treasury Notes | 1.25 | 12/31/2026 | 5385700 | 5236331 |
| U.S. Treasury Notes | 1.25 | 3/31/2028 | 465000 | 440006 |
| U.S. Treasury Notes | 1.25 | 4/30/2028 | 3312700 | 3128949 |
| U.S. Treasury Notes | 1.25 | 5/31/2028 | 2405000 | 2267088 |

---

**164**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **U.S. Treasury Securities — 45.4% (continued)** | **U.S. Treasury Securities — 45.4% (continued)** | **U.S. Treasury Securities — 45.4% (continued)** | **U.S. Treasury Securities — 45.4% (continued)** | **U.S. Treasury Securities — 45.4% (continued)** |
| U.S. Treasury Notes | 1.25 | 6/30/2028 | 2810800 | 2644787 |
| U.S. Treasury Notes | 1.25 | 9/30/2028 | 5006400 | 4683722 |
| U.S. Treasury Notes | 1.25 | 8/15/2031 | 3905900 | 3393861 |
| U.S. Treasury Notes | 1.38 | 10/31/2028 | 3746200 | 3510599 |
| U.S. Treasury Notes | 1.38 | 12/31/2028 | 7280200 | 6799593 |
| U.S. Treasury Notes | 1.38 | 11/15/2031 | 7050000 | 6129644 |
| U.S. Treasury Notes | 1.50 | 11/30/2028 | 6565000 | 6163407 |
| U.S. Treasury Notes | 1.50 | 2/15/2030 | 6112700 | 5593120 |
| U.S. Treasury Notes | 1.63 | 11/30/2026 | 1950000 | 1907420 |
| U.S. Treasury Notes | 1.63 | 8/15/2029 | 500000 | 465156 |
| U.S. Treasury Notes | 1.63 | 5/15/2031 | 4015000 | 3589661 |
| U.S. Treasury Notes | 1.75 | 12/31/2026 | 488800 | 478012 |
| U.S. Treasury Notes | 1.75 | 1/31/2029 | 3605500 | 3400719 |
| U.S. Treasury Notes<sup>(b)</sup> <br>| 1.75 | 11/15/2029 | 3250000 | 3023516 |
| U.S. Treasury Notes | 1.88 | 2/28/2027 | 1220100 | 1191885 |
| U.S. Treasury Notes | 1.88 | 2/28/2029 | 2499800 | 2363873 |
| U.S. Treasury Notes | 1.88 | 2/15/2032 | 3765000 | 3355262 |
| U.S. Treasury Notes | 2.00 | 11/15/2026 | 1821300 | 1789427 |
| U.S. Treasury Notes | 2.25 | 2/15/2027 | 4103000 | 4029915 |
| U.S. Treasury Notes | 2.25 | 8/15/2027 | 5255000 | 5132041 |
| U.S. Treasury Notes | 2.25 | 11/15/2027 | 1125000 | 1095469 |
| U.S. Treasury Notes | 2.38 | 5/15/2027 | 3746100 | 3675861 |
| U.S. Treasury Notes | 2.38 | 3/31/2029 | 900000 | 864070 |
| U.S. Treasury Notes | 2.38 | 5/15/2029 | 140000 | 134181 |
| U.S. Treasury Notes | 2.50 | 3/31/2027 | 836800 | 823529 |
| U.S. Treasury Notes | 2.63 | 5/31/2027 | 4700000 | 4627297 |
| U.S. Treasury Notes | 2.63 | 2/15/2029 | 2985700 | 2894263 |
| U.S. Treasury Notes | 2.63 | 7/31/2029 | 1335000 | 1287441 |
| U.S. Treasury Notes | 2.75 | 4/30/2027 | 2145000 | 2117433 |
| U.S. Treasury Notes | 2.75 | 7/31/2027 | 2560000 | 2522400 |
| U.S. Treasury Notes | 2.75 | 2/15/2028 | 8675000 | 8514377 |
| U.S. Treasury Notes | 2.75 | 8/15/2032 | 5720000 | 5336581 |
| U.S. Treasury Notes | 2.88 | 5/15/2028 | 1768100 | 1737573 |
| U.S. Treasury Notes | 2.88 | 8/15/2028 | 4234000 | 4152959 |
| U.S. Treasury Notes | 2.88 | 4/30/2029 | 5302700 | 5171790 |
| U.S. Treasury Notes | 2.88 | 5/15/2032 | 5955000 | 5618170 |
| U.S. Treasury Notes | 3.13 | 8/31/2027 | 2995000 | 2969379 |
| U.S. Treasury Notes | 3.13 | 11/15/2028 | 4525000 | 4462781 |
| U.S. Treasury Notes | 3.13 | 8/31/2029 | 2750000 | 2698223 |
| U.S. Treasury Notes | 3.25 | 6/30/2027 | 2540000 | 2524919 |
| U.S. Treasury Notes | 3.25 | 6/30/2029 | 3585400 | 3536941 |
| U.S. Treasury Notes | 3.38 | 9/15/2027 | 3290000 | 3276249 |
| U.S. Treasury Notes | 3.38 | 9/15/2028 | 3800000 | 3776844 |
| U.S. Treasury Notes | 3.38 | 5/15/2033 | 7230000 | 6971302 |
| U.S. Treasury Notes | 3.50 | 9/30/2027 | 4520000 | 4511525 |
| U.S. Treasury Notes | 3.50 | 10/31/2027 | 4560000 | 4551450 |
| U.S. Treasury Notes | 3.50 | 1/31/2028 | 2307900 | 2303032 |
| U.S. Treasury Notes | 3.50 | 4/30/2028 | 1487800 | 1484429 |
| U.S. Treasury Notes | 3.50 | 10/15/2028 | 3840000 | 3829500 |
| U.S. Treasury Notes | 3.50 | 9/30/2029 | 2985000 | 2967976 |

---

**165**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **U.S. Treasury Securities — 45.4% (continued)** | **U.S. Treasury Securities — 45.4% (continued)** | **U.S. Treasury Securities — 45.4% (continued)** | **U.S. Treasury Securities — 45.4% (continued)** | **U.S. Treasury Securities — 45.4% (continued)** |
| U.S. Treasury Notes | 3.50 | 1/31/2030 | 4310000 | 4280369 |
| U.S. Treasury Notes | 3.50 | 4/30/2030 | 4615000 | 4579306 |
| U.S. Treasury Notes | 3.50 | 2/15/2033 | 6923400 | 6744906 |
| U.S. Treasury Notes | 3.63 | 8/31/2027 | 5185000 | 5186013 |
| U.S. Treasury Notes | 3.63 | 3/31/2028 | 5850000 | 5854113 |
| U.S. Treasury Notes | 3.63 | 5/31/2028 | 3754800 | 3757440 |
| U.S. Treasury Notes | 3.63 | 8/15/2028 | 3855000 | 3858012 |
| U.S. Treasury Notes<sup>(b)</sup> <br>| 3.63 | 8/31/2029 | 5210000 | 5203895 |
| U.S. Treasury Notes | 3.63 | 3/31/2030 | 3740000 | 3730942 |
| U.S. Treasury Notes<sup>(b)</sup> <br>| 3.63 | 8/31/2030 | 4555000 | 4539342 |
| U.S. Treasury Notes<sup>(b)</sup> <br>| 3.63 | 9/30/2030 | 3850000 | 3836164 |
| U.S. Treasury Notes | 3.63 | 10/31/2030 | 4800000 | 4782375 |
| U.S. Treasury Notes | 3.63 | 9/30/2031 | 3500000 | 3467734 |
| U.S. Treasury Notes | 3.75 | 4/30/2027 | 3990000 | 3996546 |
| U.S. Treasury Notes | 3.75 | 6/30/2027 | 5420000 | 5430586 |
| U.S. Treasury Notes | 3.75 | 8/15/2027 | 4096600 | 4105721 |
| U.S. Treasury Notes | 3.75 | 4/15/2028 | 3425000 | 3436773 |
| U.S. Treasury Notes | 3.75 | 5/15/2028 | 3820000 | 3834325 |
| U.S. Treasury Notes | 3.75 | 12/31/2028 | 6895000 | 6922472 |
| U.S. Treasury Notes | 3.75 | 5/31/2030 | 2280000 | 2285166 |
| U.S. Treasury Notes | 3.75 | 6/30/2030 | 5330000 | 5341243 |
| U.S. Treasury Notes | 3.75 | 12/31/2030 | 3821000 | 3824582 |
| U.S. Treasury Notes | 3.75 | 8/31/2031 | 3482000 | 3473839 |
| U.S. Treasury Notes | 3.75 | 10/31/2032 | 2920000 | 2895363 |
| U.S. Treasury Notes | 3.88 | 3/31/2027 | 4680000 | 4694077 |
| U.S. Treasury Notes | 3.88 | 5/31/2027 | 4540000 | 4556138 |
| U.S. Treasury Notes | 3.88 | 7/31/2027 | 4580000 | 4599501 |
| U.S. Treasury Notes | 3.88 | 10/15/2027 | 4085000 | 4105744 |
| U.S. Treasury Notes | 3.88 | 11/30/2027 | 2355700 | 2368583 |
| U.S. Treasury Notes | 3.88 | 12/31/2027 | 786700 | 791248 |
| U.S. Treasury Notes | 3.88 | 3/15/2028 | 3940000 | 3965856 |
| U.S. Treasury Notes | 3.88 | 6/15/2028 | 3720000 | 3746447 |
| U.S. Treasury Notes | 3.88 | 7/15/2028 | 3850000 | 3877070 |
| U.S. Treasury Notes | 3.88 | 9/30/2029 | 325900 | 328446 |
| U.S. Treasury Notes | 3.88 | 11/30/2029 | 1548600 | 1560819 |
| U.S. Treasury Notes | 3.88 | 12/31/2029 | 2980000 | 3003048 |
| U.S. Treasury Notes<sup>(b)</sup> <br>| 3.88 | 4/30/2030 | 4630000 | 4666172 |
| U.S. Treasury Notes | 3.88 | 6/30/2030 | 6060000 | 6106397 |
| U.S. Treasury Notes | 3.88 | 7/31/2030 | 4945000 | 4982474 |
| U.S. Treasury Notes | 3.88 | 8/31/2032 | 2425000 | 2424621 |
| U.S. Treasury Notes | 3.88 | 9/30/2032 | 2380000 | 2378884 |
| U.S. Treasury Notes | 3.88 | 8/15/2033 | 6695000 | 6663617 |
| U.S. Treasury Notes | 3.88 | 8/15/2034 | 8501000 | 8404035 |
| U.S. Treasury Notes | 4.00 | 1/15/2027 | 4143000 | 4158051 |
| U.S. Treasury Notes | 4.00 | 1/31/2027 | 5295000 | 5154765 |
| U.S. Treasury Notes | 4.00 | 12/15/2027 | 3950000 | 3983020 |
| U.S. Treasury Notes | 4.00 | 2/29/2028 | 1644600 | 1659247 |
| U.S. Treasury Notes | 4.00 | 6/30/2028 | 1409800 | 1424228 |
| U.S. Treasury Notes | 4.00 | 1/31/2029 | 4395000 | 4445130 |
| U.S. Treasury Notes | 4.00 | 7/31/2029 | 3345000 | 3385506 |

---

**166**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **U.S. Treasury Securities — 45.4% (continued)** | **U.S. Treasury Securities — 45.4% (continued)** | **U.S. Treasury Securities — 45.4% (continued)** | **U.S. Treasury Securities — 45.4% (continued)** | **U.S. Treasury Securities — 45.4% (continued)** |
| U.S. Treasury Notes | 4.00 | 2/28/2030 | 7816000 | 7916142 |
| U.S. Treasury Notes | 4.00 | 3/31/2030 | 2415000 | 2445754 |
| U.S. Treasury Notes | 4.00 | 5/31/2030 | 6100000 | 6180062 |
| U.S. Treasury Notes | 4.00 | 7/31/2030 | 1400000 | 1417828 |
| U.S. Treasury Notes | 4.00 | 1/31/2031 | 4795000 | 4854188 |
| U.S. Treasury Notes | 4.00 | 4/30/2032 | 3825000 | 3857572 |
| U.S. Treasury Notes | 4.00 | 6/30/2032 | 2820000 | 2842031 |
| U.S. Treasury Notes | 4.00 | 7/31/2032 | 2920000 | 2941444 |
| U.S. Treasury Notes | 4.00 | 2/15/2034 | 6250000 | 6254883 |
| U.S. Treasury Notes | 4.13 | 1/31/2027 | 4760000 | 4784172 |
| U.S. Treasury Notes | 4.13 | 2/15/2027 | 3635000 | 3654737 |
| U.S. Treasury Notes | 4.13 | 2/28/2027 | 4715000 | 4742259 |
| U.S. Treasury Notes | 4.13 | 9/30/2027 | 4072000 | 4110652 |
| U.S. Treasury Notes | 4.13 | 11/15/2027 | 3805000 | 3843942 |
| U.S. Treasury Notes | 4.13 | 7/31/2028 | 5611800 | 5688085 |
| U.S. Treasury Notes | 4.13 | 3/31/2029 | 3040000 | 3087975 |
| U.S. Treasury Notes | 4.13 | 10/31/2029 | 3930000 | 3996933 |
| U.S. Treasury Notes | 4.13 | 11/30/2029 | 4625000 | 4704131 |
| U.S. Treasury Notes | 4.13 | 8/31/2030 | 930300 | 947089 |
| U.S. Treasury Notes | 4.13 | 3/31/2031 | 3450000 | 3512262 |
| U.S. Treasury Notes | 4.13 | 7/31/2031 | 4180000 | 4253150 |
| U.S. Treasury Notes | 4.13 | 10/31/2031 | 3100000 | 3152313 |
| U.S. Treasury Notes | 4.13 | 11/30/2031 | 2935000 | 2983382 |
| U.S. Treasury Notes | 4.13 | 2/29/2032 | 1805000 | 1833908 |
| U.S. Treasury Notes | 4.13 | 3/31/2032 | 2790000 | 2833812 |
| U.S. Treasury Notes | 4.13 | 5/31/2032 | 2800000 | 2842438 |
| U.S. Treasury Notes | 4.13 | 11/15/2032 | 5180000 | 5255272 |
| U.S. Treasury Notes | 4.25 | 11/30/2026 | 6610000 | 6646407 |
| U.S. Treasury Notes | 4.25 | 12/31/2026 | 7700000 | 7746020 |
| U.S. Treasury Notes | 4.25 | 3/15/2027 | 1505000 | 1516699 |
| U.S. Treasury Notes | 4.25 | 1/15/2028 | 4000000 | 4054375 |
| U.S. Treasury Notes | 4.25 | 2/15/2028 | 3765000 | 3818239 |
| U.S. Treasury Notes | 4.25 | 2/28/2029 | 4000000 | 4077812 |
| U.S. Treasury Notes | 4.25 | 6/30/2029 | 3459700 | 3531056 |
| U.S. Treasury Notes | 4.25 | 1/31/2030 | 7330000 | 7493207 |
| U.S. Treasury Notes | 4.25 | 2/28/2031 | 1915100 | 1961631 |
| U.S. Treasury Notes | 4.25 | 6/30/2031 | 2210000 | 2263005 |
| U.S. Treasury Notes | 4.25 | 11/15/2034 | 11840000 | 12021300 |
| U.S. Treasury Notes | 4.25 | 5/15/2035 | 6505000 | 6593427 |
| U.S. Treasury Notes | 4.25 | 8/15/2035 | 6370000 | 6449625 |
| U.S. Treasury Notes | 4.38 | 12/15/2026 | 1542000 | 1552842 |
| U.S. Treasury Notes | 4.38 | 7/15/2027 | 2470000 | 2500393 |
| U.S. Treasury Notes | 4.38 | 8/31/2028 | 3350000 | 3418309 |
| U.S. Treasury Notes | 4.38 | 11/30/2028 | 6130000 | 6264573 |
| U.S. Treasury Notes | 4.38 | 12/31/2029 | 5270000 | 5412043 |
| U.S. Treasury Notes | 4.38 | 1/31/2032 | 6495000 | 6688835 |
| U.S. Treasury Notes | 4.38 | 5/15/2034 | 9660000 | 9916594 |
| U.S. Treasury Notes | 4.50 | 4/15/2027 | 3005000 | 3040567 |
| U.S. Treasury Notes | 4.50 | 5/31/2029 | 4887500 | 5027252 |
| U.S. Treasury Notes | 4.50 | 12/31/2031 | 3245000 | 3364406 |

---

**167**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **U.S. Treasury Securities — 45.4% (continued)** | **U.S. Treasury Securities — 45.4% (continued)** | **U.S. Treasury Securities — 45.4% (continued)** | **U.S. Treasury Securities — 45.4% (continued)** | **U.S. Treasury Securities — 45.4% (continued)** |
| U.S. Treasury Notes | 4.50 | 11/15/2033 | 8785000 | 9107574 |
| U.S. Treasury Notes | 4.63 | 11/15/2026 | 5834000 | 5885275 |
| U.S. Treasury Notes | 4.63 | 6/15/2027 | 3590000 | 3645673 |
| U.S. Treasury Notes | 4.63 | 9/30/2028 | 1350000 | 1387969 |
| U.S. Treasury Notes | 4.63 | 4/30/2029 | 4600000 | 4748781 |
| U.S. Treasury Notes | 4.63 | 9/30/2030 | 2253500 | 2345048 |
| U.S. Treasury Notes | 4.63 | 4/30/2031 | 7550000 | 7872644 |
| U.S. Treasury Notes | 4.63 | 5/31/2031 | 2910000 | 3034357 |
| U.S. Treasury Notes | 4.63 | 2/15/2035 | 9470000 | 9879873 |
| U.S. Treasury Notes | 4.88 | 10/31/2028 | 3478900 | 3602836 |
| U.S. Treasury Notes | 4.88 | 10/31/2030 | 1217800 | 1281639 |
|  |  |  |  | **921725188** |
| **Utilities — 2.4%** | **Utilities — 2.4%** | **Utilities — 2.4%** | **Utilities — 2.4%** | **Utilities — 2.4%** |
| AEP Texas, Inc., Sr. Unscd. Notes | 5.70 | 5/15/2034 | 355000 | 370717 |
| AEP Texas, Inc., Sr. Unscd. Notes, Ser. I | 2.10 | 7/1/2030 | 90000 | 81579 |
| AEP Transmission Co. LLC, Sr. Unscd. Notes | 3.80 | 6/15/2049 | 30000 | 23209 |
| AEP Transmission Co. LLC, Sr. Unscd. Notes | 4.25 | 9/15/2048 | 90000 | 75480 |
| Alabama Power Co., Sr. Unscd. Notes | 3.13 | 7/15/2051 | 60000 | 40882 |
| Alabama Power Co., Sr. Unscd. Notes | 3.75 | 3/1/2045 | 50000 | 40000 |
| Alabama Power Co., Sr. Unscd. Notes | 3.94 | 9/1/2032 | 110000 | 106797 |
| Alabama Power Co., Sr. Unscd. Notes | 5.85 | 11/15/2033 | 500000 | 537296 |
| Ameren Corp., Sr. Unscd. Notes | 1.75 | 3/15/2028 | 50000 | 47249 |
| Ameren Corp., Sr. Unscd. Notes | 5.70 | 12/1/2026 | 50000 | 50733 |
| Ameren Illinois Co., First Mortgage Bonds | 1.55 | 11/15/2030 | 85000 | 74650 |
| Ameren Illinois Co., First Mortgage Bonds | 2.90 | 6/15/2051 | 110000 | 71917 |
| American Electric Power Co., Inc., Jr. Sub. Notes | 6.95 | 12/15/2054 | 250000 | 272729 |
| American Electric Power Co., Inc., Sr. Unscd. Notes | 2.30 | 3/1/2030 | 150000 | 137709 |
| American Electric Power Co., Inc., Sr. Unscd. Notes | 5.20 | 1/15/2029 | 70000 | 72184 |
| American Electric Power Co., Inc., Sr. Unscd. Notes | 5.75 | 11/1/2027 | 200000 | 206007 |
| American Water Capital Corp., Sr. Unscd. Bonds | 5.25 | 3/1/2035 | 200000 | 205995 |
| American Water Capital Corp., Sr. Unscd. Bonds | 6.59 | 10/15/2037 | 115000 | 130293 |
| American Water Capital Corp., Sr. Unscd. Notes | 2.80 | 5/1/2030 | 100000 | 94332 |
| American Water Capital Corp., Sr. Unscd. Notes | 3.25 | 6/1/2051 | 50000 | 34735 |
| American Water Capital Corp., Sr. Unscd. Notes | 3.45 | 5/1/2050 | 250000 | 181706 |
| American Water Capital Corp., Sr. Unscd. Notes | 3.75 | 9/1/2028 | 104000 | 103222 |
| American Water Capital Corp., Sr. Unscd. Notes | 3.75 | 9/1/2047 | 70000 | 54827 |
| American Water Capital Corp., Sr. Unscd. Notes | 4.45 | 6/1/2032 | 100000 | 99907 |
| Appalachian Power Co., Sr. Unscd. Notes | 5.65 | 4/1/2034 | 250000 | 262019 |
| Arizona Public Service Co., Sr. Unscd. Notes | 2.60 | 8/15/2029 | 750000 | 706572 |
| Arizona Public Service Co., Sr. Unscd. Notes | 3.50 | 12/1/2049 | 65000 | 46783 |
| Arizona Public Service Co., Sr. Unscd. Notes | 5.90 | 8/15/2055 | 200000 | 205931 |
| Atmos Energy Corp., Sr. Unscd. Notes | 2.85 | 2/15/2052 | 85000 | 54570 |
| Atmos Energy Corp., Sr. Unscd. Notes | 3.38 | 9/15/2049 | 52000 | 37805 |
| Atmos Energy Corp., Sr. Unscd. Notes | 4.13 | 3/15/2049 | 115000 | 94385 |
| Atmos Energy Corp., Sr. Unscd. Notes | 5.90 | 11/15/2033 | 115000 | 124635 |
| Atmos Energy Corp., Sr. Unscd. Notes | 6.20 | 11/15/2053 | 35000 | 38558 |
| Avista Corp., First Mortgage Bonds | 4.35 | 6/1/2048 | 50000 | 42018 |
| Baltimore Gas and Electric Co., Sr. Unscd. Notes | 5.30 | 6/1/2034 | 80000 | 83458 |
| Berkshire Hathaway Energy Co., Sr. Unscd. Notes | 1.65 | 5/15/2031 | 125000 | 108405 |
| Berkshire Hathaway Energy Co., Sr. Unscd. Notes | 2.85 | 5/15/2051 | 185000 | 118282 |

