Item 1. Reports to Stockholders (cont.).
(b) Not
applicable.
Item 2. Code of Ethics.
|
(a) |
As of the period ended June 30, 2026 (the “Reporting Period”), the Registrant has adopted a code
of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer,
controller or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third
party. |
|
(c) |
During the Reporting Period, there have been no amendments to a provision of the code of ethics that applies
to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons
performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, and that relates
to any element of the code of ethics description. |
|
(d) |
During the Reporting Period, the Registrant has not granted any waivers, including an implicit waiver, from
a provision of the code of ethics to the Registrant’s principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant
or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions. |
Item 3. Audit Committee Financial Expert.
The Registrant’s Board of Trustees has
determined that Mr. Kevin W. Quinn is qualified to serve as an audit committee financial expert serving on the Registrant’s audit
committee and that he is “independent,” as defined by Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) Audit
Fees
The aggregate fees billed for 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 $21,330 in 2025 and $21,330 in 2026.
(b) 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 $6,367 in 2025 and $6,367 in 2026. These services consisted of security counts required by Rule 17f-2 under the 1940 Act.
(c) 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
$3,954 in 2025 and $4,073 in 2026. These
services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local
entity tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding
tax qualification.
(d) All
Other Fees
The aggregate fees billed for 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 2025 and $0 in 2026.
|
(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
$124,633 in 2025 and $2,171,953 in 2026. |
|
(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. |
Item 5. Audit Committee of Listed Registrants.
|
(a) |
The Registrant has a separately designated audit committee established in accordance with Section 3(a)(58)(A)
of the Securities Exchange Act of 1934, as amended, which consists of independent |
trustees of the Registrant. The audit
committee members are J. Charles Cardona, Kristen M. Dickey, F. Jack Liebau, Jr., Jill I. Mavro, Kevin W. Quinn, and Stacy L. Schaus.
(b) Not applicable.
Item 6. Investments.
|
(a) |
The Schedule of Investments in securities of unaffiliated issuers as of the close of the Reporting Period
is included in the financial statements filed under Item 7of this Form N-CSR. |
(b) Not
applicable.
Item 7. Financial Statements and
Financial Highlights for Open-End Management Investment Companies.
The following is a copy of the Registrant’s
most recent financial statements and financial highlights.
BNY Mellon ETF Trust
ANNUAL FINANCIALS
