BNY Mellon ETF Trust II 提交截至2026年8月31日财年的年报

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-23977

BNY Mellon ETF Trust II

(Exact name of registrant as specified in charter)

240 Greenwich Street

New York, New York 10286

(Address of Principal Executive Officer) (Zip Code)

Deirdre Cunnane, Esq.

240 Greenwich Street

New York, New York 10286

(Name and Address of Agent for Service)

Registrant's telephone number, including area code:

(212) 922-6400

Date of fiscal year end:

8/31

Date of reporting period:

8/31/26

The following N-CSR relates only to the Registrant's series listed below and does not relate to any series of the Registrant with a different fiscal year end and, therefore, different N-CSR reporting requirements. A separate N-CSR will be filed for any series with a different fiscal year end, as appropriate.

BNY Mellon Enhanced Dividend and Income ETF
BNY Mellon Core Plus ETF
BNY Mellon Active Core Bond ETF
BNY Mellon Municipal Opportunities ETF
BNY Mellon Municipal Intermediate ETF
BNY Mellon Municipal Short Duration ETF

ITEM 1 - Reports to Stockholders

BNY Mellon Enhanced Dividend and Income ETF

ANNUAL
SHAREHOLDER
REPORT

August 31, 2026

Ticker – BEDY (The Nasdaq Stock Market LLC)

This annual shareholder report contains important information about BNY Mellon Enhanced Dividend and Income ETF (the “Fund”) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at bny.com/investments/etfliterature. You can also request this information by calling 1-833-383-2696 or calling your financial adviser.

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 Enhanced Dividend and Income ETF^*	$79	0.71%

*	During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Predecessor Fund’s investment adviser, BNY Mellon Investment Adviser, Inc.

How did the Fund perform last year ?

For the 12-month period ended August 31, 2026, the Fund’s shares returned 23.15% on a net asset value basis and 23.40% on a market price basis.
In comparison, the Russell 1000^® Value Index (the “Index”) returned 29.72% for the same period.

What affected the Fund’s performance?

U.S. markets moved higher over the period as stronger corporate earnings and Artificial Intelligence (AI) spending overcame concerns about renewed conflict in the Middle East, rising inflation and global interest rates.
The strongest contributors to the Fund’s performance relative to the Index included stock selection in communication services and energy, and sector positioning in consumer discretionary.
The most significant detractors included stock selection and sector positioning in information technology, materials and financials, including not owning the high-growth AI names in the Index.

How did the Fund perform over the past 10 years?

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 September 1 , 2016 through August 31, 2026
Initial Investment of $10,000

Fund Performance - Growth of 10K

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 Russell 1000^® Index (a broad-based index), Russell 1000^® Value Index and Dow Jones U.S. Select Dividend™ Index on 8/31/2016. The performance shown takes into account applicable fees and expenses of the Fund, including management fees, 12b-1 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 8/31/26 )

	1YR	5YR	10YR
BNY Mellon Enhanced Dividend and Income ETF - NAV Return	23.15%	14.21%	12.96%
Russell 1000^® Index (broad-based index)	19.77%	12.10%	15.13%
Russell 1000^® Value Index^*	29.72%	11.84%	11.76%
Dow Jones U.S. Select Dividend™ Index^**	19.19%	10.80%	10.87%

*	Effective December 8, 2025, the Russell 1000^® Value Index was added as the Fund’s performance benchmark.
**	The Dow Jones US Select Dividend Index was the performance benchmark of BNY Mellon Income Stock Fund, the Predecessor Fund. Performance of the index will not be shown in the future.

Periods prior to the inception date of the Fund’s ETF shares (12/5/2025) reflect the performance of BNY Mellon Income Stock Fund’s Class M shares. Such performance figures have not been adjusted to reflect applicable fees and expenses of the Fund’s ETF shares.

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 8/31/26 )

Fund Size (Millions)	Number of Holdings	Total Advisory Fee Paid During Period	Annual Portfolio Turnover
$243	59	$818,671	134.24%

Portfolio Holdings (as of 8/31/26 )

Top Ten Holdings (Based on Net Assets) ^*

Graphical Representation - Top N Holdings Chart

* 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

How has the Fund changed?

On December 5, 2025, BNY Mellon Income Stock Fund (“Predecessor Fund”), a series of BNY Mellon Funds Trust, was reorganized into the Fund (“Reorganization”). The Fund commenced operations upon completion of the Reorganization and continues the operations of the Predecessor Fund. Prior to the Reorganization, the Predecessor Fund’s Class A, Class C, Class I, Class Y, and Investor shares redesignated into Class M shares. In addition, the Predecessor Fund’s Class M shares effected a reverse share split to approximate the net asset value per share of the Fund prior to the Reorganization. Prior to the Reorganization, the Predecessor Fund discontinued the imposition of distribution fees, which had previously been paid to BNY Mellon Securities Corporation, the Predecessor Fund’s distributor (“Distributor”), at an annual rate of .75% of the value of Class C shares based on average daily net assets. The Predecessor Fund also discontinued the imposition of shareholder services fees, which had previously been paid to the Distributor at an annual rate of .25% of the value of each of the Predecessor Fund’s Investor, Class A and Class C shares based on average daily net assets. At the time of the Reorganization, the expense limitation agreement with the Predecessor Fund’s investment adviser was discontinued.

Changes in or Disagreements with Accountants

Starting December 5, 2025, in connection with the Reorganization noted above, Ernst & Young LLP (“EY”) became the independent registered public accounting firm of the Fund and KPMG LLP was discharged as the Predecessor Fund’s accounting firm. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon ETF Trust II. There were no disagreements with the former accounting firm during the Predecessor Fund’s fiscal years ended August 31, 2025 and August 31, 2024 and the subsequent interim period through December 5, 2025.

This is a summary of certain changes to the Fund since September 1, 2025 . For more complete information, you may review the Fund’s current prospectus dated December 5, 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

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

Code-4870AR0826

TSR- BNY Investment Logo

BNY Mellon Core Plus ETF

ANNUAL
SHAREHOLDER
REPORT

August 31, 2026

Ticker – BCPL (NYSE Arca, Inc.)