---

**168**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** |
| Berkshire Hathaway Energy Co., Sr. Unscd. Notes | 3.25 | 4/15/2028 | 254000 | 249465 |
| Berkshire Hathaway Energy Co., Sr. Unscd. Notes | 3.80 | 7/15/2048 | 130000 | 100775 |
| Berkshire Hathaway Energy Co., Sr. Unscd. Notes | 4.45 | 1/15/2049 | 150000 | 128497 |
| Black Hills Corp., Sr. Unscd. Notes | 3.05 | 10/15/2029 | 257000 | 244554 |
| Black Hills Corp., Sr. Unscd. Notes | 6.15 | 5/15/2034 | 126000 | 134815 |
| CenterPoint Energy Houston Electric LLC, General Ref. Mortgage Bonds | 3.95 | 3/1/2048 | 250000 | 201565 |
| CenterPoint Energy Houston Electric LLC, General Ref. Mortgage Bonds, Ser. AD | 2.90 | 7/1/2050 | 115000 | 76232 |
| CenterPoint Energy Houston Electric LLC, General Ref. Mortgage Bonds, Ser. AJ | 4.85 | 10/1/2052 | 50000 | 45974 |
| CenterPoint Energy Houston Electric LLC, General Ref. Mortgage Bonds, Ser. AQ | 4.95 | 8/15/2035 | 100000 | 100654 |
| CenterPoint Energy Resources Corp., Sr. Unscd. Notes | 1.75 | 10/1/2030 | 97000 | 86157 |
| CenterPoint Energy Resources Corp., Sr. Unscd. Notes | 5.25 | 3/1/2028 | 245000 | 251110 |
| CenterPoint Energy, Inc., Jr. Sub. Notes | 6.70 | 5/15/2055 | 35000 | 36183 |
| CenterPoint Energy, Inc., Jr. Sub. Notes, Ser. A | 7.00 | 2/15/2055 | 50000 | 52449 |
| Commonwealth Edison Co., First Mortgage Bonds | 3.70 | 8/15/2028 | 65000 | 64623 |
| Commonwealth Edison Co., First Mortgage Bonds | 3.70 | 3/1/2045 | 100000 | 79631 |
| Commonwealth Edison Co., First Mortgage Bonds | 4.00 | 3/1/2048 | 320000 | 260503 |
| Commonwealth Edison Co., First Mortgage Bonds, Ser. 123 | 3.75 | 8/15/2047 | 70000 | 54710 |
| Consolidated Edison Co. of New York, Inc., Sr. Unscd. Debs. | 3.70 | 11/15/2059 | 90000 | 64957 |
| Consolidated Edison Co. of New York, Inc., Sr. Unscd. Debs. | 4.50 | 12/1/2045 | 209000 | 184194 |
| Consolidated Edison Co. of New York, Inc., Sr. Unscd. Debs. | 4.50 | 5/15/2058 | 75000 | 63033 |
| Consolidated Edison Co. of New York, Inc., Sr. Unscd. Debs. | 4.63 | 12/1/2054 | 30000 | 25919 |
| Consolidated Edison Co. of New York, Inc., Sr. Unscd. Debs., Ser. 7-A | 6.30 | 8/15/2037 | 65000 | 71962 |
| Consolidated Edison Co. of New York, Inc., Sr. Unscd. Debs., Ser. C | 4.30 | 12/1/2056 | 25000 | 20347 |
| Consolidated Edison Co. of New York, Inc., Sr. Unscd. Notes | 2.40 | 6/15/2031 | 325000 | 295588 |
| Consolidated Edison Co. of New York, Inc., Sr. Unscd. Notes | 3.60 | 6/15/2061 | 200000 | 140318 |
| Consolidated Edison Co. of New York, Inc., Sr. Unscd. Notes | 5.13 | 3/15/2035 | 250000 | 256452 |
| Consolidated Edison Co. of New York, Inc., Sr. Unscd. Notes | 5.50 | 3/15/2055 | 200000 | 199663 |
| Constellation Energy Generation LLC, Sr. Unscd. Notes | 5.60 | 6/15/2042 | 55000 | 55650 |
| Constellation Energy Generation LLC, Sr. Unscd. Notes | 5.75 | 10/1/2041 | 55000 | 56403 |
| Constellation Energy Generation LLC, Sr. Unscd. Notes | 6.13 | 1/15/2034 | 45000 | 48960 |
| Constellation Energy Generation LLC, Sr. Unscd. Notes | 6.25 | 10/1/2039 | 283000 | 309384 |
| Constellation Energy Generation LLC, Sr. Unscd. Notes | 6.50 | 10/1/2053 | 110000 | 121679 |
| Consumers Energy Co., First Mortgage Bonds | 3.50 | 8/1/2051 | 100000 | 74397 |
| Consumers Energy Co., First Mortgage Bonds | 3.75 | 2/15/2050 | 80000 | 61841 |
| Consumers Energy Co., First Mortgage Bonds | 4.20 | 9/1/2052 | 195000 | 161561 |
| Consumers Energy Co., First Mortgage Bonds | 4.63 | 5/15/2033 | 50000 | 50151 |
| Dominion Energy South Carolina, Inc., First Mortgage Bonds | 4.60 | 6/15/2043 | 100000 | 91280 |
| Dominion Energy South Carolina, Inc., First Mortgage Bonds | 5.10 | 6/1/2065 | 70000 | 64115 |
| Dominion Energy South Carolina, Inc., First Mortgage Bonds | 5.45 | 2/1/2041 | 25000 | 25435 |
| Dominion Energy South Carolina, Inc., First Mortgage Bonds | 6.25 | 10/15/2053 | 60000 | 66334 |
| Dominion Energy, Inc., Jr. Sub. Notes | 6.00 | 2/15/2056 | 100000 | 101401 |
| Dominion Energy, Inc., Jr. Sub. Notes | 6.20 | 2/15/2056 | 250000 | 252911 |
| Dominion Energy, Inc., Jr. Sub. Notes, Ser. A | 6.88 | 2/1/2055 | 250000 | 262731 |
| Dominion Energy, Inc., Jr. Sub. Notes, Ser. B | 7.00 | 6/1/2054 | 350000 | 382413 |
| Dominion Energy, Inc., Sr. Unscd. Notes | 5.38 | 11/15/2032 | 25000 | 26000 |
| Dominion Energy, Inc., Sr. Unscd. Notes | 7.00 | 6/15/2038 | 112000 | 128076 |
| Dominion Energy, Inc., Sr. Unscd. Notes, Ser. C | 3.38 | 4/1/2030 | 70000 | 67270 |
| Dominion Energy, Inc., Sr. Unscd. Notes, Ser. C | 4.90 | 8/1/2041 | 25000 | 23272 |
| Dominion Energy, Inc., Sr. Unscd. Notes, Ser. E | 6.30 | 3/15/2033 | 25000 | 27072 |
| DTE Electric Co., General Ref. Mortgage Bonds | 3.70 | 6/1/2046 | 50000 | 39363 |

---

**169**

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SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** |
| DTE Electric Co., General Ref. Mortgage Bonds | 4.30 | 7/1/2044 | 200000 | 173864 |
| DTE Electric Co., General Ref. Mortgage Bonds | 5.25 | 5/15/2035 | 200000 | 206404 |
| DTE Electric Co., General Ref. Mortgage Bonds | 5.85 | 5/15/2055 | 200000 | 211474 |
| DTE Energy Co., Sr. Unscd. Notes | 4.88 | 6/1/2028 | 360000 | 366219 |
| DTE Energy Co., Sr. Unscd. Notes | 5.05 | 10/1/2035 | 200000 | 199405 |
| Duke Energy Carolinas LLC, First Mortgage Bonds | 2.85 | 3/15/2032 | 115000 | 105164 |
| Duke Energy Carolinas LLC, First Mortgage Bonds | 4.95 | 1/15/2033 | 100000 | 103023 |
| Duke Energy Carolinas LLC, First Mortgage Bonds | 5.40 | 1/15/2054 | 29000 | 28874 |
| Duke Energy Carolinas LLC, First Ref. Mortgage Bonds | 2.95 | 12/1/2026 | 25000 | 24752 |
| Duke Energy Carolinas LLC, First Ref. Mortgage Bonds | 3.88 | 3/15/2046 | 75000 | 60630 |
| Duke Energy Corp., Sr. Unscd. Notes | 2.45 | 6/1/2030 | 95000 | 87731 |
| Duke Energy Corp., Sr. Unscd. Notes | 3.50 | 6/15/2051 | 62000 | 43909 |
| Duke Energy Corp., Sr. Unscd. Notes | 3.75 | 9/1/2046 | 90000 | 69461 |
| Duke Energy Corp., Sr. Unscd. Notes | 4.80 | 12/15/2045 | 250000 | 224474 |
| Duke Energy Corp., Sr. Unscd. Notes | 4.85 | 1/5/2029 | 75000 | 76404 |
| Duke Energy Corp., Sr. Unscd. Notes | 4.95 | 9/15/2035 | 200000 | 198893 |
| Duke Energy Corp., Sr. Unscd. Notes | 5.00 | 12/8/2027 | 200000 | 203413 |
| Duke Energy Corp., Sr. Unscd. Notes | 5.00 | 8/15/2052 | 295000 | 266788 |
| Duke Energy Corp., Sr. Unscd. Notes | 6.10 | 9/15/2053 | 85000 | 89580 |
| Duke Energy Florida LLC, First Mortgage Bonds | 1.75 | 6/15/2030 | 100000 | 89896 |
| Duke Energy Florida LLC, First Mortgage Bonds | 2.40 | 12/15/2031 | 106000 | 95356 |
| Duke Energy Florida LLC, First Mortgage Bonds | 3.80 | 7/15/2028 | 20000 | 19951 |
| Duke Energy Florida LLC, First Mortgage Bonds | 5.88 | 11/15/2033 | 1050000 | 1136411 |
| Duke Energy Florida LLC, First Mortgage Bonds | 6.20 | 11/15/2053 | 150000 | 164661 |
| Duke Energy Indiana LLC, First Mortgage Bonds | 5.90 | 5/15/2055 | 150000 | 157826 |
| Duke Energy Ohio, Inc., First Mortgage Bonds | 3.70 | 6/15/2046 | 50000 | 38997 |
| Duke Energy Progress LLC, First Mortgage Bonds | 3.60 | 9/15/2047 | 50000 | 38139 |
| Duke Energy Progress LLC, First Mortgage Bonds | 4.38 | 3/30/2044 | 100000 | 87686 |
| Duke Energy Progress LLC, First Mortgage Bonds | 5.05 | 3/15/2035 | 100000 | 101952 |
| Duke Energy Progress LLC, First Mortgage Bonds | 5.10 | 3/15/2034 | 200000 | 206399 |
| Duke Energy Progress LLC, First Mortgage Bonds | 5.25 | 3/15/2033 | 150000 | 156417 |
| Duke Energy Progress LLC, First Mortgage Bonds | 5.55 | 3/15/2055 | 150000 | 151781 |
| Duke Energy Progress NC Storm Funding LLC, Sr. Scd. Notes, Ser. A3 | 2.80 | 7/1/2041 | 250000 | 192759 |
| Edison International, Sr. Unscd. Notes | 4.13 | 3/15/2028 | 105000 | 103156 |
| Emera US Finance LP, Gtd. Notes | 2.64 | 6/15/2031 | 230000 | 205347 |
| Emera US Finance LP, Gtd. Notes | 4.75 | 6/15/2046 | 50000 | 43428 |
| ENEL Chile SA, Sr. Unscd. Notes | 4.88 | 6/12/2028 | 100000 | 101621 |
| Entergy Corp., Sr. Unscd. Notes | 2.80 | 6/15/2030 | 230000 | 214766 |
| Entergy Louisiana LLC, Collateral Trust Bonds | 3.05 | 6/1/2031 | 445000 | 417082 |
| Entergy Louisiana LLC, Collateral Trust Bonds | 4.00 | 3/15/2033 | 160000 | 154338 |
| Entergy Louisiana LLC, Collateral Trust Bonds | 4.20 | 9/1/2048 | 60000 | 49480 |
| Entergy Louisiana LLC, First Mortgage Bonds | 1.60 | 12/15/2030 | 10000 | 8830 |
| Entergy Louisiana LLC, First Mortgage Bonds | 2.35 | 6/15/2032 | 251000 | 220879 |
| Entergy Louisiana LLC, First Mortgage Bonds | 4.95 | 1/15/2045 | 100000 | 92965 |
| Entergy Louisiana LLC, First Mortgage Notes | 5.70 | 3/15/2054 | 170000 | 172014 |
| Entergy Mississippi LLC, First Mortgage Bonds | 2.85 | 6/1/2028 | 155000 | 150661 |
| Entergy Texas, Inc., First Mortgage Bonds | 5.80 | 9/1/2053 | 80000 | 81536 |
| Essential Utilities, Inc., Sr. Unscd. Notes | 2.70 | 4/15/2030 | 100000 | 93280 |
| Essential Utilities, Inc., Sr. Unscd. Notes | 3.57 | 5/1/2029 | 200000 | 195464 |
| Evergy Kansas Central, Inc., First Mortgage Bonds | 4.25 | 12/1/2045 | 90000 | 76043 |

---

**170**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** |
| Evergy Kansas Central, Inc., First Mortgage Bonds | 5.25 | 3/15/2035 | 250000 | 255455 |
| Evergy, Inc., Sr. Unscd. Notes | 2.90 | 9/15/2029 | 100000 | 95022 |
| Eversource Energy, Sr. Unscd. Notes | 5.13 | 5/15/2033 | 165000 | 167468 |
| Eversource Energy, Sr. Unscd. Notes | 5.45 | 3/1/2028 | 225000 | 230717 |
| Eversource Energy, Sr. Unscd. Notes | 5.95 | 2/1/2029 | 135000 | 141344 |
| Eversource Energy, Sr. Unscd. Notes, Ser. O | 4.25 | 4/1/2029 | 100000 | 99821 |
| Eversource Energy, Sr. Unscd. Notes, Ser. R | 1.65 | 8/15/2030 | 100000 | 87998 |
| Exelon Corp., Sr. Unscd. Notes | 4.70 | 4/15/2050 | 210000 | 182514 |
| Exelon Corp., Sr. Unscd. Notes | 5.15 | 3/15/2028 | 248000 | 253718 |
| Exelon Corp., Sr. Unscd. Notes | 5.88 | 3/15/2055 | 200000 | 204756 |
| FirstEnergy Transmission LLC, Sr. Unscd. Notes<sup>(c)</sup> <br>| 4.75 | 1/15/2033 | 100000 | 99898 |
| Florida Power & Light Co., First Mortgage Bonds | 2.88 | 12/4/2051 | 215000 | 140393 |
| Florida Power & Light Co., First Mortgage Bonds | 3.15 | 10/1/2049 | 25000 | 17465 |
| Florida Power & Light Co., First Mortgage Bonds | 3.95 | 3/1/2048 | 105000 | 85583 |
| Florida Power & Light Co., First Mortgage Bonds | 3.99 | 3/1/2049 | 300000 | 244153 |
| Florida Power & Light Co., First Mortgage Bonds | 4.40 | 5/15/2028 | 245000 | 247559 |
| Florida Power & Light Co., First Mortgage Bonds | 4.63 | 5/15/2030 | 310000 | 316207 |
| Florida Power & Light Co., First Mortgage Bonds | 4.80 | 5/15/2033 | 125000 | 127483 |
| Florida Power & Light Co., First Mortgage Bonds | 5.05 | 4/1/2028 | 115000 | 117911 |
| Florida Power & Light Co., First Mortgage Bonds | 5.96 | 4/1/2039 | 95000 | 103184 |
| Florida Power & Light Co., Sr. Unscd. Notes, Ser. A | 3.30 | 5/30/2027 | 310000 | 307109 |
| Georgia Power Co., Sr. Unscd. Notes | 4.30 | 3/15/2043 | 25000 | 22043 |
| Georgia Power Co., Sr. Unscd. Notes | 5.13 | 5/15/2052 | 145000 | 138635 |
| Georgia Power Co., Sr. Unscd. Notes, Ser. A | 3.25 | 3/15/2051 | 317000 | 222676 |
| Idaho Power Co., First Mortgage Bonds | 5.20 | 8/15/2034 | 65000 | 67195 |
| Idaho Power Co., First Mortgage Notes | 5.80 | 4/1/2054 | 50000 | 51748 |
| Idaho Power Co., First Mortgage Notes, Ser. K | 4.20 | 3/1/2048 | 25000 | 20914 |
| Indiana Michigan Power Co., Sr. Unscd. Notes | 4.25 | 8/15/2048 | 300000 | 245929 |
| Interstate Power & Light Co., Sr. Unscd. Debs. | 2.30 | 6/1/2030 | 15000 | 13713 |
| Interstate Power & Light Co., Sr. Unscd. Debs. | 3.60 | 4/1/2029 | 350000 | 342966 |
| Interstate Power & Light Co., Sr. Unscd. Notes | 4.95 | 9/30/2034 | 100000 | 99918 |
| Interstate Power & Light Co., Sr. Unscd. Notes | 5.45 | 9/30/2054 | 100000 | 96988 |
| IPALCO Enterprises, Inc., Sr. Scd. Notes | 5.75 | 4/1/2034 | 150000 | 152676 |
| Johnsonville Aeroderivative Combustion Turbine Generation LLC, Sr. Scd. Notes | 5.08 | 10/1/2054 | 306163 | 298115 |
| Kentucky Utilities Co., First Mortgage Bonds, Ser. KENT | 5.45 | 4/15/2033 | 25000 | 26171 |
| Louisville Gas & Electric Co., First Mortgage Bonds | 4.25 | 4/1/2049 | 165000 | 135931 |
| MidAmerican Energy Co., First Mortgage Bonds | 2.70 | 8/1/2052 | 150000 | 95024 |
| MidAmerican Energy Co., First Mortgage Bonds | 3.65 | 4/15/2029 | 215000 | 212559 |
| MidAmerican Energy Co., First Mortgage Bonds | 3.65 | 8/1/2048 | 50000 | 38234 |
| MidAmerican Energy Co., First Mortgage Bonds | 4.25 | 7/15/2049 | 270000 | 225773 |
| MidAmerican Energy Co., First Mortgage Bonds | 5.85 | 9/15/2054 | 30000 | 31601 |
| Mississippi Power Co., Sr. Unscd. Notes, Ser. 12-A | 4.25 | 3/15/2042 | 30000 | 26236 |
| National Fuel Gas Co., Sr. Unscd. Notes | 2.95 | 3/1/2031 | 85000 | 77359 |
| National Fuel Gas Co., Sr. Unscd. Notes | 5.95 | 3/15/2035 | 245000 | 255534 |
| National Grid USA, Sr. Unscd. Notes | 5.80 | 4/1/2035 | 120000 | 125070 |
| National Rural Utilities Cooperative Finance Corp., Collateral Trust Bonds | 4.40 | 11/1/2048 | 50000 | 42862 |
| National Rural Utilities Cooperative Finance Corp., Collateral Trust Notes | 5.00 | 8/15/2034 | 310000 | 316213 |
| National Rural Utilities Cooperative Finance Corp., Sr. Unscd. Notes | 4.80 | 3/15/2028 | 257000 | 261150 |
| National Rural Utilities Cooperative Finance Corp., Sr. Unscd. Notes | 5.05 | 9/15/2028 | 160000 | 164001 |
| National Rural Utilities Cooperative Finance Corp., Sr. Unscd. Notes | 5.15 | 6/15/2029 | 200000 | 207078 |