AND OTHER INFORMATION
BNY Mellon Ultra Short
Income ETF: BKUI
Principal U.S. Listing Exchange:
NYSE Arca, Inc.
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
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”).
Item
7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
BNY Mellon Ultra Short Income ETF
SCHEDULE OF INVESTMENTS
|
|
|
|
|
|
|
Corporate
Bonds and Notes — 39.7% |
Automobiles
& Components — 2.0% |
American
Honda Finance Corp., Sr. Unscd. Notes |
|
|
|
|
|
BMW
US Capital LLC, Gtd. Notes(a)
|
|
|
|
|
|
BMW
US Capital LLC, Gtd. Notes(a)
|
|
|
|
|
|
BMW
US Capital LLC, Gtd. Notes, (3 Month SOFRIX +0.92%)(a),(b)
|
|
|
|
|
|
General
Motors Financial Co., Inc., Sr. Unscd. Notes, (3 Month SOFRIX
+1.35%)(b)
|
|
|
|
|
|
Mercedes-Benz
Finance North America LLC, Gtd. Notes(a)
|
|
|
|
|
|
Mercedes-Benz
Finance North America LLC, Gtd. Notes(a)
|
|
|
|
|
|
Mercedes-Benz
Finance North America LLC, Gtd. Notes(a)
|
|
|
|
|
|
PACCAR
Financial Corp., Sr. Unscd. Notes |
|
|
|
|
|
Toyota
Motor Credit Corp., Sr. Unscd. Notes, (3 Month SOFRCOMPOUND
+0.65%)(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANZ
New Zealand Int’l Ltd., Gtd. Notes, (3 Month SOFRCOMPOUND
+0.61%)(a),(b)
|
|
|
|
|
|
ASB
Bank Ltd., Sr. Unscd. Notes(a)
|
|
|
|
|
|
Australia
& New Zealand Banking Group Ltd., Sr. Unscd. Notes, (3 Month
SOFRCOMPOUND
+0.65%)(a),(b)
|
|
|
|
|
|
Australia
& New Zealand Banking Group Ltd., Sr. Unscd. Notes, (3 Month
SOFRCOMPOUND
+0.68%)(a),(b)
|
|
|
|
|
|
Bank
of America Corp., Sr. Unscd. Notes |
|
|
|
|
|
Bank
of America NA, Sr. Unscd. Notes |
|
|
|
|
|
Bank
of Montreal, Sr. Unscd. Notes |
|
|
|
|
|
Bank
of Montreal, Sr. Unscd. Notes |
|
|
|
|
|
Barclays
PLC, Sr. Unscd. Notes |
|
|
|
|
|
Barclays
PLC, Sr. Unscd. Notes, (3 Month SOFRCOMPOUND +1.88%)(b)
|
|
|
|
|
|
Canadian
Imperial Bank of Commerce, Sr. Unscd. Notes, (3 Month
SOFRCOMPOUND
+0.72%)(b)
|
|
|
|
|
|
Canadian
Imperial Bank of Commerce, Sr. Unscd. Notes, (3 Month
SOFRCOMPOUND
+1.22%)(b)
|
|
|
|
|
|
Citibank
NA, Sr. Unscd. Notes |
|
|
|
|
|
Cooperatieve
Rabobank UA, Sr. Bonds, (3 Month SOFRCOMPOUND +0.59%)(b)
|
|
|
|
|
|
DBS
Group Holdings Ltd., Sr. Unscd. Notes, (3 Month SOFRCOMPOUND
+0.60%)(a),(b)
|
|
|
|
|
|
Federation
des Caisses Desjardins du Quebec, Sr. Unscd. Notes(a)
|
|
|
|
|
|
HSBC
USA, Inc., Sr. Unscd. Notes |
|
|
|
|
|
ING
Groep NV, Sr. Unscd. Notes |
|
|
|
|
|
ING
Groep NV, Sr. Unscd. Notes |
|
|
|
|
|
JPMorgan
Chase & Co., Sr. Unscd. Notes, (3 Month SOFRCOMPOUND
+0.92%)(b)
|
|
|
|
|
|
JPMorgan
Chase Bank NA, Sr. Unscd. Notes |
|
|
|
|
|
KeyBank
NA, Sr. Unscd. Notes |
|
|
|
|
|
Lloyds
Banking Group PLC, Sr. Unscd. Notes, (3 Month SOFRIX +1.06%)(b)
|
|
|
|
|
|
Lloyds
Banking Group PLC, Sr. Unscd. Notes, (3 Month SOFRIX +1.58%)(b)
|
|
|
|
|
|
Macquarie
Bank Ltd., Sr. Unscd. Notes, (3 Month SOFRCOMPOUND
+0.92%)(a),(b)
|
|
|
|
|
|
Manufacturers
& Traders Trust Co., Sr. Unscd. Notes |
|
|
|
|
|
SCHEDULE OF INVESTMENTS (continued)
|
|
|
|
|
|
|
Corporate
Bonds and Notes — 39.7% (continued) |