This annual shareholder report contains important information about BNY Mellon Core Plus ETF (the “Fund”) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at bny.com/investments/etfliterature. You can also request this information by calling 1-833-383-2696 or calling your financial adviser.

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 Core Plus ETF	$53	0.52%

How did the Fund perform last year ?

For the 12-month period ended August 31, 2026, the Fund’s shares returned 2.16% on a net asset value basis and 2.36% on a market price basis.
In comparison, the Bloomberg U.S. Aggregate Bond Index returned 1.89% for the same period.

What affected the Fund’s performance?

Despite higher interest rates, bond markets delivered positive total returns. Risk assets also performed well, supported by a strong labor market and a favorable domestic economic outlook.
The strongest contributors to the Fund’s relative performance came from overweight allocations to high yield corporate and emerging market debt.
Security selection in the municipal, sovereign utility and financial hybrid sectors, along with certain non-U.S. interest rate positions, also contributed meaningfully to relative performance.
Interest rate positioning was a headwind throughout the reporting period, as inflation failed to moderate meaningfully, and front-end interest rates remained stubbornly high.

How did the Fund perform over the past 10 years?

Cumulative Performance from September 1 , 2016 through August 31, 2026
Initial Investment of $10,000

Fund Performance - Growth of 10K

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. Aggregate Bond Index (a broad-based index) and Bloomberg U.S. Intermediate Credit Index on 8/31/2016. 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 8/31/26 )

	1YR	5YR	10YR
BNY Mellon Core Plus ETF - NAV Return	2.16%	1.58%	3.19%
Bloomberg U.S. Aggregate Bond Index (broad-based index)	1.89%	-0.29%	1.40%
Bloomberg U.S. Intermediate Credit Index ^*	2.36%	1.61%	2.61%

Effective January 12, 2026, the date shares of the Fund began trading on NYSE Arca, Inc., the Fund will no longer use the Bloomberg U.S. Intermediate Credit Index as a performance-based benchmark. Insight North America LLC, the Fund’s sub-adviser, believes the Bloomberg U.S. Aggregate Bond Index is a more appropriate performance comparison given the Fund’s investment strategy and Insight North America LLC’s investment process. Performance of the index will not be shown in the future.

Periods prior to the inception date of the Fund’s ETF shares (1/9/2026) reflect the performance of BNY Mellon Corporate Bond Fund’s Class M shares. Such performance figures have not been adjusted to reflect applicable fees and expenses of the Fund’s ETF shares.

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 8/31/26 )

Fund Size (Millions)	Number of Holdings	Total Advisory Fee Paid During Period	Annual Portfolio Turnover
$309	364	$1,409,990	190.66%

Portfolio Holdings (as of 8/31/26 )

Sector Allocation (Based on Net Assets)

Graphical Representation - Top N Holdings Chart

Allocation of Holdings (Based on Net Assets)

Graphical Representation - Allocation 1 Chart

* Amount represents less than .1%.

How has the Fund changed?

On January 9, 2026, BNY Mellon Corporate Bond Fund (“Predecessor Fund”), a series of BNY Mellon Funds Trust, was reorganized into the Fund (“Reorganization”). The Fund commenced operations upon completion of the Reorganization and continues the operations of the Predecessor Fund. Prior to the Reorganization, the Predecessor Fund’s Investor Shares redesignated into Class M shares. In addition, the Predecessor Fund’s Class M shares effected a reverse share split to approximate the net asset value per share of the Fund prior to the Reorganization. Prior to the Reorganization, the Predecessor Fund discontinued the imposition of shareholder services fees, which had previously been paid to BNY Mellon Securities Corporation, the Predecessor Fund’s distributor (“Distributor”), at an annual rate of .25% of the value of Investor class shares based on average daily net assets.
In addition, effective October 1, 2025, BNY Mellon Investment Adviser, Inc., the Predecessor Fund’s investment adviser, engaged its affiliate, Insight North America LLC (“INA”), to serve as the sub-adviser to the Predecessor Fund.

Changes in or Disagreements with Accountants

Starting January 9, 2026, in connection with the Reorganization noted above, Ernst & Young LLP (“EY”) became the independent registered public accounting firm of the Fund and KPMG LLP was discharged as the Predecessor Fund’s accounting firm. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon ETF Trust II. There were no disagreements with the former accounting firm during the Predecessor Fund’s fiscal years ended August 31, 2025 and August 31, 2024 and the subsequent interim period through January 9, 2026.

This is a summary of certain changes to the Fund since September 1, 2025 . For more complete information, you may review the Fund’s current prospectus dated December 31, 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

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

Code-4871AR0826

TSR- BNY Investment Logo

BNY Mellon Active Core Bond ETF

ANNUAL
SHAREHOLDER
REPORT

August 31, 2026

Ticker – BKFI (NYSE Arca, Inc.)

This annual shareholder report contains important information about BNY Mellon Active Core Bond ETF (the “Fund”) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at bny.com/investments/etfliterature. You can also request this information by calling 1-833-383-2696 or calling your financial adviser.

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 Active Core Bond ETF	$53	0.53%

How did the Fund perform last year ?

For the 12-month period ended August 31, 2026, the Fund’s shares returned 0.99% on a net asset value basis and 0.78% on a market price basis.
In comparison, the Bloomberg U.S. Aggregate Bond Index (the “Index”) returned 1.89% for the same period.

What affected the Fund’s performance?

Despite higher interest rates, bond markets delivered positive total returns. Risk assets also performed well, supported by a strong labor market and a favorable domestic economic outlook.
The strongest contributors to the Fund’s performance relative to the Index included overweight allocations to corporate bonds, emerging markets, asset-backed securities and non-agency mortgage-backed securities.
Within the corporate bond sector, overweight positions in high yield, banks, utilities and finance companies were beneficial, as was security selection favoring non-traditional asset-backed securities sectors and collateralized loan obligations.
Interest rate positioning detracted from relative performance throughout the period, as inflation failed to moderate meaningfully and front-end interest rates remained stubbornly high.
Overweight exposure to agency mortgage-backed securities and underweight exposure to commercial mortgage-backed securities also detracted, as did security selection within taxable municipals.