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**171**

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SCHEDULES OF INVESTMENTS (continued)

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** |
| Nevada Power Co., General Ref. Mortgage Bonds, Ser. DD | 2.40 | 5/1/2030 | 65000 | 60368 |
| Nevada Power Co., General Ref. Mortgage Bonds, Ser. EE | 3.13 | 8/1/2050 | 42000 | 27915 |
| Nevada Power Co., General Ref. Mortgage Notes | 6.00 | 3/15/2054 | 157000 | 163748 |
| Nevada Power Co., General Ref. Mortgage Notes, Ser. CC | 3.70 | 5/1/2029 | 255000 | 250887 |
| NextEra Energy Capital Holdings, Inc., Gtd. Debs. | 2.25 | 6/1/2030 | 347000 | 317933 |
| NextEra Energy Capital Holdings, Inc., Gtd. Debs. | 2.75 | 11/1/2029 | 75000 | 71089 |
| NextEra Energy Capital Holdings, Inc., Gtd. Debs. | 3.80 | 3/15/2082 | 260000 | 254664 |
| NextEra Energy Capital Holdings, Inc., Gtd. Notes | 2.44 | 1/15/2032 | 240000 | 212553 |
| NextEra Energy Capital Holdings, Inc., Gtd. Notes | 3.00 | 1/15/2052 | 208000 | 134876 |
| NextEra Energy Capital Holdings, Inc., Gtd. Notes | 3.50 | 4/1/2029 | 85000 | 83211 |
| NextEra Energy Capital Holdings, Inc., Gtd. Notes | 5.00 | 2/28/2030 | 80000 | 82612 |
| NextEra Energy Capital Holdings, Inc., Gtd. Notes | 5.05 | 2/28/2033 | 160000 | 163699 |
| NextEra Energy Capital Holdings, Inc., Gtd. Notes | 5.25 | 2/28/2053 | 110000 | 104381 |
| NiSource, Inc., Jr. Sub. Notes | 6.95 | 11/30/2054 | 60000 | 62660 |
| NiSource, Inc., Sr. Unscd. Notes | 3.49 | 5/15/2027 | 155000 | 153636 |
| NiSource, Inc., Sr. Unscd. Notes | 4.38 | 5/15/2047 | 140000 | 118458 |
| NiSource, Inc., Sr. Unscd. Notes | 4.80 | 2/15/2044 | 110000 | 100245 |
| NiSource, Inc., Sr. Unscd. Notes | 5.00 | 6/15/2052 | 176000 | 159699 |
| NiSource, Inc., Sr. Unscd. Notes | 5.65 | 2/1/2045 | 50000 | 50050 |
| NiSource, Inc., Sr. Unscd. Notes | 5.95 | 6/15/2041 | 163000 | 171047 |
| Northern States Power Co., First Mortgage Bonds | 2.90 | 3/1/2050 | 35000 | 23457 |
| Northern States Power Co., First Mortgage Bonds | 4.00 | 8/15/2045 | 40000 | 33279 |
| Northern States Power Co., First Mortgage Bonds | 5.10 | 5/15/2053 | 282000 | 269281 |
| Northern States Power Co., First Mortgage Bonds | 5.35 | 11/1/2039 | 100000 | 103051 |
| Northwest Natural Holding Co., Jr. Sub. Notes | 7.00 | 9/15/2055 | 50000 | 52073 |
| NSTAR Electric Co., Sr. Unscd. Debs. | 4.55 | 6/1/2052 | 45000 | 38945 |
| Oglethorpe Power Corp., First Mortgage Bonds | 5.05 | 10/1/2048 | 200000 | 182674 |
| Oglethorpe Power Corp., First Mortgage Bonds | 5.38 | 11/1/2040 | 50000 | 49542 |
| Oklahoma Gas & Electric Co., Sr. Unscd. Notes | 3.80 | 8/15/2028 | 130000 | 129144 |
| Oklahoma Gas & Electric Co., Sr. Unscd. Notes | 5.60 | 4/1/2053 | 60000 | 60431 |
| Oncor Electric Delivery Co. LLC, Scd. Notes | 4.65 | 11/1/2029 | 400000 | 406058 |
| Oncor Electric Delivery Co. LLC, Sr. Scd. Notes | 3.10 | 9/15/2049 | 205000 | 139583 |
| Oncor Electric Delivery Co. LLC, Sr. Scd. Notes | 3.70 | 11/15/2028 | 100000 | 99093 |
| Oncor Electric Delivery Co. LLC, Sr. Scd. Notes | 3.80 | 9/30/2047 | 50000 | 39298 |
| Oncor Electric Delivery Co. LLC, Sr. Scd. Notes | 4.30 | 5/15/2028 | 10000 | 10062 |
| Oncor Electric Delivery Co. LLC, Sr. Scd. Notes | 4.95 | 9/15/2052 | 140000 | 128172 |
| Oncor Electric Delivery Co. LLC, Sr. Scd. Notes<sup>(c)</sup> <br>| 5.35 | 4/1/2035 | 200000 | 207510 |
| Oncor Electric Delivery Co. LLC, Sr. Scd. Notes | 5.65 | 11/15/2033 | 50000 | 53219 |
| One Gas, Inc., Sr. Unscd. Notes | 4.50 | 11/1/2048 | 45000 | 38974 |
| Pacific Gas & Electric Co., First Mortgage Bonds | 2.50 | 2/1/2031 | 430000 | 384621 |
| Pacific Gas & Electric Co., First Mortgage Bonds | 3.30 | 8/1/2040 | 110000 | 83529 |
| Pacific Gas & Electric Co., First Mortgage Bonds | 3.50 | 8/1/2050 | 225000 | 154144 |
| Pacific Gas & Electric Co., First Mortgage Bonds | 3.75 | 7/1/2028 | 205400 | 201856 |
| Pacific Gas & Electric Co., First Mortgage Bonds | 4.00 | 12/1/2046 | 50000 | 37809 |
| Pacific Gas & Electric Co., First Mortgage Bonds | 4.50 | 7/1/2040 | 100000 | 86969 |
| Pacific Gas & Electric Co., First Mortgage Bonds | 4.95 | 7/1/2050 | 530000 | 455349 |
| Pacific Gas & Electric Co., First Mortgage Bonds | 5.25 | 3/1/2052 | 66000 | 58686 |
| Pacific Gas & Electric Co., First Mortgage Bonds | 6.75 | 1/15/2053 | 247000 | 266543 |
| Pacific Gas & Electric Co., First Mortgage Notes | 3.95 | 12/1/2047 | 50000 | 37631 |
| Pacific Gas & Electric Co., First Mortgage Notes | 4.65 | 8/1/2028 | 100000 | 100436 |

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**172**

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| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** |
| Pacific Gas & Electric Co., Sr. Scd. Bonds | 3.25 | 6/1/2031 | 70000 | 64625 |
| Pacific Gas & Electric Co., Sr. Scd. Bonds | 4.20 | 6/1/2041 | 75000 | 62135 |
| PacifiCorp, First Mortgage Bonds | 2.90 | 6/15/2052 | 205000 | 124681 |
| PacifiCorp, First Mortgage Bonds | 4.13 | 1/15/2049 | 100000 | 78110 |
| PacifiCorp, First Mortgage Bonds | 5.35 | 12/1/2053 | 100000 | 92006 |
| PacifiCorp, First Mortgage Bonds | 6.00 | 1/15/2039 | 360000 | 377814 |
| PECO Energy Co., First Mortgage Bonds | 3.90 | 3/1/2048 | 300000 | 242015 |
| PECO Energy Co., First Mortgage Bonds | 4.90 | 6/15/2033 | 209000 | 213962 |
| PECO Energy Co., First Ref. Mortgage Bonds | 5.95 | 10/1/2036 | 350000 | 380686 |
| PG&E Energy Recovery Funding LLC, Sr. Scd. Bonds, Ser. A1 | 1.46 | 7/15/2031 | 30989 | 28806 |
| PG&E Energy Recovery Funding LLC, Sr. Scd. Bonds, Ser. A2 | 2.28 | 1/15/2036 | 85000 | 69762 |
| PG&E Energy Recovery Funding LLC, Sr. Scd. Bonds, Ser. A3 | 2.82 | 7/15/2046 | 25000 | 18362 |
| PG&E Recovery Funding LLC, Sr. Scd. Notes, Ser. A2 | 5.23 | 6/1/2042 | 85000 | 87194 |
| PG&E Wildfire Recovery Funding LLC, Sr. Scd. Bonds, Ser. A1 | 3.59 | 6/1/2030 | 44956 | 44415 |
| PG&E Wildfire Recovery Funding LLC, Sr. Scd. Bonds, Ser. A2 | 4.26 | 6/1/2036 | 140000 | 134927 |
| PG&E Wildfire Recovery Funding LLC, Sr. Scd. Bonds, Ser. A2 | 4.72 | 6/1/2037 | 250000 | 248788 |
| PG&E Wildfire Recovery Funding LLC, Sr. Scd. Bonds, Ser. A4 | 5.21 | 12/1/2047 | 160000 | 156874 |
| Piedmont Natural Gas Co., Inc., Sr. Unscd. Notes | 2.50 | 3/15/2031 | 25000 | 22697 |
| Piedmont Natural Gas Co., Inc., Sr. Unscd. Notes | 3.35 | 6/1/2050 | 130000 | 91454 |
| PPL Electric Utilities Corp., First Mortgage Bonds | 5.25 | 5/15/2053 | 270000 | 264120 |
| PPL Electric Utilities Corp., First Mortgage Bonds | 6.25 | 5/15/2039 | 50000 | 55834 |
| Public Service Co. of Colorado, First Mortgage Bonds | 4.05 | 9/15/2049 | 42000 | 33270 |
| Public Service Co. of Colorado, First Mortgage Bonds | 5.25 | 4/1/2053 | 600000 | 571706 |
| Public Service Co. of Colorado, First Mortgage Bonds, Ser. 34 | 3.20 | 3/1/2050 | 77000 | 53206 |
| Public Service Co. of Colorado, First Mortgage Notes | 3.60 | 9/15/2042 | 25000 | 19902 |
| Public Service Co. of New Hampshire, First Mortgage Bonds | 5.15 | 1/15/2053 | 100000 | 95352 |
| Public Service Co. of Oklahoma, Sr. Unscd. Notes | 5.25 | 1/15/2033 | 100000 | 102777 |
| Public Service Electric & Gas Co., First Mortgage Bonds | 4.90 | 8/15/2035 | 100000 | 101013 |
| Public Service Electric & Gas Co., First Mortgage Bonds | 5.20 | 8/1/2033 | 10000 | 10391 |
| Public Service Electric & Gas Co., First Mortgage Bonds | 5.45 | 8/1/2053 | 119000 | 119318 |
| Public Service Electric & Gas Co., First Mortgage Notes | 1.90 | 8/15/2031 | 385000 | 338722 |
| Public Service Electric & Gas Co., First Mortgage Notes | 3.80 | 3/1/2046 | 225000 | 181047 |
| Public Service Electric & Gas Co., First Mortgage Notes | 4.05 | 5/1/2048 | 100000 | 82374 |
| Public Service Electric & Gas Co., First Mortgage Notes | 4.90 | 12/15/2032 | 100000 | 102359 |
| Public Service Electric & Gas Co., Sr. Scd. Notes | 3.65 | 9/1/2042 | 25000 | 20341 |
| Public Service Enterprise Group, Inc., Sr. Unscd. Notes | 1.60 | 8/15/2030 | 60000 | 52744 |
| Public Service Enterprise Group, Inc., Sr. Unscd. Notes | 5.88 | 10/15/2028 | 15000 | 15701 |
| Public Service Enterprise Group, Inc., Sr. Unscd. Notes | 6.13 | 10/15/2033 | 338000 | 364861 |
| Puget Energy, Inc., Sr. Scd. Notes | 2.38 | 6/15/2028 | 168000 | 159975 |
| Puget Energy, Inc., Sr. Scd. Notes | 4.10 | 6/15/2030 | 75000 | 73398 |
| Puget Energy, Inc., Sr. Scd. Notes | 4.22 | 3/15/2032 | 130000 | 124855 |
| Puget Energy, Inc., Sr. Scd. Notes | 5.73 | 3/15/2035 | 400000 | 411104 |
| Puget Sound Energy, Inc., Sr. Scd. Bonds | 5.33 | 6/15/2034 | 300000 | 309868 |
| Puget Sound Energy, Inc., Sr. Scd. Bonds | 5.80 | 3/15/2040 | 85000 | 88401 |
| Puget Sound Energy, Inc., Sr. Scd. Notes | 3.25 | 9/15/2049 | 69000 | 48084 |
| San Diego Gas & Electric Co., First Mortgage Bonds | 4.95 | 8/15/2028 | 55000 | 56271 |
| San Diego Gas & Electric Co., First Mortgage Bonds, Ser. RRR | 3.75 | 6/1/2047 | 368000 | 284635 |
| San Diego Gas & Electric Co., First Mortgage Bonds, Ser. UUU | 3.32 | 4/15/2050 | 105000 | 73811 |
| San Diego Gas & Electric Co., First Mortgage Bonds, Ser. XXX | 3.00 | 3/15/2032 | 100000 | 91758 |
| Sempra, Sr. Unscd. Notes | 3.25 | 6/15/2027 | 128000 | 125889 |

---

**173**

------

SCHEDULES OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** |
| Sempra, Sr. Unscd. Notes | 3.80 | 2/1/2038 | 160000 | 137491 |
| Sempra, Sr. Unscd. Notes | 6.00 | 10/15/2039 | 425000 | 444344 |
| Sierra Pacific Power Co., General Ref. Mortgage Notes | 5.90 | 3/15/2054 | 90000 | 91701 |
| Southern California Edison Co., First Mortgage Bonds | 2.85 | 8/1/2029 | 120000 | 113009 |
| Southern California Edison Co., First Mortgage Bonds | 3.65 | 2/1/2050 | 105000 | 74092 |
| Southern California Edison Co., First Mortgage Bonds | 5.70 | 3/1/2053 | 50000 | 47349 |
| Southern California Edison Co., First Mortgage Bonds | 5.85 | 11/1/2027 | 103000 | 105621 |
| Southern California Edison Co., First Mortgage Bonds | 5.95 | 11/1/2032 | 215000 | 226747 |
| Southern California Edison Co., First Mortgage Bonds, Ser. B | 4.88 | 3/1/2049 | 60000 | 51258 |
| Southern California Edison Co., First Mortgage Bonds, Ser. G | 2.50 | 6/1/2031 | 275000 | 244667 |
| Southern California Edison Co., First Ref. Mortgage Bonds | 4.00 | 4/1/2047 | 602000 | 458848 |
| Southern California Edison Co., First Ref. Mortgage Bonds | 4.65 | 10/1/2043 | 260000 | 222940 |
| Southern California Edison Co., First Ref. Mortgage Bonds | 6.00 | 1/15/2034 | 50000 | 52399 |
| Southern California Edison Co., First Ref. Mortgage Bonds | 6.05 | 3/15/2039 | 85000 | 87560 |
| Southern California Edison Co., First Ref. Mortgage Bonds, Ser. 13-A | 3.90 | 3/15/2043 | 50000 | 39074 |
| Southern California Gas Co., First Mortgage Bonds | 3.75 | 9/15/2042 | 44000 | 35710 |
| Southern California Gas Co., First Mortgage Bonds | 5.05 | 9/1/2034 | 227000 | 231278 |
| Southern California Gas Co., First Mortgage Bonds | 5.20 | 6/1/2033 | 10000 | 10340 |
| Southern California Gas Co., First Mortgage Bonds | 6.35 | 11/15/2052 | 60000 | 65906 |
| Southern California Gas Co., First Mortgage Bonds, Ser. VV | 4.30 | 1/15/2049 | 65000 | 54154 |
| Southern California Gas Co., First Mortgage Bonds, Ser. WW | 3.95 | 2/15/2050 | 20000 | 15600 |
| Southern California Gas Co., Sr. Unscd. Notes | 2.95 | 4/15/2027 | 158000 | 155536 |
| Southern Co. Gas Capital Corp., Gtd. Notes | 4.40 | 5/30/2047 | 45000 | 38086 |
| Southern Co. Gas Capital Corp., Gtd. Notes, Ser. 21A | 3.15 | 9/30/2051 | 139000 | 91261 |
| Southern Power Co., Sr. Unscd. Notes | 5.15 | 9/15/2041 | 100000 | 96836 |
| Southern Power Co., Sr. Unscd. Notes | 5.25 | 7/15/2043 | 45000 | 43356 |
| Southern Power Co., Sr. Unscd. Notes, Ser. A | 4.25 | 10/1/2030 | 460000 | 457504 |
| Southwest Gas Corp., Sr. Unscd. Notes | 2.20 | 6/15/2030 | 130000 | 118417 |
| Spire Missouri, Inc., First Mortgage Bonds | 4.80 | 2/15/2033 | 50000 | 50408 |
| Spire Missouri, Inc., First Mortgage Bonds, Ser. 2034 | 5.15 | 8/15/2034 | 65000 | 67060 |
| Tampa Electric Co., Sr. Unscd. Notes | 2.40 | 3/15/2031 | 60000 | 54415 |
| Tampa Electric Co., Sr. Unscd. Notes | 3.63 | 6/15/2050 | 115000 | 84984 |
| The AES Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>| 2.45 | 1/15/2031 | 50000 | 45283 |
| The AES Corp., Sr. Unscd. Notes | 5.45 | 6/1/2028 | 320000 | 325506 |
| The Cleveland Electric Illuminating Company, Sr. Unscd. Notes | 5.95 | 12/15/2036 | 30000 | 31771 |
| The Connecticut Light & Power Company, First Mortgage Bonds | 5.25 | 1/15/2053 | 42000 | 40683 |
| The Connecticut Light & Power Company, First Ref. Mortgage Bonds | 4.30 | 4/15/2044 | 200000 | 175202 |
| The Connecticut Light & Power Company, First Ref. Mortgage Bonds, Ser. A | 3.20 | 3/15/2027 | 175000 | 173179 |
| The Dayton Power & Light Company, First Mortgage Bonds<sup>(c)</sup> <br>| 4.55 | 8/15/2030 | 100000 | 99574 |
| The Southern Company, Sr. Unscd. Notes | 4.40 | 7/1/2046 | 205000 | 175815 |
| The Southern Company, Sr. Unscd. Notes | 4.85 | 6/15/2028 | 57000 | 58008 |
| The Southern Company, Sr. Unscd. Notes | 5.50 | 3/15/2029 | 168000 | 174686 |
| The Southern Company, Sr. Unscd. Notes | 5.70 | 3/15/2034 | 15000 | 15837 |
| The Toledo Edison Company, Sr. Scd. Notes | 6.15 | 5/15/2037 | 25000 | 27309 |
| Tucson Electric Power Co., Sr. Unscd. Notes | 1.50 | 8/1/2030 | 50000 | 44140 |
| Tucson Electric Power Co., Sr. Unscd. Notes | 4.00 | 6/15/2050 | 60000 | 46369 |
| Tucson Electric Power Co., Sr. Unscd. Notes | 5.50 | 4/15/2053 | 50000 | 48872 |
| Tucson Electric Power Co., Sr. Unscd. Notes | 5.90 | 4/15/2055 | 50000 | 51294 |
| Union Electric Co., First Mortgage Bonds | 2.95 | 3/15/2030 | 50000 | 47613 |
| Union Electric Co., First Mortgage Bonds | 3.25 | 10/1/2049 | 122000 | 85145 |