Banks
— 22.2% (continued) |
Mitsubishi
UFJ Financial Group, Inc., Sr. Unscd. Notes |
|
|
|
|
|
Mizuho
Bank Ltd., Sr. Unscd. Notes(a)
|
|
|
|
|
|
Morgan
Stanley Bank NA, Sr. Unscd. Notes, (3 Month SOFRCOMPOUND
+0.87%)(b)
|
|
|
|
|
|
Morgan
Stanley Bank NA, Sr. Unscd. Notes, (3 Month SOFRCOMPOUND
+1.17%)(b)
|
|
|
|
|
|
National
Australia Bank Ltd., Sr. Unscd. Notes(a)
|
|
|
|
|
|
National
Australia Bank Ltd., Sr. Unscd. Notes, (3 Month SOFRCOMPOUND
+0.60%)(a),(b)
|
|
|
|
|
|
National
Bank of Canada, Gtd. Notes, (3 Month SOFRCOMPOUND +0.77%)(b)
|
|
|
|
|
|
National
Bank of Canada, Gtd. Notes, (3 Month SOFRIX +1.03%)(b)
|
|
|
|
|
|
NatWest
Markets PLC, Sr. Unscd. Notes(a)
|
|
|
|
|
|
NatWest
Markets PLC, Sr. Unscd. Notes, (3 Month SOFRCOMPOUND
+0.80%)(a),(b)
|
|
|
|
|
|
NatWest
Markets PLC, Sr. Unscd. Notes, (3 Month SOFRCOMPOUND
+0.90%)(a),(b)
|
|
|
|
|
|
NatWest
Markets PLC, Sr. Unscd. Notes, (3 Month SOFRCOMPOUND
+0.95%)(a),(b)
|
|
|
|
|
|
PNC
Bank NA, Sr. Unscd. Notes |
|
|
|
|
|
Royal
Bank of Canada, Sr. Unscd. Notes, (3 Month SOFRIX +0.83%)(b)
|
|
|
|
|
|
Royal
Bank of Canada, Sr. Unscd. Notes, (3 Month SOFRIX +0.95%)(b)
|
|
|
|
|
|
Standard
Chartered PLC, Sr. Unscd. Notes, (3 Month SOFRCOMPOUND
+1.17%)(a),(b)
|
|
|
|
|
|
Standard
Chartered PLC, Sr. Unscd. Notes, (3 Month SOFRCOMPOUND
+1.93%)(a),(b)
|
|
|
|
|
|
State
Street Corp., Sr. Unscd. Notes |
|
|
|
|
|
State
Street Corp., Sr. Unscd. Notes, (3 Month SOFRCOMPOUND +0.85%)(b)
|
|
|
|
|
|
Sumitomo
Mitsui Financial Group, Inc., Sr. Unscd. Notes |
|
|
|
|
|
Sumitomo
Mitsui Financial Group, Inc., Sr. Unscd. Notes |
|
|
|
|
|
Sumitomo
Mitsui Trust Bank Ltd., Sr. Unscd. Notes(a)
|
|
|
|
|
|
The
Bank of Nova Scotia, Sr. Unscd. Notes |
|
|
|
|
|
The
Bank of Nova Scotia, Sr. Unscd. Notes |
|
|
|
|
|
The
Goldman Sachs Group, Inc., Sr. Unscd. Notes, (3 Month SOFRCOMPOUND
+0.71%)(b)
|
|
|
|
|
|
The
Goldman Sachs Group, Inc., Sr. Unscd. Notes, (3 Month SOFRCOMPOUND
+1.12%)(b)
|
|
|
|
|
|
The
PNC Financial Services Group, Inc., Sr. Unscd. Notes |
|
|
|
|
|
The
PNC Financial Services Group, Inc., Sr. Unscd. Notes, (3 Month
SOFRCOMPOUND
+0.62%)(b)
|
|
|
|
|
|
The
Toronto-Dominion Bank, Sr. Unscd. Notes |
|
|
|
|
|
The
Toronto-Dominion Bank, Sr. Unscd. Notes |
|
|
|
|
|
The
Toronto-Dominion Bank, Sr. Unscd. Notes, (3 Month SOFRCOMPOUND
+0.73%)(b)
|
|
|
|
|
|
Truist
Bank, Sr. Unscd. Notes, (3 Month SOFRCOMPOUND +0.66%)(b)
|
|
|
|
|
|
Truist
Bank, Sr. Unscd. Notes, (3 Month SOFRCOMPOUND +0.77%)(b)
|
|
|
|
|
|
Truist
Financial Corp., Sr. Unscd. Notes |
|
|
|
|
|
U.S.
Bancorp, Sr. Unscd. Notes, Ser. V |
|
|
|
|
|
UBS
Group AG, Sr. Unscd. Notes(a)
|
|
|
|
|
|
United
Overseas Bank Ltd., Sr. Unscd. Notes, (3 Month SOFRIX +0.58%)(a),(b)
|
|
|
|
|
|
US
Bank NA, Sr. Unscd. Notes, (3 Month SOFRCOMPOUND +0.69%)(b)
|
|
|
|
|
|
Wells
Fargo & Co., Sr. Unscd. Notes, (3 Month SOFRCOMPOUND +0.78%)(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
Bonds and Notes — 39.7% (continued) |
Banks
— 22.2% (continued) |
Wells