How did the Fund perform over the past 10 years?

Cumulative Performance from September 1 , 2016 through August 31, 2026
Initial Investment of $10,000

Fund Performance - Growth of 10K

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. Aggregate Bond Index (a broad-based index), Bloomberg U.S. Government/Credit Bond Index (a broad-based index) and Bloomberg U.S. Intermediate Government/Credit Index on 8/31/2016. 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 8/31/26 )

	1YR	5YR	10YR
BNY Mellon Active Core Bond ETF - NAV Return	0.99%	1.13%	1.78%
Bloomberg U.S. Aggregate Bond Index (broad-based index)^*	1.89%	-0.29%	1.40%
Bloomberg U.S. Government/Credit Bond Index (broad‑based index)^**	1.51%	-0.51%	1.44%
Bloomberg U.S. Intermediate Government/Credit Index^**	1.80%	1.05%	1.90%

Effective January 12, 2026, the date shares of the Fund began trading on NYSE Arca, Inc., the Fund’s broad-based benchmark will be the Bloomberg U.S. Aggregate Bond Index. Additionally, effective January 12, 2026, the Fund will no longer use the Bloomberg U.S. Intermediate Government/Credit Index as a performance-based benchmark. Insight North America LLC, the Fund’s sub-adviser, believes the Bloomberg U.S. Aggregate Bond Index is a more appropriate performance comparison given the Fund’s investment strategy and Insight North America LLC’s investment process.

Performance of the indices will not be shown in the future.

Periods prior to the inception date of the Fund’s ETF shares (1/9/2026) reflect the performance of BNY Mellon Intermediate Bond Fund’s Class M shares. Such performance figures have not been adjusted to reflect applicable fees and expenses of the Fund’s ETF shares.

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 8/31/26 )

Fund Size (Millions)	Number of Holdings	Total Advisory Fee Paid During Period	Annual Portfolio Turnover
$249	292	$1,380,148	124.41%

Portfolio Holdings (as of 8/31/26 )

Sector Allocation (Based on Net Assets)

Graphical Representation - Top N Holdings Chart

Allocation of Holdings (Based on Net Assets)

Graphical Representation - Allocation 1 Chart

How has the Fund changed?

On January 9, 2026, BNY Mellon Intermediate Bond Fund (“Predecessor Fund”), a series of BNY Mellon Funds Trust, was reorganized into the Fund (“Reorganization”). The Fund commenced operations upon completion of the Reorganization and continues the operations of the Predecessor Fund. Prior to the Reorganization, the Predecessor Fund’s Investor Shares redesignated into Class M shares. In addition, the Predecessor Fund’s Class M shares effected a reverse share split to approximate the net asset value per share of the Fund prior to the Reorganization. Prior to the Reorganization, the Predecessor Fund discontinued the imposition of shareholder services fees, which had previously been paid to BNY Mellon Securities Corporation, the Predecessor Fund’s distributor (“Distributor”), at an annual rate of .25% of the value of Investor class shares based on average daily net assets.
In addition, effective October 1, 2025, BNY Mellon Investment Adviser, Inc., the Predecessor Fund’s investment adviser, engaged its affiliate, Insight North America LLC (“INA”), to serve as the sub-adviser to the Predecessor Fund.

Changes in or Disagreements with Accountants

Starting January 9, 2026, in connection with the Reorganization noted above, Ernst & Young LLP (“EY”) became the independent registered public accounting firm of the Fund and KPMG LLP was discharged as the Predecessor Fund’s accounting firm. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon ETF Trust II. There were no disagreements with the former accounting firm during the Predecessor Fund’s fiscal years ended August 31, 2025 and August 31, 2024 and the subsequent interim period through January 9, 2026.

This is a summary of certain changes to the Fund since September 1, 2025 . For more complete information, you may review the Fund’s current prospectus dated December 31, 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

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

Code-4872AR0826

TSR- BNY Investment Logo

BNY Mellon Municipal Opportunities ETF

ANNUAL
SHAREHOLDER
REPORT

August 31, 2026

Ticker – BMOP (The Nasdaq Stock Market LLC)

This annual shareholder report contains important information about BNY Mellon Municipal Opportunities ETF (the “Fund”) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at bny.com/investments/etfliterature. You can also request this information by calling 1-833-383-2696 or calling your financial adviser.

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 Municipal Opportunities ETF^*	$65	0.63%

*	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 August 31, 2026, the Fund’s shares returned 5.29% on a net asset value basis and 5.42% on a market price basis.
In comparison, the Bloomberg U.S. Municipal Bond Index (the “Index”) returned 4.12% for the same period.

What affected the Fund’s performance?

The municipal bond market generated a positive total return, the majority produced by yield, with modest price appreciation despite high volatility also supporting returns.
Relative to the Index, the Fund’s longer curve exposure was additive to performance.
The Fund also benefited from strong security selection and asset allocation due to greater credit exposure relative to the broader market.
The most significant detractors included overweight exposure to education bonds, as well as certain tactical duration hedging activity.

How did the Fund perform over the past 10 years?

Cumulative Performance from September 1 , 2016 through August 31, 2026
Initial Investment of $10,000

Fund Performance - Growth of 10K

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. Municipal Bond Index (a broad-based index) and S&P Municipal Bond Index (a broad-based index) on 8/31/2016. 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 8/31/26 )

	1YR	5YR	10YR
BNY Mellon Municipal Opportunities ETF - NAV Return	5.29%	0.77%	2.45%
Bloomberg U.S. Municipal Bond Index (broad-based index)^*	4.12%	0.54%	1.91%
S&P Municipal Bond Index (broad‑based index)^**	4.16%	0.79%	2.01%

*	Effective January 12, 2026, the date shares of the Fund began trading on The Nasdaq Stock Market LLC, the Fund’s broad-based benchmark will be the Bloomberg U.S. Municipal Bond Index. Insight North America LLC, the Fund’s sub-adviser, believes the Bloomberg index is a more appropriate comparisons given the Fund’s investment strategy and Insight North America LLC’s investment process.
**	Performance of the index will not be shown in the future.