---

**174**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** | **BNY Mellon Core Bond ETF (continued)** |
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** | **Bonds and Notes — 99.1% (continued)** |
| **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** |
| Union Electric Co., First Mortgage Bonds | 4.00 | 4/1/2048 | 46000 | 36991 |
| Union Electric Co., First Mortgage Bonds | 5.13 | 3/15/2055 | 200000 | 189411 |
| Union Electric Co., First Mortgage Bonds | 5.45 | 3/15/2053 | 50000 | 49203 |
| Union Electric Co., Sr. Scd. Notes | 3.90 | 9/15/2042 | 50000 | 41821 |
| Union Electric Co., Sr. Scd. Notes | 8.45 | 3/15/2039 | 50000 | 65092 |
| Virginia Electric & Power Co., Sr. Unscd. Notes | 2.45 | 12/15/2050 | 235000 | 137809 |
| Virginia Electric & Power Co., Sr. Unscd. Notes | 5.15 | 3/15/2035 | 200000 | 203877 |
| Virginia Electric & Power Co., Sr. Unscd. Notes | 5.30 | 8/15/2033 | 10000 | 10378 |
| Virginia Electric & Power Co., Sr. Unscd. Notes | 5.70 | 8/15/2053 | 90000 | 91298 |
| Virginia Electric & Power Co., Sr. Unscd. Notes, Ser. A | 3.80 | 4/1/2028 | 100000 | 99504 |
| Virginia Electric & Power Co., Sr. Unscd. Notes, Ser. B<sup>(b)</sup> <br>| 2.95 | 11/15/2026 | 30000 | 29673 |
| Virginia Electric & Power Co., Sr. Unscd. Notes, Ser. B | 3.75 | 5/15/2027 | 80000 | 79642 |
| Virginia Electric & Power Co., Sr. Unscd. Notes, Ser. B | 3.80 | 9/15/2047 | 520000 | 405319 |
| Washington Gas Light Co., Sr. Unscd. Notes | 3.65 | 9/15/2049 | 144000 | 105959 |
| WEC Energy Group, Inc., Sr. Unscd. Notes | 2.20 | 12/15/2028 | 65000 | 61255 |
| WEC Energy Group, Inc., Sr. Unscd. Notes | 4.75 | 1/15/2028 | 200000 | 202535 |
| WEC Energy Group, Inc., Sr. Unscd. Notes | 5.15 | 10/1/2027 | 200000 | 203684 |
| Wisconsin Electric Power Co., Sr. Unscd. Debs. | 5.63 | 5/15/2033 | 65000 | 69735 |
| Wisconsin Power & Light Co., Sr. Unscd. Debs. | 1.95 | 9/16/2031 | 50000 | 43437 |
| Wisconsin Power & Light Co., Sr. Unscd. Notes | 4.95 | 4/1/2033 | 50000 | 50800 |
| Wisconsin Power & Light Co., Sr. Unscd. Notes | 5.38 | 3/30/2034 | 50000 | 51785 |
| Wisconsin Public Service Corp., Sr. Unscd. Notes | 3.30 | 9/1/2049 | 270000 | 191632 |
| Xcel Energy, Inc., Sr. Unscd. Notes | 1.75 | 3/15/2027 | 70000 | 67747 |
| Xcel Energy, Inc., Sr. Unscd. Notes | 3.50 | 12/1/2049 | 125000 | 90476 |
| Xcel Energy, Inc., Sr. Unscd. Notes | 4.00 | 6/15/2028 | 75000 | 74826 |
| Xcel Energy, Inc., Sr. Unscd. Notes | 4.60 | 6/1/2032 | 100000 | 99321 |
|  |  |  |  | **48460255** |
| **Total Bonds and Notes** <br>(cost $2,014,940,383)<br>|  |  |  | **2011921679** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | 1-Day <br>Yield (%)<br>| Shares |  |
| **Investment Companies — 3.4%** | **Investment Companies — 3.4%** | **Investment Companies — 3.4%** | **Investment Companies — 3.4%** |
| **Registered Investment Companies — 3.4%** | **Registered Investment Companies — 3.4%** | **Registered Investment Companies — 3.4%** | **Registered Investment Companies — 3.4%** |
| Dreyfus Institutional Preferred Government Money Market Fund, <br> Institutional Shares<sup>(g)</sup> <br>(cost $68,300,359)<br>| 4.04 | 68300359 | **68300359** |
| **Investment of Cash Collateral for Securities Loaned — .3%** |  |  |  |
| **Registered Investment Companies — .3%** |  |  |  |
| Dreyfus Institutional Preferred Government Money Market Fund, <br> Institutional Shares<sup>(g)</sup> <br>(cost $5,252,807)<br>| 4.04 | 5252807 | **5252807** |
| **Total Investments** (cost $2,088,493,549) | **Total Investments** (cost $2,088,493,549) | **102.8%** | **2085474845** |
| **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** | **(2.8%)** | **(56210086)** |
| **Net Assets**  | **Net Assets**  | **100.0%** | **2029264759** |

---

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

ACES—Alterntaive Credit Enhancement Securities <br> GO—Government Obligation <br> REIT—Real Estate Investment Trust

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

**175**

------

SCHEDULES OF INVESTMENTS (continued)

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

<sup>(a)</sup> Security issued with a zero coupon. Income is recognized through the accretion of discount.

<sup>(b)</sup> Security, or portion thereof, on loan. At October 31, 2025, the value of the fund's securities on loan was $24,222,889 and the value of the collateral was $24,892,647, consisting of cash collateral of $5,252,807 and U.S. Government & Agency securities valued at $19,639,840. In addition, the value of collateral may include pending sales that are also on loan. 

<sup>(c)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2025, these securities amounted to $2,627,621 or .1% of net assets. 

<sup>(d)</sup> Security is a perpetual bond with no specified maturity date. Maturity date shown is next reset date of the bond.

<sup>(e)</sup> The Federal Housing Finance Agency ("FHFA") placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies. 

<sup>(f)</sup> Purchased on a forward commitment basis.

<sup>(g)</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;

---

| | | |
|:---|:---|:---|
| **BNY Mellon Core Bond ETF** | **BNY Mellon Core Bond ETF** | **BNY Mellon Core Bond ETF** |
| **TBA Sale Commitments** | **TBA Sale Commitments** | **TBA Sale Commitments** |
| Description | Principal <br>Amount ($)<br>| Value ($) |
| **U.S. Government Agencies Mortgage-Backed — (.0%)** | **U.S. Government Agencies Mortgage-Backed — (.0%)** | **U.S. Government Agencies Mortgage-Backed — (.0%)** |
| **Federal National Mortgage Association:** | **Federal National Mortgage Association:** | **Federal National Mortgage Association:** |
| 2.00%, 12/1/2055<sup>(a),(b)</sup> <br>| (100000) | (81139) |
| 2.50%, 12/15/2055<sup>(a),(b)</sup> <br>| (50000) | (42440) |
| 3.00%, 11/1/2040-12/1/2055<sup>(a),(b)</sup> <br>| (650000) | (581220) |
| 3.50%, 11/1/2040<sup>(a),(b)</sup> <br>| (50000) | (48464) |
| **Total Sale Commitments** (Proceeds $752,528) |  | **(753263)** |

---

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

<sup>(a)</sup> The Federal Housing Finance Agency ("FHFA") placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies. 

<sup>(b)</sup> Sold on a delayed delivery basis.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BNY Mellon Core Bond ETF** | **BNY Mellon Core Bond ETF** | **BNY Mellon Core Bond ETF** | **BNY Mellon Core Bond ETF** | **BNY Mellon Core Bond ETF** | **BNY Mellon Core Bond ETF** |
| **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** |
| Description | Value ($) <br>10/31/2024<br>| Purchases ($)<sup>†</sup> <br>| Sales ($) | Value ($) <br>10/31/2025<br>| Dividends/ <br>Distributions ($)<br>|
| **Registered Investment Companies - 3.4%** | **Registered Investment Companies - 3.4%** | **Registered Investment Companies - 3.4%** | **Registered Investment Companies - 3.4%** | **Registered Investment Companies - 3.4%** | **Registered Investment Companies - 3.4%** |
| Dreyfus Institutional Preferred Government Money <br> Market Fund, Institutional Shares - 3.4%<br>| 61053551 | 307530165 | (300283357) | 68300359 | 2141231 |
| **Investment of Cash Collateral for Securities Loaned - .3%** | **Investment of Cash Collateral for Securities Loaned - .3%** | **Investment of Cash Collateral for Securities Loaned - .3%** | **Investment of Cash Collateral for Securities Loaned - .3%** | **Investment of Cash Collateral for Securities Loaned - .3%** | **Investment of Cash Collateral for Securities Loaned - .3%** |
| Dreyfus Institutional Preferred Government Money <br> Market Fund, Institutional Shares - .3%<br>| 5539116 | 73962785 | (74249094) | 5252807 | 105488 <br><sup>††</sup><br>|
| **Total - 3.7%** | **66592667** | **381492950** | **(374532451)** | **73553166** | **2246719** |

---

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

---

| | |
|:---|:---|
| <sup>†</sup> <br>| Includes reinvested dividends/distributions. |
| <sup>††</sup> <br>| 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.

**176**

------

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  | BNY Mellon <br>US Large Cap <br>Core Equity ETF<br>| BNY Mellon <br>US Mid Cap <br>Core Equity ETF<br>| BNY Mellon <br>US Small Cap <br>Core Equity ETF<br>|
| **Assets ($):** |  |  |  |
| Investments in securities—See Schedules of Investments<sup>†</sup> <br>(including securities on loan)<sup>††</sup>—Note 2(c):<br>|  |  |  |
| Unaffiliated issuers | 4802369533 | 601140695 | 58480751 |
| Affiliated issuers | 10729701 | 9258692 | 1234006 |
| Cash collateral held by broker—Note 4  | 653000 | 105000 | 58000 |
| Dividends and securities lending income receivable | 2085345 | 245551 | 18700 |
| Receivable for shares of Beneficial Interest subscribed | 102616 | - | - |
| Receivable for futures variation margin—Note 4  | 27750 | 5820 | 715 |
| Tax reclaim receivable—Note 2(b)  | 21124 | 4084 | - |
| Due from BNY Mellon ETF Investment Adviser, LLC —Note 3(b)  | 798 | - | - |
|  | **4815989867** | **610759842** | **59792172** |
| **Liabilities ($):** |  |  |  |
| Due to BNY Mellon ETF Investment Adviser, LLC—Note 3(b)  | - | 20433 | 1993 |
| Liability for securities on loan—Note 2(c)  | 2138381 | 8364346 | 1162418 |
|  | **2138381** | **8384779** | **1164411** |
| **Net Assets ($)** | **4813851486** | **602375063** | **58627761** |
| **Composition of Net Assets ($):** |  |  |  |
| Paid-in capital | 3941364806 | 571928693 | 74899605 |
| Total distributable earnings (loss) | 872486680 | 30446370 | (16271844) |
| **Net Assets ($)** | **4813851486** | **602375063** | **58627761** |
| <sup>†</sup>**Investments at cost ($)** |  |  |  |
| Unaffiliated issuers | 3878520218 | 524114737 | 56355265 |
| Affiliated issuers | 10729701 | 9258692 | 1234006 |
| <sup>††</sup>**Value of securities on loan ($)** | **28556538** | **27619370** | **5428103** |
| **Shares Outstanding** |  |  |  |
| Shares outstanding no par value (unlimited shares authorized) | 36730000 | 5570000 | 530000 |
| **Net Asset Value Per Share ($)** | **131.06** | **108.15** | **110.62** |
| **Market Price Per Share ($)** | **131.00** | **108.15** | **110.67** |

---

See notes to financial statements.

**177**

------

STATEMENTS OF ASSETS AND LIABILITIES (continued)

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

---

| | | | |
|:---|:---|:---|:---|
|  | BNY Mellon <br>International <br>Equity ETF<br>| BNY Mellon <br>Emerging Markets <br>Equity ETF<br>| BNY Mellon <br>Core Bond ETF<br>|
| **Assets ($):** |  |  |  |
| Investments in securities—See Schedules of Investments<sup>†</sup> <br>(including securities on loan)<sup>††</sup>—Note 2(c):<br>|  |  |  |
| Unaffiliated issuers | 1026601210 | 68166563 | 2011921679 |
| Affiliated issuers | 1181033 | 130539 | 73553166 |
| Cash denominated in foreign currency<sup>†††</sup> <br>| 1324115 | 72004 | - |
| Cash collateral held by broker—Note 4  | 155000 | 41000 | - |
| Dividends, interest and securities lending income receivable | 2299322 | 50464 | 16710124 |
| Tax reclaim receivable—Note 2(b)  | 1493362 | 520 | - |
| Receivable for shares of Beneficial Interest subscribed | - | - | 6605 |
| Receivable for investment securities sold | - | - | 21615196 |
| Receivable for investment securities sold—TBA | - | - | 1768378 |
| Due from BNY Mellon ETF Investment Adviser, LLC —Note 3(b)  | - | - | 5113 |
|  | **1033054042** | **68461090** | **2125580261** |
| **Liabilities ($):** |  |  |  |
| Due to BNY Mellon ETF Investment Adviser, LLC—Note 3(b)  | 34873 | 6250 | - |
| Liability for securities on loan—Note 2(c)  | 366686 | 38213 | 5252807 |
| Payable for futures variation margin—Note 4  | 10568 | 495 | - |
| TBA sale commitments, at value<sup>††††</sup>—Note 4  | - | - | 753263 |
| Payable for foreign tax on capital gains—Note 2(b)  | - | 214018 | - |
| Payable for investment securities purchased | - | - | 25421131 |
| Payable for investment securities purchased—TBA | - | - | 64888301 |
|  | **412127** | **258976** | **96315502** |
| **Net Assets ($)** | **1032641915** | **68202114** | **2029264759** |
| **Composition of Net Assets ($):** |  |  |  |
| Paid-in capital | 885391976 | 53741510 | 2043943714 |
| Total distributable earnings (loss) | 147249939 | 14460604 | (14678955) |
| **Net Assets ($)** | **1032641915** | **68202114** | **2029264759** |
| <sup>†</sup>**Investments at cost ($)** |  |  |  |
| Unaffiliated issuers | 848729957 | 48248977 | 2014940383 |
| Affiliated issuers | 1181033 | 130539 | 73553166 |
| <sup>††</sup>**Value of securities on loan ($)** | **2942753** | **255713** | **24222889** |
| <sup>†††</sup>**Cash denominated in foreign currency (cost) ($)** | **1333874** | **62061** | **-** |
| <sup>††††</sup>**TBA sale commitments (proceeds) ($)** | **-** | **-** | **752528** |
| **Shares Outstanding** |  |  |  |
| Shares outstanding no par value (unlimited shares authorized) | 11500000 | 900000 | 47550000 |
| **Net Asset Value Per Share ($)** | **89.79** | **75.78** | **42.68** |
| **Market Price Per Share ($)** | **90.00** | **75.16** | **42.70** |

---

See notes to financial statements.

**178**

------

STATEMENTS OF OPERATIONS

Year Ended October 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  | BNY Mellon <br>US Large Cap <br>Core Equity ETF<br>| BNY Mellon <br>US Mid Cap <br>Core Equity ETF<br>| BNY Mellon <br>US Small Cap <br>Core Equity ETF<br>|
| **Investment Income ($):** |  |  |  |
| **Income:** |  |  |  |
| Cash dividends: |  |  |  |
| Unaffiliated issuers | 41814078 | 7739309 <br><sup>†</sup><br>| 1420592 <br><sup>†</sup><br>|
| Affiliated issuers | 279347 | 58792 | 11734 |
| Affiliated income net of rebates from securities lending—Note 2(c)  | 97038 | 115082 | 24952 |
| Interest | 25109 | 8709 | 2414 |
| **Total Income** | **42215572** | **7921892** | **1459692** |
| **Expenses:** |  |  |  |
| Management fee—Note 3(a)  | - | 208282 | 40656 |
| **Total Expenses** | **-** | **208282** | **40656** |
| **Net Investment Income** | **42215572** | **7713610** | **1419036** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |  |  |
| Net realized gain (loss) on investments | (17700061) | (14763725) | (2311713) |
| Net realized gain (loss) on in-kind redemptions | 295815434 | 24748273 | 19490017 |
| Net realized gain (loss) on futures | 882353 | (272253) | (39865) |
| **Net Realized Gain (Loss)** | **278997726** | **9712295** | **17138439** |
| Net change in unrealized appreciation (depreciation) on investments | 318805496 | 2069397 | (11644284) |
| Net change in unrealized appreciation (depreciation) on futures | 309698 | (27105) | 10076 |
| **Net Change in Unrealized Appreciation (Depreciation)** | **319115194** | **2042292** | **(11634208)** |
| **Net Realized and Unrealized Gain (Loss) on Investments** | **598112920** | **11754587** | **5504231** |
| **Net Increase in Net Assets Resulting from Operations** | **640328492** | **19468197** | **6923267** |
| <sup>†</sup>**Net of foreign taxes withheld at source ($)** | **-** | **10722** | **3798** |

---

See notes to financial statements.

**179**

------

STATEMENTS OF OPERATIONS (continued)

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

---

| | | | |
|:---|:---|:---|:---|
|  | BNY Mellon <br>International <br>Equity ETF<br>| BNY Mellon <br>Emerging Markets <br>Equity ETF<br>| BNY Mellon <br>Core Bond ETF<br>|
| **Investment Income ($):** |  |  |  |
| **Income:** |  |  |  |
| Cash dividends: |  |  |  |
| Unaffiliated issuers | 21400632 <br><sup>†</sup><br>| 2596612 <br><sup>†</sup><br>| - |
| Affiliated issuers | 58794 | 16663 | 2141231 |
| Affiliated income net of rebates from securities lending—Note 2(c)  | 7522 | 12722 | 105488 |
| Interest | 6541 | 1187 | 84003972 |
| **Total Income** | **21473489** | **2627184** | **86250691** |
| **Expenses:** |  |  |  |
| Management fee—Note 3(a)  | 318154 | 113780 | - |
| **Total Expenses** | **318154** | **113780** | **-** |
| **Net Investment Income** | **21155335** | **2513404** | **86250691** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |  |  |
| Net realized gain (loss) on investments and foreign currency transactions | (12231750) | 2869864 | (3958447) |
| Net realized gain (loss) on in-kind redemptions | 42009411 | 7318002 | (2556394) |
| Net realized gain (loss) on TBA sale commitments | - | - | 135163 |
| Net realized gain (loss) on futures | 521728 | 72420 | - |
| Net realized gain (loss) on foreign capital gains tax | - | (758262) | - |
| **Net Realized Gain (Loss)** | **30299389** | **9502024** | **(6379678)** |
| Net change in unrealized appreciation (depreciation) on investments and foreign <br> currency transactions<br>| 91149595 | 5221322 | 39278295 |
| Net change in unrealized appreciation (depreciation) on TBA sale commitments | - | - | (290) |
| Net change in unrealized appreciation (depreciation) on futures | 110589 | 3967 | - |
| Net change in unrealized appreciation (depreciation) on foreign capital gains tax | - | 689231 | - |
| **Net Change in Unrealized Appreciation (Depreciation)** | **91260184** | **5914520** | **39278005** |
| **Net Realized and Unrealized Gain (Loss) on Investments** | **121559573** | **15416544** | **32898327** |
| **Net Increase in Net Assets Resulting from Operations** | **142714908** | **17929948** | **119149018** |
| <sup>†</sup>**Net of foreign taxes withheld at source ($)** | **2296829** | **331262** | **-** |

---

See notes to financial statements.

**180**

------

STATEMENTS OF CHANGES IN NET ASSETS

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BNY Mellon US Large Cap <br>Core Equity ETF | BNY Mellon US Large Cap <br>Core Equity ETF | BNY Mellon US Mid Cap <br>Core Equity ETF | BNY Mellon US Mid Cap <br>Core Equity ETF |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2025 | 2024 |
| **Operations ($):** |  |  |  |  |
| Net investment income | 42215572 | 32656829 | 7713610 | 7059856 |
| Net realized gain (loss) on investments | 278997726 | 98074551 | 9712295 | 24198006 |
| Net change in unrealized appreciation <br>(depreciation) on investments<br>| 319115194 | 569729777 | 2042292 | 112925445 |
| **Net Increase (Decrease) in Net Assets** <br>**Resulting from Operations**<br>| **640328492** | **700461157** | **19468197** | **144183307** |
| **Distributions ($):** |  |  |  |  |
| **Distributions to shareholders** | **(40821337)** | **(31978450)** | **(8120204)** | **(6908269)** |
| **Capital Contributions ($):** |  |  |  |  |
| Capital contributions from BNY Mellon ETF Investment Adviser, <br> LLC—Note 3(a) <br>| 6527 | 4800 | - | - |
| **Beneficial Interest Transactions ($):** |  |  |  |  |
| Net proceeds from shares sold | 2338610230 | 1013593349 | 278738929 | 206676062 |
| Cost of shares redeemed | (1003915444) | (496912201) | (198477282) | (253701345) |
| **Increase (Decrease) in Net Assets from Beneficial Interest** <br> **Transactions**<br>| **1334694786** | **516681148** | **80261647** | **(47025283)** |
| **Total Increase (Decrease) in Net Assets** | **1934208468** | **1185168655** | **91609640** | **90249755** |
| **Net Assets ($):** |  |  |  |  |
| Beginning of Period | 2879643018 | 1694474363 | 510765423 | 420515668 |
| **End of Period** | **4813851486** | **2879643018** | **602375063** | **510765423** |
| **Capital Share Transactions (Shares):** |  |  |  |  |
| Shares sold | 19840000 | 10400000 | 2720000 | 2440000 |
| Shares redeemed | (9680000) | (5200000) | (2200000) | (2920000) |
| **Net Increase (Decrease) in Shares Outstanding** | **10160000** | **5200000** | **520000** | **(480000)** |

---

See notes to financial statements.