Fargo Bank NA, Sr. Unscd. Notes, (3 Month SOFRCOMPOUND +1.07%)(b)
|
|
|
|
|
|
Westpac
Banking Corp., Sr. Unscd. Notes, (3 Month SOFRCOMPOUND
+0.50%)(a),(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PepsiCo,
Inc., Sr. Unscd. Notes |
|
|
|
|
|
The
Coca-Cola Company, Sr. Unscd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
Diversified
Financials — 1.7% |
American
Express Co., Sr. Unscd. Notes |
|
|
|
|
|
Mastercard,
Inc., Sr. Unscd. Notes |
|
|
|
|
|
The
Charles Schwab Corp., Sr. Unscd. Notes |
|
|
|
|
|
The
Charles Schwab Corp., Sr. Unscd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BP
Capital Markets PLC, Gtd. Notes |
|
|
|
|
|
Chevron
USA, Inc., Gtd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AbbVie,
Inc., Sr. Unscd. Notes |
|
|
|
|
|
AbbVie,
Inc., Sr. Unscd. Notes |
|
|
|
|
|
CVS
Health Corp., Sr. Unscd. Notes |
|
|
|
|
|
Eli
Lilly & Co., Sr. Unscd. Notes |
|
|
|
|
|
Merck
& Co., Inc., Gtd. Notes |
|
|
|
|
|
Merck
& Co., Inc., Sr. Unscd. Notes, (3 Month SOFRCOMPOUND +0.57%)(b)
|
|
|
|
|
|
Roche
Holdings, Inc., Gtd. Notes, (3 Month SOFRCOMPOUND +0.74%)(a),(b)
|
|
|
|
|
|
Sanofi
SA, Sr. Unscd. Notes, (3 Month SOFRCOMPOUND +0.54%)(b)
|
|
|
|
|
|
Shire
Acquisitions Investments Ireland DAC, Gtd. Notes |
|
|
|
|
|
The
Cigna Group, Gtd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Caterpillar
Financial Services Corp., Sr. Unscd. Notes, (3 Month
SOFRCOMPOUND
+0.49%)(b)
|
|
|
|
|
|
Caterpillar
Financial Services Corp., Sr. Unscd. Notes, (3 Month
SOFRCOMPOUND
+0.52%)(b)
|
|
|
|
|
|
Caterpillar
Financial Services Corp., Sr. Unscd. Notes, (3 Month
SOFRCOMPOUND
+0.56%)(b)
|
|
|
|
|
|
John
Deere Capital Corp., Sr. Unscd. Notes |
|
|
|
|
|
John
Deere Capital Corp., Sr. Unscd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
Information
Technology — .7% |
Oracle
Corp., Sr. Unscd. Notes |
|
|
|
|
|
Salesforce,
Inc., Sr. Unscd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
Internet
Software & Services — .3% |
Amazon.com,
Inc., Sr. Unscd. Notes |
|
|
|
|
|
|
|
The
Walt Disney Company, Gtd. Notes |
|
|
|
|
|
The
Walt Disney Company, Gtd. Notes, (3 Month SOFRIX +0.47%)(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
SCHEDULE OF INVESTMENTS (continued)
|
|
|
|
|
|
|
Corporate
Bonds and Notes — 39.7% (continued) |
|
|
Simon
Property Group LP, Sr. Unscd. Notes |
|
|
|
|
|
|
|
Lowe’s
Cos., Inc., Sr. Unscd. Notes |
|
|
|
|
|
Starbucks
Corp., Sr. Unscd. Notes |
|
|
|
|
|
Starbucks
Corp., Sr. Unscd. Notes |
|
|
|
|
|
Target
Corp., Sr. Unscd. Notes |
|
|
|
|
|
Target
Corp., Sr. Unscd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
Technology
Hardware & Equipment — .7% |
International
Business Machines Corp., Sr. Unscd. Notes |
|
|
|
|
|
Telecommunication
Services — 1.5% |
AT&T,
Inc., Sr. Unscd. Notes |
|
|
|
|
|
Cisco
Systems, Inc., Sr. Unscd. Notes |
|
|
|
|
|
T-Mobile
USA, Inc., Gtd. Notes |
|
|
|
|
|
T-Mobile
USA, Inc., Gtd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
Total
Corporate Bonds and Notes
(cost
$228,813,746) |
|
|
|
U.S.