Periods prior to the inception date of the Fund’s ETF shares (1/9/2026) reflect the performance of BNY Mellon Municipal Opportunities Fund’s Class M shares. Such performance figures have not been adjusted to reflect applicable fees and expenses of the Fund’s ETF shares.

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 8/31/26 )

Fund Size (Millions)	Number of Holdings	Total Advisory Fee Paid During Period	Annual Portfolio Turnover
$1,749	669	$9,082,884	31.68%

Portfolio Holdings (as of 8/31/26 )

Sector Allocation (Based on Net Assets)

Graphical Representation - Top N Holdings Chart

State Allocation (Based on Net Assets)

Graphical Representation - Allocation 1 Chart

How has the Fund changed?

On January 9, 2026, BNY Mellon Municipal Opportunities Fund (“Predecessor Fund”), a series of BNY Mellon Funds Trust, was reorganized into the Fund (“Reorganization”). The Fund commenced operations upon completion of the Reorganization and continues the operations of the Predecessor Fund. Prior to the Reorganization, the Predecessor Fund’s Investor Shares redesignated into Class M shares. In addition, the Predecessor Fund’s Class M shares effected a reverse share split to approximate the net asset value per share of the Fund prior to the Reorganization. Prior to the Reorganization, the Predecessor Fund discontinued the imposition of shareholder services fees, which had previously been paid to BNY Mellon Securities Corporation, the Predecessor Fund’s distributor (“Distributor”), at an annual rate of .25% of the value of Investor class shares based on average daily net assets.
In addition, effective October 1, 2025, BNY Mellon Investment Adviser, Inc., the Predecessor Fund’s investment adviser, engaged its affiliate, Insight North America LLC (“INA”), to serve as the sub-adviser to the Predecessor Fund.
Effective July 13, 2026, BNY Mellon ETF Investment Adviser, LLC, the Fund’s Adviser, has agreed to waive receipt of a portion of its management fee in the amount of 0.05% of the value of the Fund's average daily net assets until December 31, 2027.

Changes in or Disagreements with Accountants

Starting January 9, 2026, in connection with the Reorganization noted above, Ernst & Young LLP (“EY”) became the independent registered public accounting firm of the Fund and KPMG LLP was discharged as the Predecessor Fund’s accounting firm. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon ETF Trust II. There were no disagreements with the former accounting firm during the Predecessor Fund’s fiscal years ended August 31, 2025 and August 31, 2024 and the subsequent interim period through January 9, 2026.

This is a summary of certain changes to the Fund since September 1, 2025 . For more complete information, you may review the Fund’s current prospectus dated December 31, 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

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

Code-4875AR0826

TSR- BNY Investment Logo

BNY Mellon Municipal Intermediate ETF

ANNUAL
SHAREHOLDER
REPORT

August 31, 2026

Ticker – BKMI (The Nasdaq Stock Market LLC)

This annual shareholder report contains important information about BNY Mellon Municipal Intermediate ETF (the “Fund”) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at bny.com/investments/etfliterature. You can also request this information by calling 1-833-383-2696 or calling your financial adviser.

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 Municipal Intermediate ETF	$44	0.43%

How did the Fund perform last year ?

For the 12-month period ended August 31, 2026, the Fund’s shares returned 2.90% on a net asset value basis and 2.86% on a market price basis.
In comparison, the Bloomberg Municipal 3-15 Years Blend Index (the “Index”) returned 2.72% for the same period.

What affected the Fund’s performance?

The municipal bond market generated a positive total return, primarily produced by yield, with modest price appreciation, despite high volatility, also supporting returns.
The strongest contributors to the Fund’s performance relative to the Index included longer intermediate curve exposure and relatively high credit exposure.
Overweight allocations to the education, tobacco and health care sectors were particular strengths.
The most significant detractors from relative performance included the Fund’s exposure to water & sewer and special tax securities.

How did the Fund perform over the past 10 years?

Cumulative Performance from September 1 , 2016 through August 31, 2026
Initial Investment of $10,000

Fund Performance - Growth of 10K

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. Municipal Bond Index (a broad-based index), S&P Municipal Bond Index (a broad-based index), Bloomberg Municipal 3-15 Years Blend Index and S&P Municipal Bond Investment Grade Intermediate Index on 8/31/2016. 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 8/31/26 )

	1YR	5YR	10YR
BNY Mellon Municipal Intermediate ETF - NAV Return	2.90%	0.74%	1.81%
Bloomberg U.S. Municipal Bond Index (broad-based index)^*	4.12%	0.54%	1.91%
S&P Municipal Bond Index (broad‑based index)^**	4.16%	0.79%	2.01%
Bloomberg Municipal 3-15 Years Blend Index^*	2.72%	0.81%	1.94%
S&P Municipal Bond Investment Grade Intermediate Index^**	2.75%	0.83%	1.90%

Effective January 12, 2026, the date shares of the Fund began trading on The Nasdaq Stock Market LLC, the Fund’s broad-based benchmark and performance-based benchmark will be the Bloomberg U.S. Municipal Bond Index and Bloomberg Municipal 3-15 Years Blend Index, respectively. Insight North America LLC, the Fund’s sub-adviser, believes the Bloomberg indexes are more appropriate comparisons given the Fund’s investment strategy and Insight North America LLC’s investment process.

Performance of the indices will not be shown in the future.

Periods prior to the inception date of the Fund’s ETF shares (1/9/2026) reflect the performance of BNY Mellon National Intermediate Municipal Bond Fund’s Class M shares. Such performance figures have not been adjusted to reflect applicable fees and expenses of the Fund’s ETF shares.