**181**

------

STATEMENTS OF CHANGES IN NET ASSETS (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BNY Mellon US Small Cap <br>Core Equity ETF | BNY Mellon US Small Cap <br>Core Equity ETF | BNY Mellon International <br>Equity ETF | BNY Mellon International <br>Equity ETF |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2025 | 2024 |
| **Operations ($):** |  |  |  |  |
| Net investment income | 1419036 | 1719201 | 21155335 | 17786827 |
| Net realized gain (loss) on investments | 17138439 | 1470882 | 30299389 | (10633041) |
| Net change in unrealized appreciation <br>(depreciation) on investments<br>| (11634208) | 27350767 | 91260184 | 105217527 |
| **Net Increase (Decrease) in Net Assets** <br>**Resulting from Operations**<br>| **6923267** | **30540850** | **142714908** | **112371313** |
| **Distributions ($):** |  |  |  |  |
| **Distributions to shareholders** | **(1474182)** | **(1761694)** | **(24147830)** | **(18099472)** |
| **Beneficial Interest Transactions ($):** |  |  |  |  |
| Net proceeds from shares sold | 51556028 | 28062445 | 411569661 | 186049480 |
| Cost of shares redeemed | (118650151) | (31936712) | (222457148) | - |
| Transaction fees—Note 5  | - | - | 13287 | 3472 |
| **Increase (Decrease) in Net Assets from Beneficial Interest** <br> **Transactions**<br>| **(67094123)** | **(3874267)** | **189125800** | **186052952** |
| **Total Increase (Decrease) in Net Assets** | **(61645038)** | **24904889** | **307692878** | **280324793** |
| **Net Assets ($):** |  |  |  |  |
| Beginning of Period | 120272799 | 95367910 | 724949037 | 444624244 |
| **End of Period** | **58627761** | **120272799** | **1032641915** | **724949037** |
| **Capital Share Transactions (Shares):** |  |  |  |  |
| Shares sold | 540000 | 320000 | 5000000 | 2550000 |
| Shares redeemed | (1220000) | (360000) | (3200000) | - |
| **Net Increase (Decrease) in Shares Outstanding** | **(680000)** | **(40000)** | **1800000** | **2550000** |

---

See notes to financial statements.

**182**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BNY Mellon Emerging <br>Markets Equity ETF | BNY Mellon Emerging <br>Markets Equity ETF | BNY Mellon Core <br>Bond ETF | BNY Mellon Core <br>Bond ETF |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2025 | 2024 |
| **Operations ($):** |  |  |  |  |
| Net investment income | 2513404 | 2411120 | 86250691 | 70814904 |
| Net realized gain (loss) on investments | 9502024 | (3067772) | (6379678) | (10561536) |
| Net change in unrealized appreciation <br>(depreciation) on investments<br>| 5914520 | 19686372 | 39278005 | 22511170 |
| **Net Increase (Decrease) in Net Assets** <br>**Resulting from Operations**<br>| **17929948** | **19029720** | **119149018** | **82764538** |
| **Distributions ($):** |  |  |  |  |
| Distributions to shareholders | (3025898) | (2562381) | (82360665) | (62713522) |
| Return of capital | (61009) | - | - | - |
| **Distributions to shareholders** | **(3086907)** | **(2562381)** | **(82360665)** | **(62713522)** |
| **Capital Contributions ($):** |  |  |  |  |
| Capital contributions from BNY Mellon ETF Investment Adviser, <br> LLC—Note 3(a) <br>| - | - | 49762 | 41236 |
| **Beneficial Interest Transactions ($):** |  |  |  |  |
| Net proceeds from shares sold | 50809705 | 25776491 | 416992236 | 1675620574 |
| Cost of shares redeemed | (117742403) | (8909687) | (418716772) | (243786406) |
| Transaction fees—Note 5  | 569105 | 85151 | 198718 | 1111233 |
| **Increase (Decrease) in Net Assets from Beneficial Interest** <br> **Transactions**<br>| **(66363593)** | **16951955** | **(1525818)** | **1432945401** |
| **Total Increase (Decrease) in Net Assets** | **(51520552)** | **33419294** | **35312297** | **1453037653** |
| **Net Assets ($):** |  |  |  |  |
| Beginning of Period | 119722666 | 86303372 | 1993952462 | 540914809 |
| **End of Period** | **68202114** | **119722666** | **2029264759** | **1993952462** |
| **Capital Share Transactions (Shares):** |  |  |  |  |
| Shares sold | 800000 | 400000 | 10000000 | 39700000 |
| Shares redeemed | (1850000) | (150000) | (10000000) | (5850000) |
| **Net Increase (Decrease) in Shares Outstanding** | **(1050000)** | **250000** | **-** | **33850000** |

---

See notes to financial statements.

**183**

------

FINANCIAL HIGHLIGHTS

The following tables describe 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| **BNY Mellon US Large Cap Core Equity ETF** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | 108.38 | 79.29 | 71.24 | 87.00 | 61.95 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| 1.44 | 1.38 | 1.23 | 1.15 | 1.06 |
| Net realized and unrealized gain (loss) on investments | 22.58 | 29.07 | 7.99 | (15.81)<br>| 24.90 |
| Total from Investment Operations | 24.02 | 30.45 | 9.22 | (14.66)<br>| 25.96 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | (1.34)<br>| (1.36)<br>| (1.17)<br>| (1.10)<br>| (.91)<br>|
| Net asset value, end of period | 131.06 | 108.38 | 79.29 | 71.24 | 87.00 |
| Market value, end of period | 131.00 | 108.30 | 79.24 | 71.29 | 87.03 |
| **Total Return (%)** | 22.34 | 38.54 | 13.00 | (16.91)<br>| 42.08 |
| **Market Price Total Return (%)** | 22.38 | 38.53 | 12.85 | (16.90)<br>| 42.42 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets<sup>(b)</sup> <br>| - | - | - | - | - |
| Ratio of net investment income to average net assets<sup>(b)</sup> <br>| 1.24 | 1.40 | 1.57 | 1.47 | 1.35 |
| Portfolio Turnover Rate<sup>(c)</sup> <br>| 2.10 | 16.00 | 5.33 | 5.74 | 10.53 |
| **Net Assets, end of period ($ x 1,000)** | 4813851 | 2879643 | 1694474 | 438156 | 391486 |

---

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

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

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

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

See notes to financial statements.

**184**

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| **BNY Mellon US Mid Cap Core Equity ETF** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | 101.14 | 76.04 | 77.86 | 94.03 | 65.66 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| 1.53 | 1.38 | 1.35 | 1.32 | 1.07 |
| Net realized and unrealized gain (loss) on investments | 7.03 | 25.09 | (1.99)<br>| (16.18)<br>| 28.28 |
| Total from Investment Operations | 8.56 | 26.47 | (.64)<br>| (14.86)<br>| 29.35 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | (1.55)<br>| (1.37)<br>| (1.18)<br>| (1.31)<br>| (.98)<br>|
| Net asset value, end of period | 108.15 | 101.14 | 76.04 | 77.86 | 94.03 |
| Market value, end of period | 108.15 | 101.27 | 76.08 | 77.86 | 94.11 |
| **Total Return (%)** | 8.55 | 34.92 | (.89)<br>| (15.88)<br>| 44.87 |
| **Market Price Total Return (%)** | 8.42 | 35.01 | (.83)<br>| (15.94)<br>| 45.23 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets<sup>(b)</sup> <br>| .04 | .04 | .04 | .04 | .04 |
| Ratio of net investment income to average net assets<sup>(b)</sup> <br>| 1.48 | 1.48 | 1.66 | 1.55 | 1.24 |
| Portfolio Turnover Rate<sup>(c)</sup> <br>| 29.06 | 93.63 | 11.76 | 25.97 | 32.65 |
| **Net Assets, end of period ($ x 1,000)** | 602375 | 510765 | 420516 | 86427 | 112841 |

---

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

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

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

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

See notes to financial statements.

**185**

------

FINANCIAL HIGHLIGHTS (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| **BNY Mellon US Small Cap Core Equity ETF** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | 99.40 | 76.29 | 79.45 | 97.73 | 67.17 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| 1.41 | 1.42 | 1.30 | 1.22 | 1.25 |
| Net realized and unrealized gain (loss) on investments | 11.24 | 23.16 | (3.30)<br>| (18.22)<br>| 30.31 |
| Total from Investment Operations | 12.65 | 24.58 | (2.00)<br>| (17.00)<br>| 31.56 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | (1.43)<br>| (1.47)<br>| (1.16)<br>| (1.28)<br>| (1.00)<br>|
| Net asset value, end of period | 110.62 | 99.40 | 76.29 | 79.45 | 97.73 |
| Market value, end of period | 110.67 | 99.56 | 76.35 | 79.50 | 97.86 |
| **Total Return (%)** | 12.86 | 32.30 | (2.59)<br>| (17.45)<br>| 47.08 |
| **Market Price Total Return (%)** | 12.74 | 32.42 | (2.57)<br>| (17.50)<br>| 47.59 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets<sup>(b)</sup> <br>| .04 | .04 | .04 | .04 | .04 |
| Ratio of net investment income to average net assets<sup>(b)</sup> <br>| 1.40 | 1.53 | 1.58 | 1.36 | 1.34 |
| Portfolio Turnover Rate<sup>(c)</sup> <br>| 38.61 | 66.34 | 20.13 | 37.93 | 50.09 |
| **Net Assets, end of period ($ x 1,000)** | 58628 | 120273 | 95368 | 35754 | 180810 |

---

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

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

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

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

See notes to financial statements.

**186**

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| **BNY Mellon International Equity ETF** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | 74.74 | 62.19 | 56.45 | 74.38 | 56.06 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| 2.16 | 2.12 | 2.19 | 2.03 | 1.82 |
| Net realized and unrealized gain (loss) on investments | 15.32 | 12.56 | 5.43 <br><sup>(b)</sup><br>| (17.83)<br>| 18.31 |
| Total from Investment Operations | 17.48 | 14.68 | 7.62 | (15.80)<br>| 20.13 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | (2.43)<br>| (2.13)<br>| (1.88)<br>| (2.13)<br>| (1.81)<br>|
| Transaction fees<sup>(a)</sup> <br>| .00 <br><sup>(c)</sup><br>| .00 <br><sup>(c)</sup><br>| .00 <br><sup>(c)</sup><br>| - | - |
| Net asset value, end of period | 89.79 | 74.74 | 62.19 | 56.45 | 74.38 |
| Market value, end of period | 90.00 | 75.09 | 62.88 | 56.52 | 74.86 |
| **Total Return (%)** | 23.76 | 23.65 | 13.32 | (21.49)<br>| 36.10 |
| **Market Price Total Return (%)** | 23.47 | 22.84 | 14.43 | (21.92)<br>| 35.52 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets<sup>(d)</sup> <br>| .04 | .04 | .04 | .04 | .04 |
| Ratio of net investment income to average net assets<sup>(d)</sup> <br>| 2.66 | 2.88 | 3.30 | 3.15 | 2.57 |
| Portfolio Turnover Rate<sup>(e)</sup> <br>| 9.30 | 16.58 | 13.57 | 19.30 | 13.49 |
| **Net Assets, end of period ($ x 1,000)** | 1032642 | 724949 | 444624 | 127021 | 100409 |

---

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

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

<sup>(b)</sup> In addition to net realized and unrealized gains (losses) on investments, this amount includes an increase in net asset value per share resulting from the timing of issuances and redemptions of shares in relation to fluctuating market values for the fund's investments. 

<sup>(c)</sup> Amount represents less than $.01 per share.

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

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

See notes to financial statements.

**187**

------

FINANCIAL HIGHLIGHTS (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| **BNY Mellon Emerging Markets Equity ETF** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | 61.40 | 50.77 | 47.36 | 69.84 | 62.45 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| 1.54 | 1.44 | 1.55 | 1.76 | 1.47 |
| Net realized and unrealized gain (loss) on investments | 14.38 | 10.69 | 3.28 <br><sup>(b)</sup><br>| (22.41)<br>| 7.69 |
| Total from Investment Operations | 15.92 | 12.13 | 4.83 | (20.65)<br>| 9.16 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | (1.82)<br>| (1.55)<br>| (1.48)<br>| (1.83)<br>| (1.77)<br>|
| Return of capital | (.07)<br>| - | - | - | - |
| Total Distributions | (1.89)<br>| (1.55)<br>| (1.48)<br>| (1.83)<br>| (1.77)<br>|
| Transaction fees<sup>(a)</sup> <br>| .35 | .05 | .06 | - | - |
| Net asset value, end of period | 75.78 | 61.40 | 50.77 | 47.36 | 69.84 |
| Market value, end of period | 75.16 | 61.33 | 50.67 | 47.53 | 69.90 |
| **Total Return (%)** | 26.99 | 24.11 | 10.14 | (29.91)<br>| 14.61 |
| **Market Price Total Return (%)** | 26.09 | 24.20 | 9.55 | (29.76)<br>| 13.83 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets<sup>(c)</sup> <br>| .11 | .11 | .11 | .11 | .11 |
| Ratio of net expenses to average net assets<sup>(c)</sup> <br>| .11 | .11 | .11 | .11 <br><sup>(d)</sup><br>| .11 <br><sup>(d)</sup><br>|
| Ratio of net investment income to average net assets<sup>(c)</sup> <br>| 2.43 | 2.48 | 2.84 | 2.90 <br><sup>(d)</sup><br>| 2.00 <br><sup>(d)</sup><br>|
| Portfolio Turnover Rate<sup>(e)</sup> <br>| 56.40 | 30.80 | 19.90 | 15.00 | 17.42 |
| **Net Assets, end of period ($ x 1,000)** | 68202 | 119723 | 86303 | 26046 | 38411 |

---

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

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

<sup>(b)</sup> In addition to net realized and unrealized gains (losses) on investments, this amount includes an increase in net asset value per share resulting from the timing of issuances and redemptions of shares in relation to fluctuating market values for the fund's investments. 

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

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

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

See notes to financial statements.

**188**

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| **BNY Mellon Core Bond ETF** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | 41.93 | 39.48 | 40.68 | 49.30 | 50.27 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| 1.85 | 1.83 | 1.47 | .96 | .55 |
| Net realized and unrealized gain (loss) on investments | .67 | 2.26 | (1.31)<br>| (8.68)<br>| (.75)<br>|
| Total from Investment Operations | 2.52 | 4.09 | .16 | (7.72)<br>| (.20)<br>|
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | (1.77)<br>| (1.67)<br>| (1.37)<br>| (.92)<br>| (.77)<br>|
| Transaction fees<sup>(a)</sup> <br>| .00 <br><sup>(b)</sup><br>| .03 | .01 | .02 | - |
| Net asset value, end of period | 42.68 | 41.93 | 39.48 | 40.68 | 49.30 |
| Market value, end of period | 42.70 | 41.95 | 39.52 | 40.66 | 49.33 |
| **Total Return (%)** | 6.15 | 10.54 | .31 | (15.82)<br>| (.41)<br>|
| **Market Price Total Return (%)** | 6.17 | 10.48 | .44 | (15.89)<br>| (.38)<br>|
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets<sup>(c)</sup> <br>| - | - | - | - | - |
| Ratio of net investment income to average net assets<sup>(c)</sup> <br>| 4.43 | 4.39 | 3.53 | 2.15 | 1.12 |
| Portfolio Turnover Rate<sup>(d)</sup> <br>| 70.96 <br><sup>(e)</sup><br>| 59.76 | 64.39 | 84.75 | 105.97 |
| **Net Assets, end of period ($ x 1,000)** | 2029265 | 1993952 | 540915 | 372187 | 194745 |

---

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

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

<sup>(b)</sup> Amount represents less than $.01 per share.

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

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

<sup>(e)</sup> The portfolio turnover rates excluding mortgage dollar roll transactions for the period ended October 31, 2025 was 46.31%.

See notes to financial statements.

**189**

------

NOTES TO FINANCIAL STATEMENTS

**NOTE 1—**

**Organization:**

BNY Mellon ETF Trust (the "Trust") is registered as a Massachusetts business trust under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust operates as a series company currently consisting of ten series, including the following diversified funds: BNY Mellon US Large Cap Core Equity ETF, BNY Mellon US Mid Cap Core Equity ETF, BNY Mellon US Small Cap Core Equity ETF, BNY Mellon International Equity ETF, BNY Mellon Emerging Markets Equity ETF and BNY Mellon Core Bond ETF (each, a "fund" and collectively, the "funds"). The investment objective of each fund is to seek to track the performance of an underlying index, as reflected in the table below. BNY Mellon ETF Investment Adviser, LLC (the "Adviser"), a wholly-owned subsidiary of The Bank of New York Mellon Corporation ("BNY"), serves as each fund's investment 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. Mellon Investments Corporation ("Mellon"), an indirect wholly-owned subsidiary of BNY and an affiliate of the Adviser, serves as each fund's sub-adviser. BNY Mellon Securities Corporation (the "Distributor"), a wholly-owned subsidiary of the Adviser, is the distributor of each fund's shares.

---

| | |
|:---|:---|
| **Fund Name** | **Underlying Index** |
| BNY Mellon US Large Cap Core Equity ETF | Solactive GBS United States 500 Index TR<sup>†</sup> <br>|
| BNY Mellon US Mid Cap Core Equity ETF | Solactive GBS United States 400 Index TR<sup>†</sup> <br>|
| BNY Mellon US Small Cap Core Equity ETF | Solactive GBS United States 600 Index TR<sup>†</sup> <br>|
| BNY Mellon International Equity ETF | Solactive GBS Developed Markets ex United States Large & Mid Cap USD Index NTR<sup>†</sup> <br>|
| BNY Mellon Emerging Markets Equity ETF | Solactive GBS Emerging Markets Large & Mid Cap USD Index NTR<sup>†</sup> <br>|
| BNY Mellon Core Bond ETF | Bloomberg U.S. Aggregate Total Return Index<sup>††</sup> <br>|

---

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

---

| | |
|:---|:---|
| <sup>†</sup> <br>| Solactive AG ("Solactive") is the licensor of Solactive GBS United States 500 Index TR, Solactive GBS United States 400 Index TR, Solactive GBS United States <br> 600 Index TR, Solactive GBS Developed Markets ex United States Large & Mid Cap USD Index NTR, and Solactive GBS Emerging Markets Large & Mid Cap <br> USD Index NTR (the "Solactive Indexes"). The BNY Mellon US Large Cap Core Equity ETF, BNY Mellon US Mid Cap Core Equity ETF, BNY Mellon US <br> Small Cap Core Equity ETF, BNY Mellon International Equity ETF, and BNY Mellon Emerging Markets Equity ETF (collectively, and solely for the purposes of <br> this section, the "BNY Mellon Equity ETFs") are not sponsored, endorsed, promoted or sold by Solactive in any way and Solactive makes no express or implied <br> representation, guarantee or assurance with regard to: (a) the advisability in investing in the funds; (b) the quality, accuracy and/or completeness of the Solactive <br> Indexes; and/or (c) the results obtained or to be obtained by any person or entity from the use of the Solactive Indexes. Solactive does not guarantee the accuracy <br> and/or the completeness of the Solactive Indexes and shall not have any liability for any errors or omissions with respect thereto. Notwithstanding Solactive's <br> obligations to its licensees, Solactive reserves the right to change the methods of calculation or publication with respect to the Solactive Indexes and Solactive shall not <br> be liable for any miscalculation of or any incorrect, delayed or interrupted publication with respect to the Solactive Indexes. Solactive shall not be liable for any <br> damages, including, without limitation, any loss of profits or business, or any special, incidental, punitive, indirect or consequential damages suffered or incurred as <br> a result of the use (or inability to use) of the Solactive Indexes.<br>|
| <sup>††</sup> <br>| Bloomberg® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg"). Bloomberg or Bloomberg's licensors own all <br> proprietary rights in the Bloomberg Indices. Bloomberg is not affiliated with the Trust, and neither approves, endorses, reviews or recommends the fund. Bloomberg <br> does not guarantee the timeliness, accurateness or completeness of any data or information relating to the index, and neither shall be liable in any way to the Adviser, <br> investors in the fund or other third parties in respect of the use or accuracy of the index or any data included therein.<br>|

---

The shares of the funds 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, each 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 funds. 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.

**190**

------

NOTES TO FINANCIAL STATEMENTS (continued)

Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. Each fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. Each fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The Trust accounts separately for the assets, liabilities and operations of each fund. Expenses directly attributable to each fund are charged to that fund's operations; expenses which are applicable to all funds are allocated among them on a pro rata basis.

The Trust enters into contracts that contain a variety of indemnifications. The funds' 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 each 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 funds' 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 each fund's investments are as follows:

The Trust's Board of Trustees (the "Board") has designated the Adviser as the funds' valuation designee to make all fair value determinations with respect to the funds' portfolio investments, subject to the Board's oversight and pursuant to Rule 2a-5 under the Act.