Treasury Securities — 4.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
U.S. Treasury Securities
(cost
$24,208,595) |
|
|
|
|
|
|
|
|
|
|
|
|
ABN
AMRO Funding USA LLC(a),(c)
|
|
|
|
|
|
Australia
& New Zealand Banking Group Ltd.(a),(c)
|
|
|
|
|
|
Banco
Bilbao Vizcaya Argentaria(c)
|
|
|
|
|
|
Banco
Santander SA(a),(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canadian
Imperial Bank of Commerce, (1 Month SOFR +0.31%)(a),(b)
|
|
|
|
|
|
Collateralized
Commercial Paper V Co., LLC, (1 Month SOFR +0.28%)(b)
|
|
|
|
|
|
Commonwealth
Bank of Australia(a),(c)
|
|
|
|
|
|
Credit
Industriel et Commercial, (1 Month SOFR +0.32%)(a),(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federation
des Caisses Desjardins du Quebec(a),(c)
|
|
|
|
|
|
Federation
des Caisses Desjardins du Quebec(a),(c)
|
|
|
|
|
|
ING
US Funding LLC, (1 Month SOFRCOMPOUND +0.22%)(a),(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Macquarie
Bank Ltd.(a),(c)
|
|
|
|
|
|
Manhattan
Asset Funding Co., LLC, (1 Month SOFR +0.30%)(a),(b)
|
|
|
|
|
|
National
Australia Bank Ltd., (1 Month SOFR +0.20%)(a),(b)
|
|
|
|
|
|
National
Bank of Canada(a),(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
Paper — 53.8% (continued) |
Nieuw
Amsterdam Receivables Corp. BV(a),(c)
|
|
|
|
|
|
Norddeutsche
Landesbank(a),(c)
|
|
|
|
|
|
Old
Line Funding LLC(a),(c)
|
|
|
|
|
|
Paradelle
Funding LLC, (1 Month SOFR +0.27%)(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Societe
Generale SA(a),(c)
|
|
|
|
|
|
Societe
Generale SA(a),(c)
|
|
|
|
|
|
Starbird
Funding Corp., (3 Month SOFR +0.22%)(a),(b)
|
|
|
|
|
|
Svenska
Handelsbanken AB, (1 Month SOFRCOMPOUND +0.22%)(a),(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
Swedbank
AB, (1 Month SOFRCOMPOUND +0.31%)(a),(b)
|
|
|
|
|
|
The
Bank of Nova Scotia, (3 Month SOFR +0.30%)(a),(b)
|
|
|
|
|
|
Westpac
Banking Corp.(a),(c)
|
|
|
|
|
|
Total
Commercial Paper
(cost
$309,184,801) |
|
|
|
|
|
|
|
|
|
|
Investment
Companies — 1.4% |
Registered
Investment Companies — 1.4% |
BNY
Dreyfus Institutional Preferred Government Money Market Fund, Institutional
Shares(d)
(cost
$8,087,864) |
|
|
|
|
|
Total
Investments (cost $570,295,006)
|
|
|
|
Cash
and Receivables (Net) |
|
|
|
|
|
|
|
SOFR—Secured
Overnight Financing Rate |
SOFRCOMPOUND—Compounded
Secured Overnight Financing Rate |
SOFRIX—Secured
Overnight Financing Rate Index |
|
|
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 June 30, 2026, these securities amounted to $298,114,681 or 51.9% of net assets.
|
|
|
Variable
rate security—Interest rate resets periodically and the rate shown is the interest rate in effect at period end. Security description
also includes the
reference
rate and spread if published and available. |
|
|
Security
is a discount security. Income is recognized through the accretion of discount. |
|
|
Investment
in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment
company’s
prospectus.
|
|
|
|
|
|
|
|
|
Dividends/
Distributions
($) |
Registered
Investment Companies - 1.4% |
BNY
Dreyfus Institutional Preferred Government Money
Market
Fund, Institutional Shares - 1.4% |
|
|
|
|
|
|
|
Includes
reinvested dividends/distributions. |
See notes to financial
statements.
STATEMENT
OF ASSETS AND LIABILITIES
June 30, 2026
|
|
|
|
|
|
|
|
Investments
in securities—See Schedule of Investments: |
|
|
|
|
|
|
|
|
|
|
Dividends
and interest receivable |
|
|
Receivable
for shares of Beneficial Interest subscribed |
|
|
|
|
|
|
|
|
|
|
Due
to BNY Mellon ETF Investment Adviser, LLC—Note
3(b)
|
|
|
|
|
|
|
|
|
|
|
Composition
of Net Assets ($): |
|
|
|
|
|
|
Total
distributable earnings (loss) |
|
|
|
|
|
|
|
|
|
|
Shares
outstanding no par value (unlimited shares authorized) |
|
|
Net
Asset Value Per Share ($) |
|
|
Market
Price Per Share ($) |
|
|
See notes to financial statements.
Year Ended June 30,
2026
|
|
|
|
|
|
|
|
|
Interest
(net of $1,357 foreign taxes withheld at source) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less—reduction
in expenses due to undertaking—Note 3(a)
|
|
|
|
|
|
|
|
Realized
and Unrealized Gain (Loss) on Investments—Note 4 ($):
|
|
Net
realized gain (loss) on investments |
|
Net
change in unrealized appreciation (depreciation) on investments |
|
Net
Realized and Unrealized Gain (Loss) on Investments |
|
Net
Increase in Net Assets Resulting from Operations |
|
See notes to financial statements.
STATEMENT
OF CHANGES IN NET ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain (loss) on investments |
|
|
Net
change in unrealized appreciation (depreciation) on investments |
|
|
Net
Increase (Decrease) in Net Assets Resulting from Operations |
|
|
|
|
|
|
Distributions
to shareholders |
|
|
Beneficial
Interest Transactions ($): |
|
|
Net
proceeds from shares sold |
|
|
|
|
|
|
|
|
|
|
Increase
(Decrease) in Net Assets from Beneficial Interest Transactions |
|
|
Total
Increase (Decrease) in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
Net
Increase (Decrease) in Shares Outstanding |
|
|
See notes to financial statements.