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 8/31/26 )

Fund Size (Millions)	Number of Holdings	Total Advisory Fee Paid During Period	Annual Portfolio Turnover
$1,665	529	$6,122,578	37.28%

Portfolio Holdings (as of 8/31/26 )

Sector Allocation (Based on Net Assets)

Graphical Representation - Top N Holdings Chart

State Allocation (Based on Net Assets)

Graphical Representation - Allocation 1 Chart

How has the Fund changed?

On January 9, 2026, BNY Mellon National Intermediate Municipal Bond Fund (“Predecessor Fund”), a series of BNY Mellon Funds Trust, was reorganized into the Fund (“Reorganization”). The Fund commenced operations upon completion of the Reorganization and continues the operations of the Predecessor Fund. Prior to the Reorganization, the Predecessor Fund’s Investor Shares redesignated into Class M shares. In addition, the Predecessor Fund’s Class M shares effected a reverse share split to approximate the net asset value per share of the Fund prior to the Reorganization. Prior to the Reorganization, the Predecessor Fund discontinued the imposition of shareholder services fees, which had previously been paid to BNY Mellon Securities Corporation, the Predecessor Fund’s distributor (“Distributor”), at an annual rate of .25% of the value of Investor class shares based on average daily net assets.
In addition, effective October 1, 2025, BNY Mellon Investment Adviser, Inc., the Predecessor Fund’s investment adviser, engaged its affiliate, Insight North America LLC (“INA”), to serve as the sub-adviser to the Predecessor Fund.

Changes in or Disagreements with Accountants

Starting January 9, 2026, in connection with the Reorganization noted above, Ernst & Young LLP (“EY”) became the independent registered public accounting firm of the Fund and KPMG LLP was discharged as the Predecessor Fund’s accounting firm. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon ETF Trust II. There were no disagreements with the former accounting firm during the Predecessor Fund’s fiscal years ended August 31, 2025 and August 31, 2024 and the subsequent interim period through January 9, 2026.

This is a summary of certain changes to the Fund since September 1, 2025 . For more complete information, you may review the Fund’s current prospectus dated December 31, 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

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

Code-4874AR0826

TSR- BNY Investment Logo

BNY Mellon Municipal Short Duration ETF

ANNUAL
SHAREHOLDER
REPORT

August 31, 2026

Ticker – BKMS (The Nasdaq Stock Market LLC)

This annual shareholder report contains important information about BNY Mellon Municipal Short Duration ETF (the “Fund”) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at bny.com/investments/etfliterature. You can also request this information by calling 1-833-383-2696 or calling your financial adviser.

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 Municipal Short Duration ETF^*	$41	0.41%

*	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.

How did the Fund perform last year ?

For the 12-month period ended August 31, 2026, the Fund’s shares returned 2.14% on a net asset value basis and 2.18% on a market price basis.
In comparison, the Bloomberg Municipal 1-3 Years Index (the “Index”) returned 2.13% for the same period.

What affected the Fund’s performance?

The municipal bond market generated a positive total return, primarily produced by yield, with modest price appreciation, despite high volatility, also supporting returns.
The strongest contributors to the Fund’s performance relative to the Index included favorable curve exposure and relatively high credit exposure.
Overweight allocations to the higher education, housing and health care sectors were particular strengths.
The most significant detractors from relative performance included the Fund’s exposure to water & sewer and special tax securities.

How did the Fund perform over the past 10 years?

Cumulative Performance from September 1 , 2016 through August 31, 2026
Initial Investment of $10,000

Fund Performance - Growth of 10K

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. Municipal Bond Index (a broad-based index), S&P Municipal Bond Index (a broad-based index), Bloomberg Municipal 1-3 Years Index and S&P Municipal Bond Investment Grade Short Index on 8/31/2016. 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 8/31/26 )

	1YR	5YR	10YR
BNY Mellon Municipal Short Duration ETF - NAV Return	2.14%	1.70%	1.51%
Bloomberg U.S. Municipal Bond Index (broad-based index)^*	4.12%	0.54%	1.91%
S&P Municipal Bond Index (broad‑based index)^**	4.16%	0.79%	2.01%
Bloomberg Municipal 1-3 Years Index^*	2.13%	1.62%	1.65%
S&P Municipal Bond Investment Grade Short Index^**	2.23%	1.75%	1.66%

Effective January 12, 2026, the date shares of the Fund began trading on The Nasdaq Stock Market LLC, the Fund’s broad-based benchmark and performance-based benchmark will be the Bloomberg U.S. Municipal Bond Index and Bloomberg Municipal 1-3 Years Index, respectively. Insight North America LLC, the Fund’s sub-adviser, believes the Bloomberg indexes are more appropriate comparisons given the Fund’s investment strategy and Insight North America LLC’s investment process.

Performance of the indices will not be shown in the future.

Periods prior to the inception date of the Fund’s ETF shares (1/9/2026) reflect the performance of BNY Mellon National Short-Term Municipal Bond Fund’s Class M shares. Such performance figures have not been adjusted to reflect applicable fees and expenses of the Fund’s ETF shares.

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 8/31/26 )

Fund Size (Millions)	Number of Holdings	Total Advisory Fee Paid During Period	Annual Portfolio Turnover
$429	253	$1,384,491	42.96%

Portfolio Holdings (as of 8/31/26 )

Sector Allocation (Based on Net Assets)

Graphical Representation - Top N Holdings Chart

State Allocation (Based on Net Assets)

Graphical Representation - Allocation 1 Chart

How has the Fund changed?