Investments in equity securities, including shares of REITs and ETFs (but not including investments in other open-end registered investment companies), generally are valued at the last sales price on the day of valuation 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 net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.

Investments in debt securities, excluding short-term investments (other than U.S. Treasury Bills) are valued each business day by one or more independent pricing services (each, a "Service"). Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of a Service are valued at the quoted bid prices (as obtained by the Service from dealers in such securities). Securities are valued as determined by the Adviser based on values supplied by a Service, based on methods which include consideration of the following: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The Services are engaged under the general supervision of the Adviser. These securities are generally categorized within Level 2 of the fair value hierarchy.

When market quotations or official closing prices are not readily available, or are determined not to reflect fair value accurately, are valued at fair value as determined in good faith based on procedures approved by the Board. Fair value of investments may be determined by valuation designee using such information as it deems appropriate under the circumstances. The factors that may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an

**191**

------

NOTES TO FINANCIAL STATEMENTS (continued)

evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.

Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange.

Futures, which are traded on an exchange, are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the exchange on each business day and are generally categorized within Level 1 of the fair value hierarchy.

The following is a summary of the inputs used as of October 31, 2025 in valuing each 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** |
| **BNY Mellon US Large Cap Core Equity ETF** |  |  |  |  |
| **Assets ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| Equity Securities - Common Stocks | &nbsp;&nbsp; 4802369533 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **4802369533** |
| Investment Companies | &nbsp;&nbsp; 10729701 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **10729701** |
|  | &nbsp;&nbsp; **4813099234** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **4813099234** |
| Other Financial Instruments: |  |  |  |  |
| Futures<sup>††</sup> <br>| &nbsp;&nbsp; 314783 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **314783** |
|  | &nbsp;&nbsp; **314783** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **314783** |
| **BNY Mellon US Mid Cap Core Equity ETF** |  |  |  |  |
| **Assets ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| Equity Securities - Common Stocks | &nbsp;&nbsp; 601140695 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **601140695** |
| Investment Companies | &nbsp;&nbsp; 9258692 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **9258692** |
|  | &nbsp;&nbsp; **610399387** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **610399387** |
| **Liabilities ($)** |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| Futures<sup>††</sup> <br>| &nbsp;&nbsp; (12812) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **(12812)** |
|  | &nbsp;&nbsp; **(12812)** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **(12812)** |
| **BNY Mellon US Small Cap Core Equity ETF** |  |  |  |  |
| **Assets ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| Equity Securities - Common Stocks | &nbsp;&nbsp; 58480751 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **58480751** |
| Investment Companies | &nbsp;&nbsp; 1234006 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **1234006** |
|  | &nbsp;&nbsp; **59714757** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **59714757** |
| Other Financial Instruments: |  |  |  |  |
| Futures<sup>††</sup> <br>| &nbsp;&nbsp; 3686 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **3686** |
|  | &nbsp;&nbsp; **3686** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **3686** |

---

**192**

------

NOTES TO FINANCIAL STATEMENTS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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** |
| **BNY Mellon International Equity ETF** |  |  |  |  |
| **Assets ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| Equity Securities - Common Stocks | &nbsp;&nbsp; 1024017714 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; **1024017714** |
| Equity Securities - Preferred Stocks | &nbsp;&nbsp; 2576355 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **2576355** |
| Rights | &nbsp;&nbsp; 7141 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **7141** |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; — | &nbsp;&nbsp; **0** |
| Investment Companies | &nbsp;&nbsp; 1181033 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **1181033** |
|  | &nbsp;&nbsp; **1027782243** | &nbsp;&nbsp; **0** | &nbsp;&nbsp; **0** | &nbsp;&nbsp; **1027782243** |
| Other Financial Instruments: |  |  |  |  |
| Futures<sup>††</sup> <br>| &nbsp;&nbsp; 38338 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **38338** |
|  | &nbsp;&nbsp; **38338** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **38338** |
| **BNY Mellon Emerging Markets Equity ETF** |  |  |  |  |
| **Assets ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| Corporate Bonds and Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 628 | &nbsp;&nbsp; — | &nbsp;&nbsp; **628** |
| Equity Securities - Common Stocks | &nbsp;&nbsp; 66959325 | &nbsp;&nbsp; 36602 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; **66995927** |
| Equity Securities - Preferred Stocks | &nbsp;&nbsp; 1169984 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; **1169984** |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; 24 | &nbsp;&nbsp; — | &nbsp;&nbsp; **24** |
| Investment Companies | &nbsp;&nbsp; 130539 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **130539** |
|  | &nbsp;&nbsp; **68259848** | &nbsp;&nbsp; **37254** | &nbsp;&nbsp; **0** | &nbsp;&nbsp; **68297102** |
| Other Financial Instruments: |  |  |  |  |
| Futures<sup>††</sup> <br>| &nbsp;&nbsp; 9349 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **9349** |
|  | &nbsp;&nbsp; **9349** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **9349** |
| **BNY Mellon Core Bond ETF** |  |  |  |  |
| **Assets ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 7683688 | &nbsp;&nbsp; — | &nbsp;&nbsp; **7683688** |
| Commercial Mortgage-Backed | &nbsp;&nbsp; — | &nbsp;&nbsp; 14216590 | &nbsp;&nbsp; — | &nbsp;&nbsp; **14216590** |
| Corporate Bonds and Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 509314528 | &nbsp;&nbsp; — | &nbsp;&nbsp; **509314528** |
| Foreign Governmental | &nbsp;&nbsp; — | &nbsp;&nbsp; 33192212 | &nbsp;&nbsp; — | &nbsp;&nbsp; **33192212** |
| Municipal Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 6727654 | &nbsp;&nbsp; — | &nbsp;&nbsp; **6727654** |
| U.S. Government Agencies Collateralized Municipal-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 14925489 | &nbsp;&nbsp; — | &nbsp;&nbsp; **14925489** |
| U.S. Government Agencies Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 12169544 | &nbsp;&nbsp; — | &nbsp;&nbsp; **12169544** |
| U.S. Government Agencies Mortgage-Backed | &nbsp;&nbsp; — | &nbsp;&nbsp; 491966786 | &nbsp;&nbsp; — | &nbsp;&nbsp; **491966786** |
| U.S. Treasury Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 921725188 | &nbsp;&nbsp; — | &nbsp;&nbsp; **921725188** |
| Investment Companies | &nbsp;&nbsp; 73553166 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **73553166** |
|  | &nbsp;&nbsp; **73553166** | &nbsp;&nbsp; **2011921679** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **2085474845** |

---

**193**

------

NOTES TO FINANCIAL STATEMENTS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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** |
| **BNY Mellon Core Bond ETF (continued)** |  |  |  |  |
| **Liabilities ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| U.S. Government Agencies Mortgage-Backed | &nbsp;&nbsp; — | &nbsp;&nbsp; (753263) | &nbsp;&nbsp; — | &nbsp;&nbsp; **(753263)** |
|  | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **(753263)** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **(753263)** |

---

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

---

| | |
|:---|:---|
| <sup>†</sup> <br>| See Schedules of Investments for additional detailed categorizations, if any. |
| <sup>††</sup> <br>| Amount shown represents unrealized appreciation (depreciation) at period end, but only variation margin on exchange-traded and centrally cleared derivatives, <br> if any, are reported in the Statements of Assets and Liabilities.<br>|

---

**(b) Foreign currency transactions:** Each relevant fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized on securities transactions between trade and settlement date, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments resulting from changes in exchange rates. Foreign currency gains and losses on foreign currency transactions are also included with net realized and unrealized gain or loss on investments.

**Foreign taxes:** Each relevant 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 funds invest. These foreign taxes, if any, are paid by the funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred or those subject to reclaims as of October 31, 2025, if any, are disclosed in the funds' Statements 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 funds may lend securities to qualified institutions. It is the funds' policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Adviser, or U.S. Government and Agency securities. Any non-cash collateral received cannot be sold or re-pledged by the funds, except in the event of borrower default, and is not reflected in the Statements of Assets and Liabilities. The securities on loan, if any, are also disclosed in each fund's Schedules of Investments. The funds are 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 funds or credit the funds with the market value of the unreturned securities and is subrogated to the funds' rights against the borrower and the collateral. Additionally, the contractual maturity of security lending trans

**194**

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NOTES TO FINANCIAL STATEMENTS (continued)

actions are on an overnight and continuous basis. The table below summarizes the amount BNY earned from each relevant fund from lending portfolio securities, pursuant to the securities lending agreement during the period ended October 31, 2025.

---

| | |
|:---|:---|
| **Securities Lending Agreement ($)** |  |
| BNY Mellon US Large Cap Core Equity ETF | 13269 |
| BNY Mellon US Mid Cap Core Equity ETF | 15687 |
| BNY Mellon US Small Cap Core Equity ETF | 3378 |
| BNY Mellon International Equity ETF | 1035 |
| BNY Mellon Emerging Markets Equity ETF | 1727 |
| BNY Mellon Core Bond ETF | 14245 |

---

For financial reporting purposes, the funds elect not to offset assets and liabilities subject to a securities lending agreement, if any, in the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statements of Assets and Liabilities. As of October 31, 2025, the funds 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 tables:

---

| | |
|:---|:---|
| **Assets ($)** |  |
| **BNY Mellon US Large Cap Core Equity ETF** | **BNY Mellon US Large Cap Core Equity ETF** |
| 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; 28556538 |
| 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; (28556538) <br><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;

---

| | |
|:---|:---|
| <sup>†</sup> <br>| 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 Schedules of Investments for detailed information regarding collateral received for open <br> securities lending.<br>|

---

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

---

| | |
|:---|:---|
| **Assets ($)** |  |
| **BNY Mellon US Mid Cap Core Equity ETF** | **BNY Mellon US Mid Cap Core Equity ETF** |
| 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; 27619370 |
| 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; (27619370) <br><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;

---

| | |
|:---|:---|
| <sup>†</sup> <br>| 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 Schedules of Investments for detailed information regarding collateral received for open <br> securities lending.<br>|

---

**195**

------

NOTES TO FINANCIAL STATEMENTS (continued)

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

---

| | |
|:---|:---|
| **Assets ($)** |  |
| **BNY Mellon US Small Cap Core Equity ETF** | **BNY Mellon US Small Cap Core Equity ETF** |
| 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; 5428103 |
| 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; (5428103) <br><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;

---

| | |
|:---|:---|
| <sup>†</sup> <br>| 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 Schedules of Investments for detailed information regarding collateral received for open <br> securities lending.<br>|

---

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

---

| | |
|:---|:---|
| **Assets ($)** |  |
| **BNY Mellon International Equity ETF** | **BNY Mellon International Equity ETF** |
| 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; 2942753 |
| 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; (2942753) <br><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;

---

| | |
|:---|:---|
| <sup>†</sup> <br>| 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 Schedules of Investments for detailed information regarding collateral received for open <br> securities lending.<br>|

---

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

---

| | |
|:---|:---|
| **Assets ($)** |  |
| **BNY Mellon Emerging Markets Equity ETF** | **BNY Mellon Emerging Markets Equity ETF** |
| 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;&nbsp; 255713 |
| 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;&nbsp; (255713) <br><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;&nbsp;

---

| | |
|:---|:---|
| <sup>†</sup> <br>| 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 Schedules of Investments for detailed information regarding collateral received for open <br> securities lending.<br>|

---

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

---

| | |
|:---|:---|
| **Assets ($)** |  |
| **BNY Mellon Core Bond ETF** | **BNY Mellon Core Bond ETF** |
| 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; 24222889 |
| 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; (24222889) <br><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;

---

| | |
|:---|:---|
| <sup>†</sup> <br>| 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 Schedules of Investments for detailed information regarding collateral received for open <br> securities lending.<br>|

---

**196**

------

NOTES TO FINANCIAL STATEMENTS (continued)

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

**(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 each 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 each 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.

**Foreign Investment Risk**: To the extent each relevant fund invests in foreign securities, each 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 and/or may impact the correlation between each fund and index performance. 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 each fund. To the extent securities held by each fund trade in a market that is closed when the exchange on which each 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 each fund experiencing premiums or discounts greater than those of ETFs that invest in domestic securities.

**Emerging Market Risk:** The securities of issuers located or doing substantial business in emerging market countries tend to be more volatile and less liquid than the securities of issuers located in countries with more mature economies. There may be less information publicly available about an emerging market issuer than about a developed market issuer and/or the available information may be outdated or unreliable. In addition, emerging market issuers may not be subject to accounting, auditing, legal and financial reporting standards comparable to those in developed markets, potentially making it difficult to evaluate such issuers. Emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Additionally, investments in these countries may have restrictions that make it difficult or impossible for each fund to exercise rights, pursue legal remedies, and obtain judgments in foreign courts. Investments in these countries may be subject to political, economic, legal, market and currency risks. The risks may include less protection of property rights and uncertain political and economic policies, greater vulnerability to market manipulation, the imposition of capital controls and/or foreign investment limitations by a country, nationalization of businesses and the imposition of sanctions by other countries, such as the United States. These risks may impact the correlation between each fund and index performance.

**Interest Rate Risk:** Prices of bonds and other fixed rate fixed-income securities tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect fixed-income securities and, accordingly, will cause the value of each fund's investments in these securities to decline. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. It is difficult to predict the pace at which central banks or monetary authorities may increase (or decrease) interest rates or the timing, frequency, or magnitude of such changes. During periods of very low interest rates, which occur from time to time due to market forces or actions of governments and/or their central banks, including the Board of Governors of the Federal Reserve System in the U.S., each fund may be subject to a greater risk of principal decline from rising interest rates. When interest rates fall, each fund's investments in new securities may be at lower yields and may reduce each fund's income. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from fund performance. The magnitude of these fluctuations in the market price of fixed-income securities is generally greater for securities with longer effective maturities and durations because such instruments do not mature, reset interest rates or become callable for longer periods of time. Duration is an indication of an investment's "interest rate risk," or how sensitive a bond or the fund's portfolio may be to changes in interest rates. The change in the value of a fixed-income security or portfolio can be approximated by multiplying its duration by a change in interest rates.

**Fixed-Income Market Risk**: BNY Mellon Core Bond ETF invests in fixed-income securities. The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity

**197**

------

NOTES TO FINANCIAL STATEMENTS (continued)

can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates).

**Authorized Participants, Market Makers and Liquidity Providers Risk:** Each fund has a limited number of financial institutions that may act as Authorized Participants, which are responsible for the creation and redemption activity for each 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 payable to shareholders are recorded by each fund on the ex-dividend date. BNY Mellon US Large Cap Core Equity ETF, BNY Mellon US Mid Cap Core Equity ETF, BNY Mellon US Small Cap Core Equity ETF, BNY Mellon International Equity ETF and BNY Mellon Emerging Markets Equity ETF normally declare and pay dividends from net investment income quarterly. BNY Mellon Core Bond ETF normally declares and pays dividends from net investment income monthly. Income dividends for each fund may vary significantly from period to period. Dividends from net realized capital gains, if any, are normally declared and paid annually, but each fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the "Code"). To the extent that net realized capital gains can be offset by capital loss carryovers of a fund, it is the policy of each fund not to distribute such gains. Income and capital gains distributions are determined in accordance with income tax regulations, which may differ from GAAP.

On October 31, 2025, the Board of BNY Mellon Core Bond ETF declared a cash dividend of $.1487 per share from undistributed net investment income, payable on November 6, 2025 to shareholders of record as of the close of business on November 3, 2025, with an ex-dividend date of November 3, 2025.

**(g) Federal income taxes:** It is the policy of each 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 sufficient to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, each fund is treated as a separate entity for the purpose of determining such qualification.

As of and during the period ended October 31, 2025, the funds did not have any liabilities for any uncertain tax positions. Each fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended October 31, 2025, the funds did not incur any interest or penalties.

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

The table below summarizes each fund's components of accumulated earnings on a tax basis at October 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Components of Accumulated Earnings** | **Components of Accumulated Earnings** | **Components of Accumulated Earnings** | **Components of Accumulated Earnings** |
|  | Undistributed <br>Ordinary <br>Income ($)<br>| Accumulated <br>Capital <br>(Losses) ($)<br>| Unrealized <br> Appreciation <br> (Depreciation) ($)<br>|
| BNY Mellon US Large Cap Core Equity ETF | &nbsp;&nbsp; 3983106 | &nbsp;&nbsp; (36276930)<br>| &nbsp;&nbsp; 904780503 |
| BNY Mellon US Mid Cap Core Equity ETF | &nbsp;&nbsp; 777267 | &nbsp;&nbsp; (38629190)<br>| &nbsp;&nbsp; 68298293 |
| BNY Mellon US Small Cap Core Equity ETF | &nbsp;&nbsp; 91247 | &nbsp;&nbsp; (17652515)<br>| &nbsp;&nbsp; 1289424 |
| BNY Mellon International Equity ETF | &nbsp;&nbsp; 10272041 | &nbsp;&nbsp; (17464011)<br>| &nbsp;&nbsp; 154441909 |
| BNY Mellon Emerging Markets Equity ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (3555598)<br>| &nbsp;&nbsp; 18016202 |
| BNY Mellon Core Bond ETF | &nbsp;&nbsp; 7316959 | &nbsp;&nbsp; (17445681)<br>| &nbsp;&nbsp; (4550233)<br>|

---

Each 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.

**198**

------

NOTES TO FINANCIAL STATEMENTS (continued)

The below table summarizes each relevant fund's accumulated capital loss carryover available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to October 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryover** | Short-Term <br>Losses ($)<sup>†</sup> <br>| Long-Term <br>Losses ($)<sup>†</sup> <br>| Total ($) |
| BNY Mellon US Large Cap Core Equity ETF | &nbsp;&nbsp; 19352458 | &nbsp;&nbsp; 16924472 | &nbsp;&nbsp; 36276930 |
| BNY Mellon US Mid Cap Core Equity ETF | &nbsp;&nbsp; 26983618 | &nbsp;&nbsp; 11645572 | &nbsp;&nbsp; 38629190 |
| BNY Mellon US Small Cap Core Equity ETF | &nbsp;&nbsp; 9037055 | &nbsp;&nbsp; 8615460 | &nbsp;&nbsp; 17652515 |
| BNY Mellon International Equity ETF | &nbsp;&nbsp; 9385837 | &nbsp;&nbsp; 8078174 | &nbsp;&nbsp; 17464011 |
| BNY Mellon Emerging Markets Equity ETF | &nbsp;&nbsp; 3555598 | &nbsp;&nbsp; - | &nbsp;&nbsp; 3555598 |
| BNY Mellon Core Bond ETF | &nbsp;&nbsp; 7073620 | &nbsp;&nbsp; 10372061 | &nbsp;&nbsp; 17445681 |

---

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

<sup>†</sup> These capital losses can be carried forward for an unlimited period.

The below table summarizes each fund's tax character of distributions paid to shareholders during the fiscal periods ended October 31, 2025 and October 31, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 |
| **Tax Character of Distributions Paid** | Ordinary <br>Income ($)<sup>†</sup> <br>| Return of <br>Capital ($)<br>| Ordinary <br>Income ($)<sup>†</sup> <br>| Return of <br>Capital ($)<br>|
| BNY Mellon US Large Cap Core Equity ETF | &nbsp;&nbsp; 40821337 | &nbsp;&nbsp; - | &nbsp;&nbsp; 31978450 | &nbsp;&nbsp; - |
| BNY Mellon US Mid Cap Core Equity ETF | &nbsp;&nbsp; 8120204 | &nbsp;&nbsp; - | &nbsp;&nbsp; 6908269 | &nbsp;&nbsp; - |
| BNY Mellon US Small Cap Core Equity ETF | &nbsp;&nbsp; 1474182 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1761694 | &nbsp;&nbsp; - |
| BNY Mellon International Equity ETF | &nbsp;&nbsp; 24147830 | &nbsp;&nbsp; - | &nbsp;&nbsp; 18099472 | &nbsp;&nbsp; - |
| BNY Mellon Emerging Markets Equity ETF | &nbsp;&nbsp; 3025898 | &nbsp;&nbsp; 61009 | &nbsp;&nbsp; 2562381 | &nbsp;&nbsp; - |
| BNY Mellon Core Bond ETF | &nbsp;&nbsp; 82360665 | &nbsp;&nbsp; - | &nbsp;&nbsp; 62713522 | &nbsp;&nbsp; - |

---

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

<sup>†</sup> Includes short-term capital gain distributions, if any.

During the period ended October 31, 2025, as a result of permanent book to tax differences, primarily due to in-kind redemptions, wash sales and passive foreign investment companies, each identified fund increased/(decreased) total distributable earnings (loss) and increased/(decreased) paid-in capital as summarized in the table below. Net assets and net asset value per share were not affected by this reclassification.