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
|
|
|
Total
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
from net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, end of period |
|
|
|
|
|
Market
value, end of period |
|
|
|
|
|
|
|
|
|
|
|
|
Market
Price Total Return (%) |
|
|
|
|
|
Ratios/Supplemental
Data (%): |
|
|
|
|
Ratio
of total expenses to average net assets(f)
|
|
|
|
|
|
Ratio
of net expenses to average net assets(f)
|
|
|
|
|
|
Ratio
of net investment income to average net assets(f)
|
|
|
|
|
|
Portfolio
Turnover Rate(i)
|
|
|
|
|
|
Net
Assets, end of period ($ x 1,000) |
|
|
|
|
|
|
|
From
August 11, 2021 (commencement of operations) to June 30, 2022. |
|
|
Based
on average shares outstanding. |
|
|
Amount
represents less than $.01 per share. |
|
|
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. |
|
|
|
|
|
Amount
does not include the expenses of the underlying funds. |
|
|
|
|
|
Amount
inclusive of reduction in expenses due to undertaking. |
|
|
Portfolio
turnover rate does not include securities received or delivered from processing creations or redemptions. |
See notes to financial statements.
NOTES
TO FINANCIAL STATEMENTS
BNY Mellon
Ultra Short Income 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 eleven series, including the fund. The investment
objective of the fund is to seek high current income consistent with the maintenance of liquidity and low volatility of principal.
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. Dreyfus, a division of Mellon Investments Corporation (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:
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.
Investments
in other open-end investment companies are valued at their reported NAVs each day and are generally categorized within Level
1 of the fair value hierarchy.
Investments
in debt securities and instruments generally will be valued, to the extent possible, by one or more independent pricing services
(the “Service”).
When, in the judgment of the Service, quoted bid prices for debt securities and instruments are representative of
the bid side of the market, these investments are valued at the mean between the quoted bid prices (as obtained by the Service from dealers
in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). The value
of other debt securities and instruments is determined by the Service based on methods which include consideration of: 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 board. Overnight and certain other short-term debt securities and instruments
(excluding Treasury Bills) will be valued by the amortized cost method, which approximates fair value, unless a Service provides
a valuation for such security or, in the opinion of the valuation designee, the amortized cost method would not represent fair value.
These securities are generally categorized within Level 2 of the fair value hierarchy.
Restricted
securities, as well as securities or other assets for which recent market quotations are not readily available or are determined not
to reflect fair value accurately, are valued at fair value as determined in good faith based on procedures approved by the Board. Fair
value of investments may be determined
by the valuation designee using such information as it deems appropriate under the circumstances.
The factors that may be considered when fair valuing a security include fundamental analytical data, the nature and duration of restrictions
on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public
trading in similar securities of the issuer or comparable issuers. Using fair value to price investments may result in a value that is
different from a security’s
most recent closing price and from the prices used by other funds to calculate their NAVs. These securities are either
categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
The following is a summary
of the inputs used as of June 30, 2026 in valuing the fund’s investments:
|
|
Level
1 -
Unadjusted
Quoted
Prices |
Level
2- Other
Significant
Observable
Inputs |
Level
3-
Significant
Unobservable
Inputs
|
|
|
|
|
|
|
|
Investments
in Securities:†
|
|
|
|
|
|
|
|
|
|
|
Corporate
Bonds and Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
Schedule of Investments for additional detailed categorizations, if any. |
(b) Foreign
taxes: The fund may be subject to foreign taxes (a
portion of which may be reclaimable) on income, stock dividends, realized
and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with
the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the fund invests. These foreign taxes,
if any, are paid by the fund and
are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred or those subject
to reclaims as of June 30, 2026, if any, are disclosed in the fund’s Statement
of Assets and Liabilities.
(c) Securities
transactions and investment income: Securities transactions
are recorded on a trade date basis. Realized gains and losses
from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest
income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual
basis.
(d) Affiliated
issuers: Investments in other investment companies
advised by the Adviser or its affiliates are considered “affiliated” under
the Act.
NOTES
TO FINANCIAL STATEMENTS (continued)
(e) Market
Risk: The value of the securities in which the fund
invests may be affected by political, regulatory, economic and social developments,
and developments that impact specific economic sectors, industries or segments of the market. In addition, turbulence in financial
markets and reduced liquidity in equity, credit and/or fixed-income markets may negatively affect many issuers, which could adversely
affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in
one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may
be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks
might affect companies world-wide. Local, regional or global events such as war, military conflicts, acts of terrorism, natural disasters,
the spread of infectious illness or other public health issues, or other events could have a significant impact on the fund and its investments.