On January 9, 2026, BNY Mellon National Short-Term Municipal Bond Fund (“Predecessor Fund”), a series of BNY Mellon Funds Trust, was reorganized into the Fund (“Reorganization”). The Fund commenced operations upon completion of the Reorganization and continues the operations of the Predecessor Fund. Prior to the Reorganization, the Predecessor Fund’s Investor Shares redesignated into Class M shares. In addition, the Predecessor Fund’s Class M shares effected a reverse share split to approximate the net asset value per share of the Fund prior to the Reorganization. Prior to the Reorganization, the Predecessor Fund discontinued the imposition of shareholder services fees, which had previously been paid to BNY Mellon Securities Corporation, the Predecessor Fund’s distributor (“Distributor”), at an annual rate of .25% of the value of Investor class shares based on average daily net assets. At the time of the Reorganization, the expense limitation agreement with the Predecessor Fund’s investment adviser was discontinued.
In addition, effective October 1, 2025, BNY Mellon Investment Adviser, Inc., the Predecessor Fund’s investment adviser, engaged its affiliate, Insight North America LLC (“INA”), to serve as the sub-adviser to the Predecessor Fund.

Changes in or Disagreements with Accountants

Starting January 9, 2026, in connection with the Reorganization noted above, Ernst & Young LLP (“EY”) became the independent registered public accounting firm of the Fund and KPMG LLP was discharged as the Predecessor Fund’s accounting firm. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon ETF Trust II. There were no disagreements with the former accounting firm during the Predecessor Fund’s fiscal years ended August 31, 2025 and August 31, 2024 and the subsequent interim period through January 9, 2026.

This is a summary of certain changes to the Fund since September 1, 2025 . For more complete information, you may review the Fund’s current prospectus dated December 31, 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

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

Code-4873AR0826

TSR- BNY Investment Logo

Item 1. Reports to Stockholders (cont.).

(b) Not applicable.

Item 2. Code of Ethics.

(a)

As of the period ended August 31, 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 the period December 5, 2025 (commencement date) through August 31, 2026 for BNY Mellon Enhanced Dividend and Income ETF and for the period January 9, 2026 (commencement date) through August 31, 2026 for BNY Mellon Core Plus ETF, BNY Mellon Active Core Bond ETF, BNY Mellon Municipal Short Duration ETF, BNY Mellon Municipal Intermediate ETF and BNY Mellon Municipal Opportunities ETF 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 periods were $136,958.

(b) Audit-Related Fees

performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item were $38,202. These services consisted of security counts required by Rule 17f-2 under the 1940 Act.

The aggregate fees billed for the period December 5, 2025 (commencement date) through August 31, 2026 for BNY Mellon Enhanced Dividend and Income ETF and for the period January 9, 2026 (commencement date) through August 31, 2026 for BNY Mellon Core Plus ETF, BNY Mellon Active Core Bond ETF, BNY Mellon Municipal Short Duration ETF, BNY Mellon Municipal Intermediate ETF and BNY Mellon Municipal Opportunities ETF for professional services rendered to the Registrant by the principal accountant for tax compliance, tax advice and tax planning were $24,438. 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

(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 for the period December 5, 2025 (commencement date) through August 31, 2026 for BNY Mellon Enhanced Dividend and

Income ETF and for the period January 9, 2026 (commencement date) through August 31, 2026 for BNY Mellon Core Plus ETF, BNY Mellon Active Core Bond ETF, BNY Mellon Municipal Short Duration ETF, BNY Mellon Municipal Intermediate ETF and BNY Mellon Municipal Opportunities ETF were $1,907,676.

(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) 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) Not applicable.

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

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

BNY Mellon ETF Trust II

ANNUAL FINANCIALS AND OTHER INFORMATION

August 31, 2026

BNY Mellon Active Core Bond ETF: BKFI

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

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”).

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies	3
Schedule of Investments	3
Statement of Assets and Liabilities	13
Statement of Operations	14
Statement of Changes in Net Assets	15
Financial Highlights	17
Notes to Financial Statements	18
Report of Independent Registered Public Accounting Firm	30
Important Tax Information	31
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies	32
Item 9. Proxy Disclosures for Open-End Management Investment Companies	33
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	34
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts	35