---

| | | |
|:---|:---|:---|
| **Return of Capital Statement of Position** | Total <br> Distributable <br>Earnings (Loss) ($)<br>| Paid-in <br>Capital ($)<br>|
| BNY Mellon US Large Cap Core Equity ETF | &nbsp;&nbsp; (286422379)<br>| &nbsp;&nbsp; 286422379 |
| BNY Mellon US Mid Cap Core Equity ETF | &nbsp;&nbsp; (21044193)<br>| &nbsp;&nbsp; 21044193 |
| BNY Mellon US Small Cap Core Equity ETF | &nbsp;&nbsp; (15760874)<br>| &nbsp;&nbsp; 15760874 |
| BNY Mellon International Equity ETF | &nbsp;&nbsp; (34246164)<br>| &nbsp;&nbsp; 34246164 |
| BNY Mellon Emerging Markets Equity ETF | &nbsp;&nbsp; (6693383)<br>| &nbsp;&nbsp; 6693383 |
| BNY Mellon Core Bond ETF | &nbsp;&nbsp; 3140700 | &nbsp;&nbsp; (3140700)<br>|

---

**(h) Operating segment reporting:** In this reporting period, each fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the funds' financial position or the results of its operations. The ASU 2023-07 is effective for public entities for fiscal years beginning after December 15, 2023, and requires retrospective application for all prior periods presented within the financial statements.

Since its commencement, each fund operates and is managed as a single reportable segment deriving returns in the form of dividends, interest and/or gains from the investments made in pursuit of its single stated investment objective as outlined in the funds' prospectus. The accounting policies of the funds are consistent with those described in these Notes to Financial Statements. The chief operating

**199**

------

NOTES TO FINANCIAL STATEMENTS (continued)

decision maker ("CODM") is represented by BNY Investments. The CODM is comprised of Senior Management and Directors of BNY Investments. The CODM considers net increase in net assets resulting from operations in deciding whether to purchase additional investments or to make distributions to fund shareholders. Detailed financial information for the funds is disclosed within these financial statements with total assets and liabilities disclosed on the Statements of Assets and Liabilities, investments held on the Schedules of Investments, results of operations and significant segment expenses on the Statements of Operations and other information about the funds' performance, including total return, portfolio turnover and ratios within 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 payable monthly and computed at an annual rate on the average daily value of each fund's net assets of which are summarized in the table below.

---

| | |
|:---|:---|
| **Management Agreement Fees (%)** |  |
| BNY Mellon US Large Cap Core Equity ETF | .00 |
| BNY Mellon US Mid Cap Core Equity ETF | .04 |
| BNY Mellon US Small Cap Core Equity ETF | .04 |
| BNY Mellon International Equity ETF | .04 |
| BNY Mellon Emerging Markets Equity ETF | .11 |
| BNY Mellon Core Bond ETF | .00 |

---

For BNY Mellon US Mid Cap Core Equity ETF, BNY Mellon US Small Cap Core Equity ETF, BNY Mellon International Equity ETF and BNY Mellon Emerging Markets Equity ETF, each fund's management agreement provides that the Adviser pays substantially all expenses of such 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.

For BNY Mellon US Large Cap Core Equity ETF and BNY Mellon Core Bond ETF, each fund's management agreement provides that the Adviser pays substantially all expenses of such fund, except for the management fees, interest expenses, taxes, 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. For BNY Mellon US Large Cap Core Equity ETF and BNY Mellon Core Bond ETF, each fund's management agreement provides that the Adviser pays all acquired fund fees and expenses.

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. For financial reporting purposes such payments pursuant to undertakings above will be considered a reduction in expenses presented in the Statement of Operations. If such payments made to certain funds would be excess over expenses borne directly by each fund, such payments will be considered Capital Contributions from Adviser presented in the Statement of Changes. During the period ended October 31, 2025, there was no impact on the Total Return of each relevant fund as a result of the Capital Contributions from Adviser.

The table below summarizes the amounts pursuant to undertakings during the period ended October 31, 2025.

---

| | |
|:---|:---|
| **Reduction in expenses/Capital Contributions from Adviser Pursuant to undertakings ($)** |  |
| BNY Mellon US Large Cap Core Equity ETF | 6527 |
| BNY Mellon US Mid Cap Core Equity ETF |  |
| BNY Mellon US Small Cap Core Equity ETF |  |
| BNY Mellon International Equity ETF |  |
| BNY Mellon Emerging Markets Equity ETF |  |
| BNY Mellon Core Bond ETF | 49762 |

---

Pursuant to a sub-investment advisory agreement between Mellon and the Adviser, the Adviser pays Mellon a monthly fee at an annual percentage of the value of each fund's average daily net assets. The Adviser has obtained an exemptive order from the SEC (the "Order"), upon which each fund may rely, to use a manager of managers approach that permits the Adviser, subject to certain conditions

**200**

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NOTES TO FINANCIAL STATEMENTS (continued)

and approval by the Board, to enter into and materially amend sub-investment advisory agreements with one or more sub-advisers who are either unaffiliated or affiliated with the Adviser without obtaining shareholder approval. The Order also relieves each fund from disclosing the sub-advisory fee paid by the Adviser to a sub-adviser in documents filed with the SEC and provided to shareholders. In addition,pursuant to the Order, it is not necessary to disclose the sub-advisory fee payable by the Adviser separately to a sub-adviser that is a wholly-owned subsidiary (as defined in the 1940 Act) of BNY 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.

For each fund, the Adviser pays a contractual fee rate to Mellon as applicable to each fund's sub-investment advisory agreement, at the annual rate set forth in the table below (stated as a percentage of each fund's average daily net assets). The Adviser, and not the funds, pays the Mellon fee rate as applicable to each fund's sub-investment advisory agreement.

---

| | |
|:---|:---|
| **Sub-Investment Advisory Agreement Fees (%)** |  |
| BNY Mellon US Large Cap Core Equity ETF | .02 |
| BNY Mellon US Mid Cap Core Equity ETF | .02 |
| BNY Mellon US Small Cap Core Equity ETF | .02 |
| BNY Mellon International Equity ETF | .02 |
| BNY Mellon Emerging Markets Equity ETF | .055 |
| BNY Mellon Core Bond ETF | .03 |

---

**(b)** Each 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 funds will receive interest income or be charged overdraft fees when cash balances are maintained. For financial reporting purposes, each fund includes this interest income and overdraft fees, if any, as interest income in the Statements of Operations.

The table below summarizes the components of "Due to/from BNY Mellon ETF Investment Adviser, LLC" in the Statements of Assets and Liabilities for each fund.

---

| | | |
|:---|:---|:---|
| **Due to BNY Mellon ETF Investment Adviser, LLC** | **Due to BNY Mellon ETF Investment Adviser, LLC** | **Due to BNY Mellon ETF Investment Adviser, LLC** |
|  | Management <br>Fee ($)<br>| Less/(Excess) Expense <br>Reimbursement ($)<br>|
| BNY Mellon US Large Cap Core Equity ETF | - | (798) |
| BNY Mellon US Mid Cap Core Equity ETF | 20433 | - |
| BNY Mellon US Small Cap Core Equity ETF | 1993 | - |
| BNY Mellon International Equity ETF | 34873 | - |
| BNY Mellon Emerging Markets Equity ETF | 6250 | - |
| BNY Mellon Core Bond ETF | - | (5113) |

---

**(c)** Each Board member serves as a Board member of each fund within the Trust. The Board members are not compensated directly by the funds. The Board members are paid by the Adviser from the unitary management fees paid to the Adviser by the funds.

**201**

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NOTES TO FINANCIAL STATEMENTS (continued)

**NOTE 4—**

**Securities Transactions:**

The table below summarizes each fund's aggregate amount of purchases and sales (including paydowns, if any) of investment securities, excluding short-term securities, derivatives and in-kind transactions, during the period ended October 31, 2025.

---

| | | |
|:---|:---|:---|
| **Purchases and Sales** | Purchases ($) | Sales ($) |
| BNY Mellon US Large Cap Core Equity ETF | &nbsp;&nbsp; 73724223 | &nbsp;&nbsp; 72586491 |
| BNY Mellon US Mid Cap Core Equity ETF | &nbsp;&nbsp; 153831653 | &nbsp;&nbsp; 153079963 |
| BNY Mellon US Small Cap Core Equity ETF | &nbsp;&nbsp; 39551948 | &nbsp;&nbsp; 38619702 |
| BNY Mellon International Equity ETF | &nbsp;&nbsp; 82240550 | &nbsp;&nbsp; 74572723 |
| BNY Mellon Emerging Markets Equity ETF | &nbsp;&nbsp; 57491983 | &nbsp;&nbsp; 90332636 |
| BNY Mellon Core Bond ETF<sup>†</sup> <br>| &nbsp;&nbsp; 1411209474 | &nbsp;&nbsp; 1378903018 |

---

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

---

| | |
|:---|:---|
| <sup>†</sup> <br>| Amount inclusive of purchases and sales from mortgage dollar transactions of $478,689,195 and $478,988,301, respectively. |

---

**Mortgage Dollar Rolls:** During the period ended October 31, 2025, BNY Mellon Core Bond ETF transacted in mortgage dollar rolls. A mortgage dollar roll transaction involves a sale by the fund of mortgage related securities that it holds with an agreement by the fund to repurchase similar securities at an agreed upon price and date. The securities purchased will bear the same interest rate as those sold, but generally will be collateralized by pools of mortgages with different prepayment histories than those securities sold. The fund accounts for mortgage dollar rolls as purchases and sales transactions. The fund executes mortgage dollar rolls entirely in the To-Be-Announced market.

**TBA Securities:** During the period ended October 31, 2025, BNY Mellon Core Bond ETF transacted in TBA securities that involved buying or selling mortgage-backed securities on a forward commitment basis. A TBA transaction typically does not designate the actual security to be delivered and only includes an approximate principal amount; however, delivered securities must meet specified terms defined by industry guidelines, including issuer, rate and current principal amount outstanding on underlying mortgage pools. TBA securities subject to a forward commitment to sell at period end are included at the end of the fund's Schedule of Investments. The proceeds and value of these commitments are reflected in the fund's Statement of Assets and Liabilities as Receivable for TBA sale commitments (included in receivable securities sold-TBA) and TBA sale commitments, at value, respectively.

BNY Mellon Core Bond ETF enters into forward-settling mortgage-backed securities transactions (including TBA trades) pursuant to Master Securities Forward Transaction Agreements ("MSFTAs") with approved counterparties. The MSFTAs provide for rights of setoff and close-out netting of covered transactions with the same counterparty upon an event of default and require posting or receipt of collateral (including cash) based on changes in the fair value of open positions.

The fund does not offset TBA-related assets and liabilities in the statement of assets and liabilities because the criteria for offsetting under GAAP are not met in the ordinary course of business. However, the fund's TBA positions are subject to enforceable master netting arrangements. Collateral posted or received under MSFTAs is presented separately as "Cash pledged as collateral" or "Cash received as collateral, if any." Collateral amounts are not offset against the related assets or liabilities except where offsetting criteria are met.

At October 31, 2025, the amounts are as follows:

---

| | | |
|:---|:---|:---|
| **TBA Sale Commitments:** | **Assets ($)** | **Liabilities ($)** |
| TBA forward receivables/payables (fair <br> value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1768378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64888301) |
| Amounts offset in the statement of <br> financial position<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; - |
| Net amounts presented | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1768378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64888301) |
| Financial instruments subject to MSFTA <br> (not offset)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (753263) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63916902 |
| Financial collateral (including cash) <br> subject to MSFTA<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; - |
| 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; 1015115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (971399) |

---

**202**

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NOTES TO FINANCIAL STATEMENTS (continued)

**Derivatives:** A derivative is a financial instrument whose performance is derived from the performance of another asset. Rule 18f-4 under the Act regulates the use of derivatives transactions for certain funds registered under the Act. Each type of derivative instrument that was held by each relevant fund during the period ended October 31, 2025 is discussed below.

**Deposits with Broker:** The amount included in Cash collateral held by broker in the Statements of Asset and Liabilities represents cash balances that are held by a broker, including collateral required for derivative contracts. Any income earned on cash balances held by a broker is recorded as interest income to each relevant fund.

**Futures:** In the normal course of pursuing their investment objective, each relevant fund is exposed to market risk, including equity price risk, as a result of changes in value of underlying financial instruments. Each relevant fund invests in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statements of Operations. When the contracts are closed, the funds recognize a realized gain or loss which is reflected in the Statements of Operations. There is minimal counterparty credit risk to each relevant fund with futures since they are exchange traded, and the exchange guarantees the futures against default. Futures open at October 31, 2025 are set forth in each relevant fund's Schedules of Investments.

The following tables show each relevant fund's exposure to different types of market risk as it relates to the Statements of Assets and Liabilities and the Statements of Operations, respectively.

Fair value of derivative instruments as of October 31, 2025 is shown below:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Derivative** <br>**Assets ($)**<br>|  | &nbsp;&nbsp;&nbsp; **Derivative** <br>**Liabilities ($)**<br>|
| **BNY Mellon US Large Cap Core Equity ETF** | **BNY Mellon US Large Cap Core Equity ETF** |  |  |
| Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp; 314783 <br><sup>(1)</sup><br>| Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp; - |
| **Gross fair value of derivative contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **314783** |  | &nbsp;&nbsp;&nbsp;&nbsp; **-** |
| **BNY Mellon US Mid Cap Core Equity ETF** | **BNY Mellon US Mid Cap Core Equity ETF** |  |  |
| Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp; - | Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp; (12812 )<sup>(1)</sup><br>|
| **Gross fair value of derivative contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **-** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(12812)**<br>|
| **BNY Mellon US Small Cap Core Equity ETF** | **BNY Mellon US Small Cap Core Equity ETF** |  |  |
| Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp; 3686 <br><sup>(1)</sup><br>| Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp; - |
| **Gross fair value of derivative contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **3686** |  | &nbsp;&nbsp;&nbsp;&nbsp; **-** |
| **BNY Mellon International Equity ETF** | **BNY Mellon International Equity ETF** |  |  |
| Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp; 38338 <br><sup>(1)</sup><br>| Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp; - |
| **Gross fair value of derivative contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **38338** |  | &nbsp;&nbsp;&nbsp;&nbsp; **-** |
| **BNY Mellon Emerging Markets Equity ETF** | **BNY Mellon Emerging Markets Equity ETF** |  |  |
| Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp; 9349 <br><sup>(1)</sup><br>| Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp; - |
| **Gross fair value of derivative contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **9349** |  | &nbsp;&nbsp;&nbsp;&nbsp; **-** |

---

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

---

| | |
|:---|:---|
| Statement of Assets and Liabilities location: | Statement of Assets and Liabilities location: |
| <sup>(1)</sup> <br>| Includes cumulative appreciation (depreciation) on futures as reported in the Schedules of Investments, but only the unpaid variation margin is reported in the <br> Statements of Assets and Liabilities.<br>|

---

The effect of derivative instruments in the Statements of Operations during the period ended October 31, 2025 is shown below:

---

| | | |
|:---|:---|:---|
| Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) |
| **Underlying risk** | **Futures**<sup>(1)</sup> <br>| **Total** |
| **BNY Mellon US Large Cap Core Equity ETF** | **BNY Mellon US Large Cap Core Equity ETF** | **BNY Mellon US Large Cap Core Equity ETF** |
| Equity | &nbsp;&nbsp;&nbsp;&nbsp; 882353 | &nbsp;&nbsp;&nbsp;&nbsp; **882353** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **882353** | &nbsp;&nbsp;&nbsp;&nbsp; **882353** |

---

**203**

------

NOTES TO FINANCIAL STATEMENTS (continued)

---

| | | |
|:---|:---|:---|
| Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) |
| **Underlying risk** | **Futures**<sup>(1)</sup> | **Total** |
| **BNY Mellon US Mid Cap Core Equity ETF** | **BNY Mellon US Mid Cap Core Equity ETF** | **BNY Mellon US Mid Cap Core Equity ETF** |
| Equity | &nbsp;&nbsp;&nbsp;&nbsp; (272253) | &nbsp;&nbsp;&nbsp;&nbsp; **(272253)** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **(272253)** | &nbsp;&nbsp;&nbsp;&nbsp; **(272253)** |
| **BNY Mellon US Small Cap Core Equity ETF** | **BNY Mellon US Small Cap Core Equity ETF** | **BNY Mellon US Small Cap Core Equity ETF** |
| Equity | &nbsp;&nbsp;&nbsp;&nbsp; (39865) | &nbsp;&nbsp;&nbsp;&nbsp; **(39865)** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **(39865)** | &nbsp;&nbsp;&nbsp;&nbsp; **(39865)** |
| **BNY Mellon International Equity ETF** | **BNY Mellon International Equity ETF** | **BNY Mellon International Equity ETF** |
| Equity | &nbsp;&nbsp;&nbsp;&nbsp; 521728 | &nbsp;&nbsp;&nbsp;&nbsp; **521728** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **521728** | &nbsp;&nbsp;&nbsp;&nbsp; **521728** |
| **BNY Mellon Emerging Markets Equity ETF** | **BNY Mellon Emerging Markets Equity ETF** | **BNY Mellon Emerging Markets Equity ETF** |
| Equity | &nbsp;&nbsp;&nbsp;&nbsp; 72420 | &nbsp;&nbsp;&nbsp;&nbsp; **72420** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **72420** | &nbsp;&nbsp;&nbsp;&nbsp; **72420** |

---

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

---

| | | |
|:---|:---|:---|
| Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) | Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) | Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) |
| **Underlying risk** | **Futures**<sup>(2)</sup> <br>| **Total** |
| **BNY Mellon US Large Cap Core Equity ETF** | **BNY Mellon US Large Cap Core Equity ETF** | **BNY Mellon US Large Cap Core Equity ETF** |
| Equity | &nbsp;&nbsp;&nbsp;&nbsp; 309698 | &nbsp;&nbsp;&nbsp;&nbsp; **309698** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **309698** | &nbsp;&nbsp;&nbsp;&nbsp; **309698** |
| **BNY Mellon US Mid Cap Core Equity ETF** | **BNY Mellon US Mid Cap Core Equity ETF** | **BNY Mellon US Mid Cap Core Equity ETF** |
| Equity | &nbsp;&nbsp;&nbsp;&nbsp; (27105) | &nbsp;&nbsp;&nbsp;&nbsp; **(27105)** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **(27105)** | &nbsp;&nbsp;&nbsp;&nbsp; **(27105)** |
| **BNY Mellon US Small Cap Core Equity ETF** | **BNY Mellon US Small Cap Core Equity ETF** | **BNY Mellon US Small Cap Core Equity ETF** |
| Equity | &nbsp;&nbsp;&nbsp;&nbsp; 10076 | &nbsp;&nbsp;&nbsp;&nbsp; **10076** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **10076** | &nbsp;&nbsp;&nbsp;&nbsp; **10076** |
| **BNY Mellon International Equity ETF** | **BNY Mellon International Equity ETF** | **BNY Mellon International Equity ETF** |
| Equity | &nbsp;&nbsp;&nbsp;&nbsp; 110589 | &nbsp;&nbsp;&nbsp;&nbsp; **110589** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **110589** | &nbsp;&nbsp;&nbsp;&nbsp; **110589** |
| **BNY Mellon Emerging Markets Equity ETF** | **BNY Mellon Emerging Markets Equity ETF** | **BNY Mellon Emerging Markets Equity ETF** |
| Equity | &nbsp;&nbsp;&nbsp;&nbsp; 3967 | &nbsp;&nbsp;&nbsp;&nbsp; **3967** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **3967** | &nbsp;&nbsp;&nbsp;&nbsp; **3967** |

---

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

Statement of Operations location: <br> <sup>(1)</sup> Net realized gain (loss) on futures. <br> <sup>(2)</sup> Net change in unrealized appreciation (depreciation) on futures.