To the extent the fund may overweight its investments in certain countries, companies, industries or sectors, such positions will
increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
Commercial Paper Risk:
Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued
by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually
discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial
condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall.
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 with
longer effective maturities and durations because such instruments do not mature, reset interest rates or become callable for longer periods
of time.
Banking Industry Risk: The
risks generally associated with concentrating investments in the banking industry include interest rate risk,
credit risk, and regulatory developments relating to the banking industry such as extensive governmental regulation and/or nationalization
that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain adverse effects on
profitability due to increases in interest rates or loan losses; severe price competition; and increases inter-industry consolidation
and competition. Investments in
regional banks, which may be small or medium in size, may involve greater risk than investing in larger, more
established banks. A regional bank’s financial performance may be dependent upon the business environment in certain geographic
regions of the United States and, as a result, adverse economic or employment developments in such regions may negatively impact
such regional bank and, in turn, the fund. In March 2023, the shut-down of certain regional banks resulted in concerns over disruption
in the U.S. banking system. Additional bank shut-downs or failures in the future could have adverse impacts on the fund.
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). An
unexpected increase in redemption requests, including requests from Authorized Participants who may own a
significant percentage of the fund’s shares, which may be triggered by market turmoil or an increase in interest rates, could cause
the fund to sell its holdings at
a loss or at undesirable prices and adversely affect the fund’s share price and increase the fund’s liquidity risk, fund
expenses and/or taxable distributions. Federal Reserve policy in response to market conditions, including with respect to interest rates,
may adversely affect the value, volatility and liquidity of dividend and interest paying securities. Policy and legislative changes worldwide
are affecting many aspects of financial regulation. The impact of these changes on the markets and the practical implications for
market participants may not be fully known for some time.
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,
NOTES
TO FINANCIAL STATEMENTS (continued)
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 the fund on the
ex-dividend date. Dividends from net investment income are normally declared and paid on a monthly basis. 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 June 30, 2026, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes
interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the
period ended June 30, 2026, the fund did not incur any interest or penalties.
Each tax year
in the four-year period ended June 30, 2026 remains subject to examination by the Internal Revenue Service and state taxing
authorities.
At June 30,
2026, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $2,083,378, accumulated
capital losses $323,621 and unrealized depreciation $1,079,238.
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 June 30, 2026. The fund has $101,005 of short-term capital losses and $222,616 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 June 30, 2026 and June 30, 2025 were as follows:
ordinary income $12,767,469 and $6,348,430, respectively.
(h) Operating
segment reporting: In
accordance with FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -
Improvements to Reportable Segment Disclosures (“ASU 2023-07”), the fund has operated and been managed as a single reportable
segment, generating returns through
dividends, interest, and/or gains from investments aligned with its single stated investment objective
as outlined in the fund’s prospectus. The fund’s accounting policies are consistent with those described in these Notes to
Financial Statements. The chief
operating decision maker (“CODM”) is represented by BNY Investments and is comprised of Senior Management
and Directors of BNY Investments. The CODM considers the net increase in net assets resulting from operations when deciding
whether to purchase additional investments or make distributions to shareholders. Detailed financial information for the fund is
presented in these financial statements, including total assets and liabilities in the Statement of Assets and Liabilities, investments
held in the Schedule of Investments,
results of operations and significant segment expenses in the Statement of Operations, and additional performance
information—such as total return, portfolio turnover, and ratios—in the Financial Highlights.
NOTE
3—
Management
Fee, Sub-Advisory Fee
and Other Transactions with Affiliates:
(a) Pursuant
to a management agreement with the Adviser, the management fee is computed at an annual rate of .12% 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 June 30, 2026,
there was no voluntary reduction in expenses pursuant to the undertaking.
NOTES
TO FINANCIAL STATEMENTS (continued)
In
addition, the Adviser has contractually agreed, from October 31, 2025 through October 31, 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 .12% of the value of the fund’s average
daily net assets. Prior to October
31, 2026, this expense limitation agreement may only be terminated by the fund’s Board. On
or after October 31, 2026, the Adviser
may terminate this expense limitation agreement at any time. The reduction in expenses, pursuant to the undertaking,
amounted to $3,747 during the period ended June 30, 2026.
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 .06% 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 $56,366, which are offset against an expense reimbursement currently in effect in the amount of $511.
(c) Each
current Board member of the fund 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.
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 June 30, 2026, amounted to $166,640,742 and $21,901,138, respectively.