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

BNY Mellon Active Core Bond ETF SCHEDULE OF INVESTMENTS

August 31, 2026

Description	Coupon Rate (%)	Maturity Date	Principal Amount ($)(a)	Value ($)
Asset-Backed Securities — 12.2%
Asset-Backed Certificates — 9.0%
Affirm Master Trust, Ser. 2026-1A, Cl. B(b)	4.57	2/15/2034	1,080,000	1,073,346
Affirm Master Trust, Ser. 2026-1A, Cl. C(b)	4.72	2/15/2034	1,010,000	1,003,155
Affirm Master Trust, Ser. 2026-2A, Cl. A(b)	4.67	4/16/2035	100,000	99,239
Amur Equipment Finance Receivables XV LLC, Ser. 2025-1A, Cl. A2(b)	4.70	9/22/2031	239,229	239,573
Aqua Finance Issuer Trust, Ser. 2026-A, Cl. A(b)	4.76	4/17/2051	273,505	269,763
BHG Owner Loan Trust, Ser. 2026-1CON, Cl. A(b)	4.81	6/17/2037	668,273	663,662
Castlelake Aircraft Structured Trust, Ser. 2026-2A, Cl. A(b)	5.33	4/15/2051	241,035	237,792
Compass Datacenters Issuer III LLC, Ser. 2026-1A, Cl. A21(b)	4.90	2/25/2056	478,885	464,443
Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, Ser. 2025-4A, Cl. A2(b)	5.52	12/20/2055	1,250,000	1,242,245
DataBank Issuer, Ser. 2026-1A, Cl. A2(b)	5.81	2/25/2056	367,000	363,415
DataBank Issuer II LLC, Ser. 2025-1A, Cl. A2(b)	5.18	9/27/2055	1,000,000	965,072
DB Master Finance LLC, Ser. 2026-1A, Cl. A2I(b)	5.20	5/20/2056	302,030	298,955
DLLMT LLC, Ser. 2026-1A, Cl. A3(b)	4.20	12/20/2029	314,000	311,599
Domino’s Pizza Master Issuer LLC, Ser. 2021-1A, Cl. A2II(b)	3.15	4/25/2051	145,875	132,756
Foundation Finance Trust, Ser. 2021-1A, Cl. C(b)	2.99	5/15/2041	160,202	155,508
GBX Leasing LLC, Ser. 2026-1A, Cl. A(b)	5.13	2/20/2056	195,818	189,602
GreenSky Home Improvement Issuer Trust, Ser. 2026-REV1, Cl. A(b)	4.93	5/15/2041	173,000	172,485
HPEFS Equipment Trust, Ser. 2024-2A, Cl. D(b)	5.82	4/20/2032	235,000	236,548
Instar Leasing V LLC, Ser. 2026-1A, Cl. A(b)	5.25	4/17/2056	235,798	229,844
Jersey Mike’s Funding LLC, Ser. 2024-1A, Cl. A2(b)	5.64	2/15/2055	541,750	539,765
MAPS Trust, Ser. 2026-1A, Cl. A(b)	5.20	1/15/2051	957,573	937,461
Merit DAC, Ser. 2026-1A, Cl. A(b)	4.85	2/15/2040	521,917	510,681
MetroNet Infrastructure Issuer LLC, Ser. 2025-4A, Cl. A2(b)	5.16	12/20/2055	1,099,000	1,082,880
MetroNet Infrastructure Issuer LLC, Ser. 2026-1A, Cl. A2(b)	5.27	4/20/2056	25,000	24,798
MTP ABS Funding LLC, Ser. 2026-1A, Cl. A2(b)	5.20	4/25/2056	1,013,158	1,000,620
NMEF Funding LLC, Ser. 2026-A, Cl. A3(b)	4.20	2/15/2034	148,000	146,446
Phantom Aviation, Ser. 2026-1A, Cl. A(b)	5.24	1/15/2051	344,713	334,550
PK ALIFT Loan Funding 8 LP, Ser. 2026-1, Cl. A(b)	4.61	9/15/2043	270,795	265,568
Post Road Equipment Finance LLC, Ser. 2026-1A, Cl. A2(b)	4.47	1/18/2033	100,000	99,647
Regional Management Issuance Trust, Ser. 2024-1, Cl. B(b)	6.45	7/15/2036	325,000	328,590
Retained Vantage Data Centers Issuer LLC, Ser. 2023-2A, Cl. A2(b)	5.05	9/15/2048	429,500	419,946
Retained Vantage Data Centers Issuer LLC, Ser. 2024-1A, Cl. A2(b)	4.99	9/15/2049	1,213,000	1,183,289
SoFi Consumer Loan Program Trust, Ser. 2026-1, Cl. B(b)	4.44	12/26/2035	1,000,000	990,345
SoFi Consumer Loan Program Trust, Ser. 2026-1, Cl. C(b)	4.74	12/26/2035	504,000	498,611
Stack Infrastructure Issuer LLC, Ser. 2025-1A, Cl. A2(b)	5.00	5/25/2050	1,000,000	964,199
Store Master Funding I-VII XIV XIX XX XXII XXIV XXXIV XXXVII XXXVIII, Ser. 2026-1A, Cl. A1(b)	5.22	6/20/2056	498,081	488,413
Trinity Rail Leasing 2025 LLC, Ser. 2026-1A, Cl. A(b)	5.35	4/19/2056	492,372	486,204
Triton Container Finance IX LLC, Ser. 2026-1A, Cl. A(b)	5.26	5/20/2051	881,250	867,446
Upgrade Master Pass-Thru Trust, Ser. 2026-ST4, Cl. B(b)	5.46	10/15/2035	299,594	299,695
VB-S1 Issuer LLC, Ser. 2026-1A, Cl. C2(b)	4.69	3/15/2056	361,000	349,486
Verizon Master Trust, Ser. 2024-6, Cl. C	4.67	8/20/2030	145,000	144,756
Verizon Master Trust, Ser. 2025-8, Cl. B(b)	4.41	8/22/2033	155,000	151,428
Verizon Master Trust, Ser. 2025-9, Cl. C	4.41	10/21/2030	325,000	323,854

SCHEDULE OF INVESTMENTS (continued)

