BNY Mellon Dynamic Value ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)
 
Description
 
 
 
Shares
Value ($)
Equity Securities - Common Stocks — 98.9%
Automobiles & Components — 1.5%
Ford Motor Co.
624,519
9,167,939
General Motors Co.
207,744
18,460,132
 
27,628,071
Banks — 7.9%
Citigroup, Inc.
213,677
28,301,519
Fifth Third Bancorp
581,356
32,846,614
First Horizon Corp.
374,721
9,607,846
JPMorgan Chase & Co.
211,484
74,397,956
 
145,153,935
Capital Goods — 6.5%
Carrier Global Corp.
172,915
10,687,876
Deere & Co.
28,877
17,114,532
Ferguson Enterprises, Inc.
40,896
9,583,160
Honeywell Aerospace, Inc.(a)
15,372
3,178,007
Honeywell International, Inc.
57,620
14,004,541
Hubbell, Inc.
21,433
10,128,164
L3Harris Technologies, Inc.
38,061
10,545,181
Regal Rexnord Corp.
57,040
11,706,319
RTX Corp.
149,364
32,146,120
 
119,093,900
Commercial & Professional Services — .6%
Veralto Corp.
112,408
10,585,461
Consumer Discretionary Distribution & Retail — 7.2%
Amazon.com, Inc.(a)
427,346
116,058,627
Lowe’s Companies, Inc.
80,637
16,757,175
 
132,815,802
Consumer Services — .3%
Las Vegas Sands Corp.
130,275
6,369,145
Consumer Staples Distribution & Retail — 1.2%
Target Corp.
150,148
21,694,885
Energy — 7.2%
Diamondback Energy, Inc.
121,100
24,577,245
EQT Corp.
291,655
15,542,295
Marathon Petroleum Corp.
37,877
11,986,934
Occidental Petroleum Corp.
421,587
24,059,970
Phillips 66
65,221
13,805,981
SLB Ltd.
855,255
42,412,096
 
132,384,521
Equity Real Estate Investment Trusts — 1.3%
Weyerhaeuser Co.(b)
971,109
24,306,858
Financial Services — 7.6%
Berkshire Hathaway, Inc., Cl. B(a)
117,344
60,026,150
Capital One Financial Corp.
112,708
23,557,099
Morgan Stanley
78,918
16,605,926
Rocket Companies, Inc., Cl. A(a),(c)
727,585
9,385,846
The Goldman Sachs Group, Inc.
9,583
9,759,136
Voya Financial, Inc.
200,561
19,941,780
 
139,275,937
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SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Equity Securities - Common Stocks — 98.9% (continued)
Food, Beverage & Tobacco — 4.1%
Bunge Global SA
93,166
9,897,024
Philip Morris International, Inc.
171,921
32,805,965
The Coca-Cola Company
370,516
32,453,497
 
75,156,486
Health Care Equipment & Services — 5.2%
Elevance Health, Inc.
80,785
30,362,234
Medtronic PLC
125,272
10,696,976
UnitedHealth Group, Inc.
131,299
54,410,306
 
95,469,516
Household & Personal Products — 2.8%
Colgate-Palmolive Co.
415,787
37,961,353
The Estee Lauder Companies, Inc., Cl. A
160,303
13,449,422
 
51,410,775
Insurance — 5.6%
American International Group, Inc.
113,748
8,938,318
Aon PLC, Cl. A
77,903
28,087,927
Assurant, Inc.
144,084
40,226,812
Chubb Ltd.
42,305
14,835,517
The Hartford Insurance Group, Inc.
76,664
10,879,388
 
102,967,962
Materials — 5.0%
CRH PLC
206,009
19,572,915
Freeport-McMoRan, Inc.
223,438
13,993,922
International Paper Co.
271,824
11,098,574
Newmont Corp.
202,024
18,931,669
Packaging Corp. of America
118,598
29,156,132
 
92,753,212
Media & Entertainment — 3.0%
Meta Platforms, Inc., Cl. A
15,802
8,797,131
Omnicom Group, Inc.
308,957
24,314,916
The Walt Disney Company
225,378
21,679,110
 
54,791,157
Pharmaceuticals, Biotechnology & Life Sciences — 10.9%
AbbVie, Inc.
84,302
21,154,744
Agilent Technologies, Inc.
139,923
19,361,146
Bristol-Myers Squibb Co.
250,811
16,380,466
Danaher Corp.
96,880
18,889,662
Gilead Sciences, Inc.
118,425
15,420,119
Jazz Pharmaceuticals PLC(a)
39,844
10,074,954
Johnson & Johnson
197,773
50,699,109
Pfizer, Inc.
390,108
9,756,601
Thermo Fisher Scientific, Inc.
66,570
38,231,151
 