**204**

------

NOTES TO FINANCIAL STATEMENTS (continued)

The following table summarizes the monthly average market value of derivatives outstanding during the period ended October 31, 2025:

---

| | |
|:---|:---|
|  | Average Market Value ($) |
| **BNY Mellon US Large Cap Core Equity ETF** | **BNY Mellon US Large Cap Core Equity ETF** |
| **Futures:** |  |
| Equity Futures Long | &nbsp;&nbsp; 8704646 |
| **BNY Mellon US Mid Cap Core Equity ETF** | **BNY Mellon US Mid Cap Core Equity ETF** |
| **Futures:** |  |
| Equity Futures Long | &nbsp;&nbsp; 1671518 |
| **BNY Mellon US Small Cap Core Equity ETF** | **BNY Mellon US Small Cap Core Equity ETF** |
| **Futures:** |  |
| Equity Futures Long | &nbsp;&nbsp; 338784 |
| **BNY Mellon International Equity ETF** | **BNY Mellon International Equity ETF** |
| **Futures:** |  |
| Equity Futures Long | &nbsp;&nbsp; 3867256 |
| **BNY Mellon Emerging Markets Equity ETF** | **BNY Mellon Emerging Markets Equity ETF** |
| **Futures:** |  |
| Equity Futures Long | &nbsp;&nbsp; 403458 |

---

The table below summarizes the cost of investments for federal income tax purposes, gross appreciation, gross depreciation and accumulated net unrealized appreciation (depreciation) on investments for each fund at October 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Accumulated Net Unrealized Appreciation (Depreciation)** | **Accumulated Net Unrealized Appreciation (Depreciation)** | **Accumulated Net Unrealized Appreciation (Depreciation)** | **Accumulated Net Unrealized Appreciation (Depreciation)** | **Accumulated Net Unrealized Appreciation (Depreciation)** |
|  | Cost of <br>Investments ($)<br>| Gross <br>Appreciation ($)<br>| Gross <br>(Depreciation) ($)<br>| Net ($) |
| BNY Mellon US Large Cap Core Equity ETF | &nbsp;&nbsp; 3908318731 | &nbsp;&nbsp; 1082068846 | &nbsp;&nbsp; (177288343)<br>| &nbsp;&nbsp; 904780503 |
| BNY Mellon US Mid Cap Core Equity ETF | &nbsp;&nbsp; 542101094 | &nbsp;&nbsp; 110582408 | &nbsp;&nbsp; (42284115)<br>| &nbsp;&nbsp; 68298293 |
| BNY Mellon US Small Cap Core Equity ETF | &nbsp;&nbsp; 58425335 | &nbsp;&nbsp; 9047676 | &nbsp;&nbsp; (7758253)<br>| &nbsp;&nbsp; 1289423 |
| BNY Mellon International Equity ETF | &nbsp;&nbsp; 873342852 | &nbsp;&nbsp; 214316362 | &nbsp;&nbsp; (59876971)<br>| &nbsp;&nbsp; 154439391 |
| BNY Mellon Emerging Markets Equity ETF | &nbsp;&nbsp; 50077554 | &nbsp;&nbsp; 22865835 | &nbsp;&nbsp; (4646287)<br>| &nbsp;&nbsp; 18219548 |
| BNY Mellon Core Bond ETF | &nbsp;&nbsp; 2090025090 | &nbsp;&nbsp; 26156345 | &nbsp;&nbsp; (30706590)<br>| &nbsp;&nbsp; (4550245)<br>|

---

**NOTE 5—**

**Shareholder Transactions:**

Each 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 each fund are not redeemable. The value of each fund is determined once each business day. The Creation Unit size for a 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 each fund is in-kind, although this may be revised at any time without notice. The Trust issues and sells shares of each 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 each fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a 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. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in "Transaction fees" in the Statements 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 funds. Because such gains or losses are not taxable to the funds and are not distributed to existing fund

**205**

------

NOTES TO FINANCIAL STATEMENTS (continued)

shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the funds' tax year. These reclassifications have no effect on net assets or net asset value per share.

The table below summarizes each fund's in-kind transactions associated with creations and redemptions, during the period ended October 31, 2025.

---

| | | |
|:---|:---|:---|
| **In-Kind Transactions** | Cost of Securities <br>Received ($)<br>| Value of Securities <br>Delivered ($)<br>|
| BNY Mellon US Large Cap Core Equity ETF | &nbsp;&nbsp; 2331453391 | &nbsp;&nbsp; 1002405708 |
| BNY Mellon US Mid Cap Core Equity ETF | &nbsp;&nbsp; 278137464 | &nbsp;&nbsp; 198994280 |
| BNY Mellon US Small Cap Core Equity ETF | &nbsp;&nbsp; 51460015 | &nbsp;&nbsp; 119075897 |
| BNY Mellon International Equity ETF | &nbsp;&nbsp; 393492060 | &nbsp;&nbsp; 216010323 |
| BNY Mellon Emerging Markets Equity ETF | &nbsp;&nbsp; 6013056 | &nbsp;&nbsp; 40694240 |
| BNY Mellon Core Bond ETF | &nbsp;&nbsp; 267589376 | &nbsp;&nbsp; 312585583 |

---

**206**

------

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of BNY Mellon US Large Cap Core Equity ETF, BNY Mellon US Mid Cap Core Equity ETF, BNY Mellon US Small Cap Core Equity ETF, BNY Mellon International Equity ETF, BNY Mellon Emerging Markets Equity ETF and BNY Mellon Core Bond ETF and the Board of Trustees of BNY Mellon ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of BNY Mellon US Large Cap Core Equity ETF, BNY Mellon US Mid Cap Core Equity ETF, BNY Mellon US Small Cap Core Equity ETF, BNY Mellon International Equity ETF, BNY Mellon Emerging Markets Equity ETF and BNY Mellon Core Bond ETF (collectively referred to as the "Funds") (six of the funds constituting BNY Mellon ETF Trust (the "Trust")), including the schedules of investments, as of October 31, 2025, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds (six of the funds constituting BNY Mellon ETF Trust) at October 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](imgf2eb160e2.gif)

We have served as the auditor of one or more investment companies in the BNY Mellon Family of Funds since at least 1957, but we are unable to determine the specific year.

New York, New York

December 24, 2025

**207**

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IMPORTANT TAX INFORMATION (Unaudited)

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

Each fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal period ended October 31, 2025:

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| | | | |
|:---|:---|:---|:---|
|  | **Qualified** <br>**Dividend** <br>**Income (%)**<sup>†</sup> <br>| **Dividends-** <br>**Received** <br>**Deduction (%)**<sup>†</sup> <br>| **Interest** <br>**Related** <br>**Dividends (%)**<sup>†</sup> <br>|
| BNY Mellon US Large Cap Core Equity ETF | 92.70 | 93.32 |  |
| BNY Mellon US Mid Cap Core Equity ETF | 72.41 | 69.84 |  |
| BNY Mellon US Small Cap Core Equity ETF | 86.57 | 86.24 |  |
| BNY Mellon International Equity ETF | 70.50 | 5.40 |  |
| BNY Mellon Emerging Markets Equity ETF | 50.23 |  |  |
| BNY Mellon Core Bond ETF |  |  | 94.95 |

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

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| | |
|:---|:---|
| <sup>†</sup> <br>| The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year. |

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The funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The foreign sourced income received and foreign taxes paid are as follows:

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| | | |
|:---|:---|:---|
|  | **Foreign Source** <br>**Income Received ($)**<br>| **Foreign** <br>**Taxes Paid ($)**<br>|
| BNY Mellon International Equity ETF | 22349498 | 2097782 |
| BNY Mellon Emerging Markets Equity ETF | 4014069 | 1089524 |

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**208**

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

N/A

**209**

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

N/A

**210**

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

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

**211**

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

At a meeting held on May 20, 2025, the Board of Trustees of the Trust (the "Board"), all the members of which are not "interested persons" of the Trust as defined in the Investment Company Act of 1940, as amended, evaluated proposals to: (i) continue the management agreement (the "Management Agreement") between the Trust and BNY Mellon ETF Investment Adviser, LLC (the "Adviser") with respect to the BNY Mellon US Large Cap Core Equity ETF, BNY Mellon US Mid Cap Core Equity ETF, BNY Mellon US Small Cap Core Equity ETF, BNY Mellon International Equity ETF, BNY Mellon Emerging Markets Equity ETF, and BNY Mellon Core Bond ETF (each a "fund" and collectively, the "funds"); and (ii) continue the sub-investment advisory agreement between the Adviser and Mellon Investments Corporation (the "Sub-Adviser"), an affiliate of the Adviser, on behalf of each fund. The Management Agreement and the sub-investment advisory agreement are each referred to herein as an "Agreement," and collectively, as the "Agreements." The Trustees met separately to consider the Agreements and were advised by legal counsel throughout the process.

To evaluate the Agreements, the Board requested, and the Adviser and the Sub-Adviser provided, such materials as the Board, with the advice of counsel, deemed reasonably necessary. In addition, the Board considered information it reviewed at other Board and Board committee meetings. In deciding whether to approve the Agreements, the Board considered various factors, including the (i) nature, extent and quality of services provided by the Adviser and the Sub-Adviser under each respective Agreement, (ii) investment performance of the funds, (iii) profits realized by the Adviser and its affiliates from its relationship with the funds, (iv) fees charged to comparable funds, (v) other benefits to the Adviser, the Sub-Adviser, and/or their affiliates, and (vi) extent to which economies of scale would be shared as the funds grow. The Board considered the Agreements for each fund and the engagement of the Adviser and the Sub-Adviser separately.

The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, which included information (i) measuring each fund's performance by how well it tracked the relevant benchmark index; (ii) comparing each fund's performance with the performance of comparable funds selected by Broadridge for periods ended March 31, 2025; and (iii) comparing each fund's actual management fees and total expenses with those of comparable funds selected by Broadridge, information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis.

<u>Nature, Extent and Quality of Services</u>

The Board considered the nature, extent and quality of services provided by the Adviser and the Sub-Adviser. In doing so, the Trustees relied on their prior experience in overseeing the management of the funds and the materials provided prior to and at the meeting. The Board reviewed the Agreements and the Adviser's and the Sub-Adviser's responsibilities for managing investment operations of each of the funds in accordance with each such fund's investment objective and policies, and legal and regulatory requirements. The Board appreciated the nature of the funds as exchange-traded funds ("ETFs") and considered the background and experience of the Adviser's and the Sub-Adviser's senior management, including those individuals responsible for portfolio management and regulatory compliance of the funds. The Board also considered the portfolio management resources, structures and practices of the Adviser and the Sub-Adviser, including those associated with monitoring and ensuring each fund's compliance with its investment objective and policies and with applicable laws and regulations. The Board further considered information about the Sub-Adviser's best execution procedures as well as the Adviser's and the Sub-Adviser's overall investment management business. The Board looked at the Adviser's general knowledge of the investment management business and that of its affiliates, including the Sub-Adviser. With respect to the Sub-Adviser, the Board also considered the Adviser's favorable assessment of the nature and quality of the services provided by the Sub-Adviser.

<u>Investment Performance</u>

The Board then reviewed each fund's performance, noting that the distinctive indexed investment objective of each of the funds made analysis of investment performance, in absolute terms, less of a priority than that which normally attaches to the performance of actively-managed funds. Instead, the Board focused on the extent to which each fund achieved its objective as a passively-managed index fund. The Board reviewed information regarding the funds' index tracking.

<u>Profits Realized by the Adviser</u>

The Board considered the profitability of the advisory arrangement with the funds to the Adviser and its affiliates. The Board had the opportunity to discuss with representatives of the Adviser the process and methodology used to calculate profitability.

**212**

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<u>Fees Charged to Comparable Funds</u>

The Board evaluated each fund's unitary fee through review of comparative information with respect to fees paid by similar funds - i.e., ETFs tracking similar indices. The Board reviewed the universe of similar ETFs for each fund based upon data independently obtained from Broadridge and related comparative information for similar ETFs. In doing so, the Board used a fund-by-fund analysis of the data. In certain instances, as considered appropriate by the Board, the Board explored with management the differences between a fund's fee and fees paid by similar funds.

The Board considered the fee paid to the Sub-Adviser in relation to the fee paid to the Adviser by each fund and the respective services provided by the Sub-Adviser and the Adviser. The Board also took into consideration that the Sub-Adviser's fee is paid by the Adviser and not the funds.

<u>Other Benefits</u>

The Board also considered whether the Adviser, the Sub-Adviser or their affiliates benefited in other ways from their relationship with the funds, noting that neither the Adviser nor the Sub-Adviser maintains soft-dollar arrangements in connection with the funds' brokerage transactions. The Board noted The Bank of New York Mellon Corporation may derive certain benefits from an incremental growth in its businesses that may possibly result from the availability of the funds to clients.

<u>Economies of Scale</u>

The Board reviewed information regarding economies of scale or other efficiencies that may result as each fund's assets grow in size. The Board noted that the advisory fee rate for each fund did not provide for breakpoints as assets of the fund increase. However, the Board further noted the Adviser's assertion that future economies of scale (among several factors) had been taken into consideration for the funds by fixing relatively low advisory fees, effectively sharing the benefits of lower fees with the funds from inception. The Adviser also asserted that one of the benefits of the unitary fee was to provide an unvarying expense structure, which could be lost or diluted with the addition of breakpoints. The Board noted that it intends to continue to monitor fees as the funds grow in size and assess whether fee breakpoints may be warranted.

<u>Conclusion</u>

After weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee, the Board approved the continuation of the Agreements for each fund. In approving the continuance of the Agreements, the Board found that the terms of the Agreements are fair and reasonable and that the continuance of the Agreements is in the best interests of the fund and its shareholders.

**213**

------© 2025 BNY Mellon Securities Corporation

Code-ETFNCSRAR1025

![](imgd87d6d2f1.gif)

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

(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.

(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.

**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</u> 

---

| | |
|:---|:---|
| &nbsp;&nbsp;By (Signature and Title) \* | &nbsp;&nbsp; <u>/s/ David J. DiPetrillo</u> <br> David J. DiPetrillo, President<br> (Principal Executive Officer) |

---

Date <u>12/28/2025</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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;By (Signature and Title) \* | &nbsp;&nbsp; <u>/s/ David J. DiPetrillo</u> <br> David J. DiPetrillo, President<br> (Principal Executive Officer)<br>|

---

Date <u>12/28/2025</u> 

---

| | |
|:---|:---|
| &nbsp;&nbsp;By (Signature and Title) \* | &nbsp;&nbsp; <u>/s/ James Windels</u> <br> James Windels, Treasurer<br> (Principal Financial and Accounting Officer)<br>|

---

Date <u>12/26/2025</u> 

 

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

## Ex-99.Code

**Sarbanes-Oxley Code of Ethics for Principal Executive, Financial and Accounting Officers**

Most Recently Revised: January 2022

![](graphicsimage_001.gif)

**Background**

In accordance with the Sarbanes-Oxley Act of 2002 (the "SOX Act") and the rules promulgated thereunder by the SEC, a RIC is required to file, on a semi-annual basis, a report on Form N-CSR in which the RIC must disclose whether it has adopted, for the purposes set forth below, a code of ethics applicable to certain of its officers.

Such a code of ethics will govern the conduct of a RIC's principal executive officer, the principal financial officer, the principal accounting officer or controller or persons performing similar functions (each a "Covered Officer" and collectively, "Covered Officers"), regardless of whether such persons are employed by the RIC or a third party for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Honest and ethical conduct, including the ethical handling of actual or apparent
conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Full, fair, accurate, timely, and understandable disclosure in reports and documents
that a RIC files with, or submits to, the SEC and in other public communications by the RIC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The prompt internal reporting of violations of the code of ethics to the appropriate
persons as set forth in the code of ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Accountability for adherence to the code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Each Covered Officer should adhere to a high standard of business ethics and should
be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. All Covered Officers must become familiar
and fully comply with the code of ethics.

**Policies and Procedures**

**<u>Conflicts of Interest</u>**

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer receives improper personal benefits as a result of his or her position with the Funds.

Certain conflicts of interest may arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the IC Act and the Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of a Fund. Each Fund and certain of its Service Providers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This code of ethics does not, and is not intended to,

repeat or replace these programs and procedures, and such conflicts fall outside the parameters of this code of ethics. Rather, this code of ethics (the "SOX Code") is intended to address the Covered Officers' obligations under the SOX Act.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and their investment adviser, principal underwriter, or administrator (each an "Employer") of which the Covered Officers may be officers or employees. As a result, this SOX Code recognizes that the Covered Officers will, in the normal course of their duties (whether for the Funds or an Employer), be involved in establishing policies and implementing decisions that will have different effects on the Employer and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Funds and the Employers and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the IC Act and the Advisers Act, such activities normally will be deemed to have been handled ethically. In addition, it is recognized by the Board that the Covered Officers may also be officers or employees of one or more other investment companies covered by this SOX Code or other codes of ethics.

Other conflicts of interest are covered by the SOX Code, even if such conflicts of interest are not subject to provisions in the IC Act and the Advisers Act. While it is impossible to describe all conflicts that may arise, a conflict should be considered to exist whenever a Covered Officer participates, directly or indirectly, in any material investment, interest, association, activity or relationship that a reasonable observer would view as likely to impair the Covered Officer's objectivity. Disclosure of conflicts should be made to the CCO or other appropriate senior executive or to a member of the Board. Covered Officers that are unsure whether a particular fact pattern gives rise to a conflict of interest or whether a particular transaction or relationship is "material" should bring such matter to the attention of the CCO.

**<u>Disclosure Documents and Compliance</u>**

Covered Officers must not knowingly make any misrepresentations regarding the Funds' financial statements or any facts in the preparation of the Funds' financial statements, and must comply with all applicable laws, standards, principles, guidelines, rules and regulations in the preparation of the Funds' financial statements. This section is intended to prohibit an officer from knowingly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Making, or permitting or directing another to make, materially false or misleading entries in the Funds'
financial statements or records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Failing to correct the Funds' financial statements or records that are materially false or misleading
when he or she has the authority to record an entry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Signing, or permitting or directing another to sign, a document containing materially false or misleading
financial information.

Each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Should familiarize himself or herself with the disclosure requirements generally applicable to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Should not knowingly misrepresent, or cause others to misrepresent,
facts about the Funds to others, including to the Board, auditors, governmental regulators or self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Should promote full, fair, accurate, timely and understandable disclosure in the
reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Has the responsibility to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

**<u>Reporting of Violations and Sanctions</u>**

Covered Officers should promptly report any conduct or actions by themselves or another Covered Officer that do not comply or otherwise violate this SOX Code to the CCO. The CCO is charged with investigating any allegation and will report his or her findings and recommendations to the Board's Audit Committee. If the Audit Committee concludes that the Covered Officer has violated this SOX Code, it may impose appropriate sanctions, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A reprimand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Disgorgement of any profit or restitution of any loss;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Imposition of additional controls and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Suspension;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Termination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any other measure that the Audit Committee may decide is appropriate under the circumstances, including
notifying regulatory authorities.

Any matter that the Audit Committee believes is a material violation will be promptly reported to the Board.

A Covered Officer must not retaliate against any other Covered Officer or any employee or agent of an affiliated person of the Funds for good faith reports of potential violations.

**<u>Accountability of Covered Officers</u>**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Upon adoption of the SOX Code (or thereafter as applicable, upon becoming a Covered
Officer), affirm in writing to the Board that he or she has received, read, and understands the SOX Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Annually thereafter affirm to the Board that he or she has complied with the requirements
of the SOX Code.

**<u>Other Policies and Procedures</u>**

This SOX Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the SOX Act and the rules and forms applicable to RICs thereunder. Insofar as other policies or procedures of the Funds, the Employers or other Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this SOX Code, they are superseded by this SOX Code to the extent that they overlap or conflict with the provisions of this SOX Code. The Funds and any Employer code of ethics under Rule 17j-1 under the IC Act are separate requirements applying to the Covered Officers and others, and are not part of this SOX Code.

**<u>Amendments</u>**

The Board may from time to time amend this SOX Code or adopt such interpretations of this SOX Code as they deem appropriate. Any amendments to this SOX Code will be provided to the Covered Officers.

**<u>Internal Use and Confidentiality</u>**

All reports and records prepared or maintained pursuant to this SOX Code shall be treated as confidential and shall not be disclosed to anyone other than the Board, the Covered Officers and Fund Counsel, except as otherwise requested in accordance with applicable law.

The SOX Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of the Funds, as to any fact, circumstance, or legal conclusion.

***Exhibit A - Certification of Compliance with Sarbanes-Oxley Code of Ethics for Principal Executive, Financial and Accounting Officers***

 ****

(OFFICER NAME), in his/her capacity as a Covered Officer under the Sarbanes-Oxley Code of Ethics for Principal Executive, Financial and Accounting Officers (the "Code") adopted by the funds in the BNY Mellon ETF Trust (the "Trust"), does hereby affirm to the Board of Trustees of the Trust that he/she has complied with the requirements of the Code during (YEAR).

Officer Name (Please Print)<u> </u>

Officer Signature<u> </u>

Date<u> </u>

## 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 DiPetrillo, certify that:

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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.

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| | |
|:---|:---|
| Date: <u>12/28/2025</u> | &nbsp;&nbsp; <u>/s/ David J. DiPetrillo</u> <br> David J. DiPetrillo, President<br> (Principal Executive Officer) |

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**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;

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.

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| | |
|:---|:---|
| Date: <u>12/26/2025</u> | &nbsp;&nbsp; <u>/s/ James Windels</u> <br> James Windels, Treasurer<br> (Principal Financial and Accounting Officer) |

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## 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 (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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date: <u>12/28/2025</u> | &nbsp;&nbsp; <u>/s/ David J. DiPetrillo</u> <br> David J. DiPetrillo, President<br> (Principal Executive Officer) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date: <u>12/26/2025</u> | &nbsp;&nbsp; <u>/s/ James Windels</u> <br> James Windels, Treasurer<br> (Principal Financial and Accounting Officer) |

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