At June 30,
2026, the cost of investments for federal income tax purposes was $570,645,137; accordingly, accumulated net unrealized depreciation
on investments was $1,079,238, consisting of $257,332 gross unrealized appreciation and $1,336,570 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
NOTES
TO FINANCIAL STATEMENTS (continued)
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 June 30, 2026, the fund had
no in-kind transactions.
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the
Shareholders and the Board of Trustees of BNY Mellon Ultra Short Income ETF
Opinion on the Financial Statements
We have audited
the accompanying statement of assets and liabilities of BNY Mellon Ultra Short Income ETF (the “Fund”) (one
of the funds constituting BNY Mellon
ETF Trust (the “Trust”)),
including the schedule of investments, as of June 30, 2026, 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 four years in the
period then ended and the period from August 11, 2021 (commencement of operations) through June 30, 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 June 30, 2026, 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 four years in the period
then ended and the period from August
11, 2021 (commencement of operations) through June 30, 2022, in conformity with U.S. generally accepted accounting principles.
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 June 30, 2026, 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. 
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
August 21, 2026
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
June 30, 2026:
For federal
tax purposes the fund hereby reports 81.97% of ordinary income dividends paid during the fiscal period ended June 30, 2026
as qualifying interest related dividends.
Item
8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Item
9. Proxy Disclosures for Open-End Management Investment Companies (Unaudited)
Item
10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
(Unaudited)
Each
current Board member of the fund serves as a Board member of each fund within the Trust and BNY Mellon ETF Trust 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.
Item
11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited)
At
a meeting held on May 19, 2026, the Board of Trustees (the “Board”) of BNY Mellon ETF Trust (the “Trust”), 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 Ultra Short Income ETF (the “fund”); and (ii) continue the sub-investment
advisory agreement between the Adviser
and Mellon Investments Corporation (the “Sub-Adviser”), an affiliate of the Adviser, pursuant to
which Dreyfus, a division of the Sub-Adviser, provides day-to-day management of the fund’s investments. The Management Agreement
and the sub-investment advisory agreement are each referred to herein as an “Agreement” and together, 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 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,
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 of other ultrashort bond
exchange traded funds (“ETFs”) (the “Performance Group”) and with a broader group of ultrashort bond ETFs (the
“Performance Universe”)
for the periods ended March 31, 2026; and (ii) comparing the fund’s contractual management fees and total expenses with a
group of other ultrashort bond ETFs (the “Expense Group”) and, with respect to total expenses, with a broader group of ultrashort
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.
Nature,
Extent and Quality of Services
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.
The Board
then reviewed the results of the fund’s performance comparisons and considered that the fund’s total return performance, for
periods ended March 31, 2026, was
below the Performance Group median for the one-year and four-year periods, and above the Performance
Group median for the two-year and three-year periods. The Board also considered that the fund’s total return performance, for
periods ended March 31, 2026, was above the Performance Universe median for the two-year period, the same as the Performance Universe
median for the one-year and three-year periods, and below the Performance Universe median for the four-year period. With respect
to each period of underperformance, the Board noted the fund’s performance was not significantly below the respective median. 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.
Item
11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited) (continued)
Profits
Realized by the Adviser
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.
Fees
Charged to Comparable Funds
The Board
evaluated the fund’s unitary fee through review of comparative information with respect to fees paid by similar funds - i.e., other
ultrashort bond 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 below the Expense Group median and the fund’s total expenses were below both
the Expense Group 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.
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.
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.
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.
©
2026 BNY Mellon Securities Corporation
Code-4862NCSRAR0626
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.
|
(a) |
The Registrant’s principal executive and principal financial officers,
or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in
Rule 30a-3(c) under the 1940 Act (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that
includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b)
under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR
240.13a-15(b) or 240.15d-15(b)). |
|
(b) |
There were no changes in the Registrant’s internal control over financial
reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report
that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
(Registrant) BNY
Mellon ETF Trust
| By
(Signature and Title) * |
/s/ David J. DiPetrillo
David J. DiPetrillo, President
(Principal Executive Officer) |
Date 8/18/2026
Pursuant to the requirements of the Securities Exchange
Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant
and in the capacities and on the dates indicated.
| By
(Signature and Title) * |
/s/ David J. DiPetrillo
David J. DiPetrillo, President
(Principal Executive Officer)
|
Date 8/18/2026
| By
(Signature and Title) * |
/s/ James Windels
James
Windels, Treasurer
(Principal Financial and Accounting Officer)
|
Date 8/18/2026
* Print the name and title of each signing officer under his
or her signature.