199,967,952
Semiconductors & Semiconductor Equipment — 3.9%
Applied Materials, Inc.
20,344
10,328,038
Intel Corp.(a)
216,840
19,558,968
Marvell Technology, Inc.
45,567
8,546,547
Texas Instruments, Inc.
119,148
32,853,870
 
71,287,423
Software & Services — 7.4%
Akamai Technologies, Inc.(a)
81,092
9,340,177
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Description
 
 
 
Shares
Value ($)
Equity Securities - Common Stocks — 98.9% (continued)
Software & Services — 7.4% (continued)
Dolby Laboratories, Inc., Cl. A
187,026
10,998,999
International Business Machines Corp.
76,916
17,202,263
Microsoft Corp.
183,509
85,280,303
Nutanix, Inc., Cl. A(a)
238,845
14,094,243
 
136,915,985
Technology Hardware & Equipment — 4.4%
Cisco Systems, Inc.
436,704
50,653,297
NetApp, Inc.
117,624
20,995,884
Seagate Technology Holdings PLC
10,471
8,964,537
 
80,613,718
Telecommunication Services — 1.6%
AT&T, Inc.
1,287,228
29,928,051
Transportation — 2.7%
CSX Corp.
265,247
13,368,449
Delta Air Lines, Inc.
413,247
36,134,317
 
49,502,766
Utilities — 1.0%
Constellation Energy Corp.
36,524
9,596,681
NRG Energy, Inc.
67,781
9,102,310
 
18,698,991
Total Equity Securities - Common Stocks
(cost $1,630,841,068)
1,818,772,509
 
 
 
1-Day
Yield (%)
 
 
 
Investment Companies — 1.3%
Registered Investment Companies — 1.3%
BNY Dreyfus Institutional Preferred Government Money Market Fund, Institutional
Shares(d)
(cost $23,285,217)
3.64
23,285,217
23,285,217
Total Investments (cost $1,654,126,285)
 
    100.2%
1,842,057,726
Liabilities, Less Cash and Receivables
 
      (.2%)
   (3,048,320)
Net Assets
    100.0%
1,839,009,406
 
(a)
Non-income producing security.
(b)
Investment in real estate investment trust within the United States.
(c)
Security, or portion thereof, on loan. At July 31, 2026, the value of the fund’s securities on loan was $3,772,192 and the value of the collateral was
$3,959,703, consisting of U.S. Government & Agency securities. In addition, the value of collateral may include pending sales that are also on loan.
(d)
Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s
prospectus.
See notes to schedule of investments.
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Schedule of Investments
BNY Mellon Dynamic Value ETF
July 31, 2026 (Unaudited)
The following is a summary of the inputs used as of July 31, 2026 in valuing the fund’s investments: 
 
Level 1 -
Unadjusted
Quoted Prices
Level 2- Other
Significant
Observable Inputs
Level 3-
Significant
Unobservable
Inputs
Total
Assets ($)
Investments in Securities:†
Equity Securities - Common Stocks
1,818,772,509
—
—
1,818,772,509
Investment Companies
23,285,217
—
—
23,285,217
 
1,842,057,726
—
—
1,842,057,726
 
†
See Schedule of Investments for additional detailed categorizations, if any.
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The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. 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 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:
BNY Mellon ETF Trust II’s (the “Trust”) Board of Trustees (the “Board”) has designated the Adviser as the fund’s valuation designee to make all fair value determinations with respect to the fund’s portfolio of investments, subject to the Board’s oversight.
The fund’s equity investments, including shares of REITs and ETFs, if any, (but not including investments in other open-end registered investment companies), generally are valued at the last sales price on the day of valuation of the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Association of Securities Dealers Automated Quotation System (“NASDAQ”) markets generally will be valued at the official closing price. If there are no transactions in a security, or no official closing prices for a NASDAQ market-listed security on that day, the security will be valued at the average of the most recent bid and asked prices. Bid price is used when no asked price is available. Open short positions for which there is no sale price on a given day are valued at the lowest asked price. Investments in other open-end investment companies are valued at their reported NAVs each day. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.
Restricted securities, as well as securities or other assets for which recent market quotations are not readily available or are determined not to reflect fair value accurately, are valued at fair value as determined in good faith based on procedures approved by the Board. Fair value of investments may be determined by the valuation designee using such information as it deems appropriate under the circumstances. The factors that may be considered when fair valuing a security include fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. Using fair value to price investments may result in a value that is different from a security’s most recent closing price and from the prices used by other funds to calculate their NAVs. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
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. The securities on loan, if any, are also disclosed in the fund’s Schedule of Investments. The fund is entitled to
7
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.
At July 31, 2026, accumulated net unrealized appreciation on investments was $187,931,441, consisting of $208,739,189 gross unrealized appreciation and $20,807,748 gross unrealized depreciation.
At July 31, 2026, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Schedule of Investments).
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.
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