Description	Coupon Rate (%)	Maturity Date	Principal Amount ($)(a)	Value ($)
Asset-Backed Securities — 12.2% (continued)
Asset-Backed Certificates — 9.0% (continued)
Wendy’s Funding LLC, Ser. 2025-1A, Cl. A2I(b)	5.42	12/15/2055	995,000	958,670
Zayo Issuer LLC, Ser. 2026-1A, Cl. A2(b)	5.55	4/20/2056	714,920	707,385
				22,453,735
Asset-Backed Certificates/Auto Receivables — 3.0%
Avis Budget Rental Car Funding AESOP LLC, Ser. 2023-1A, Cl. A(b)	5.25	4/20/2029	1,000,000	1,007,004
Avis Budget Rental Car Funding AESOP LLC, Ser. 2025-3A, Cl. B(b)	4.46	2/20/2030	625,000	613,621
Bridgecrest Lending Auto Securitization Trust, Ser. 2026-1, Cl. C	4.44	11/17/2031	504,000	499,266
Carvana Auto Receivables Trust, Ser. 2021-P4, Cl. D	2.61	9/11/2028	175,000	170,840
Carvana Auto Receivables Trust, Ser. 2022-P3, Cl. B	5.04	10/10/2028	250,000	250,472
Carvana Auto Receivables Trust, Ser. 2023-P2, Cl. C(b)	5.84	7/10/2029	190,000	192,404
Carvana Auto Receivables Trust, Ser. 2026-P3, Cl. C	5.70	2/10/2033	290,000	289,209
Exeter Automobile Receivables Trust, Ser. 2026-1A, Cl. C	4.40	5/17/2032	758,000	748,043
Ford Credit Auto Owner Trust, Ser. 2022-1, Cl. C(b)	4.67	11/15/2034	250,000	249,694
Ford Credit Auto Owner Trust, Ser. 2025-2, Cl. B(b)	4.67	2/15/2038	575,000	567,391
GLS Auto Receivables Issuer Trust, Ser. 2025-1A, Cl. B(b)	4.98	7/16/2029	800,000	802,171
Hertz Vehicle Financing III LLC, Ser. 2025-1A, Cl. A(b)	4.91	9/25/2029	150,000	148,772
LAD Auto Receivables Trust, Ser. 2026-1A, Cl. A3(b)	3.92	4/15/2031	574,000	566,549
Santander Drive Auto Receivables Trust, Ser. 2025-4, Cl. C	4.52	1/15/2032	750,000	744,466
Santander Drive Auto Receivables Trust, Ser. 2026-1, Cl. A3	3.93	7/15/2030	487,000	483,832
				7,333,734
Commercial Mortgage Pass-Through Certificates — .2%
US Bank NA, Ser. 2026-SUP1, Cl. B1(b)	5.50	6/27/2033	583,573	582,070
Total Asset-Backed Securities (cost $30,825,342)				30,369,539
Collateralized Loan Obligations — 4.5%
Collateralized Loan Obligations Debt — 4.5%
Benefit Street Partners 41 Ltd. CLO, Ser. 2025-41A, Cl. A, (3 Month TSFR +1.30%)(b),(c)	5.11	7/25/2038	250,000	250,756
Benefit Street Partners 47 Ltd. CLO, Ser. 2026-47A, Cl. A, (3 Month TSFR +1.19%)(b),(c)	4.94	4/15/2039	1,125,000	1,127,340
Churchill NCDLC LLC CLO-II, Ser. 2023-2A, Cl. AR, (3 Month TSFR +1.38%)(b),(c)	5.11	1/20/2039	1,500,000	1,493,251
Eldridge MMPC Ltd. CLO, Ser. 2026-1A, Cl. A1R, (3 Month TSFR +1.40%)(b),(c)	5.15	1/15/2037	1,250,000	1,250,593
Fortress Credit Opportunities XXXIII LLC CLO, Ser. 2026-33A, Cl. A1T, (3 Month TSFR +1.43%)(b),(c)	5.15	4/20/2038	1,500,000	1,502,707
HPS Loan Management Ltd., Ser. 2026-27A, Cl. A1, (3 Month TSFR +1.16%)(b),(c)	4.89	4/15/2039	1,294,240	1,295,141
MCF 11 LLC CLO, Ser. 2026-1A, Cl. A1, (3 Month TSFR +1.42%)(b),(c)	5.15	4/20/2038	1,500,000	1,487,748
PFP Ltd., Ser. 2026-14, Cl. A, (1 Month TSFR +1.32%)(b),(c)	4.96	12/18/2043	400,000	400,829
RIN XIII LLC, Ser. 2026-1A, Cl. D, (3 Month TSFR +2.85%)(b),(c)	6.60	4/15/2039	1,000,000	1,003,505
RR 44 Ltd., Ser. 2026-44A, Cl. A1A, (3 Month TSFR +1.17%)(b),(c)	4.92	4/15/2041	1,500,000	1,500,835
Total Collateralized Loan Obligations (cost $11,320,027)				11,312,705
Commercial Mortgage-Backed — 4.5%
Commercial Mortgage Pass-Through Certificates — 4.5%
A&D Mortgage Trust, Ser. 2026-NQM3, Cl. A1(b)	5.08	4/25/2071	845,060	836,618
Aspire Mortgage Trust, Ser. 2026-1, Cl. A1(b)	4.86	1/25/2066	481,172	474,334
Aspire Mortgage Trust, Ser. 2026-5, Cl. A2(b)	5.76	8/25/2066	118,644	118,322
Barclays Commercial Mortgage Trust, Ser. 2019-C5, Cl. A4	3.06	11/15/2052	225,000	211,837
BBCMS Mortgage Trust, Ser. 2026-5C40, Cl. A3	5.25	2/15/2059	1,190,000	1,194,134

Description	Coupon Rate (%)	Maturity Date	Principal Amount ($)(a)	Value ($)
Commercial Mortgage-Backed — 4.5% (continued)
Commercial Mortgage Pass-Through Certificates — 4.5% (continued)
BRAVO Residential Funding Trust, Ser. 2025-NQM8, Cl. A1(b)	5.08	6/25/2065	1,149,395	1,138,025
BX Commercial Mortgage Trust, Ser. 2026-CSMO, Cl. A, (1 Month TSFR +1.40%)(b),(c)	5.04	2/15/2043	450,000	451,715
COLT Mortgage Loan Trust, Ser. 2025-8, Cl. A1(b)	5.48	8/25/2070	986,077	983,065
COLT Mortgage Loan Trust, Ser. 2026-3, Cl. A1(b)	5.12	5/25/2071	98,322	97,226
Cross Mortgage Trust, Ser. 2024-H3, Cl. A2(b)	6.58	6/25/2069	220,184	220,901
Cross Mortgage Trust, Ser. 2026-NQM5, Cl. A1(b)	5.09	3/25/2071	154,361	152,417
EFMT, Ser. 2025-RTL1, Cl. A1(b)	5.22	11/25/2040	1,500,000	1,489,031
New Residential Mortgage Loan Trust, Ser. 2026-NQM2, Cl. A1(b)	4.74	12/25/2065	593,126	582,297
NYMT Loan Trust, Ser. 2026-INV2, Cl. A1(b)	5.48	4/25/2061	338,398	337,207
OBX Trust, Ser. 2026-NQM6, Cl. A1(b)	5.06	4/26/2066	353,040	348,726
Verus Securitization Trust, Ser. 2025-11, Cl. A1(b)	4.91	11/25/2070	1,095,862	1,083,175
Verus Securitization Trust, Ser. 2025-5, Cl. A1(b)	5.43	6/25/2070	740,040	738,299
Verus Securitization Trust, Ser. 2026-2, Cl. A3(b)	5.05	2/25/2071	692,079	679,952
Total Commercial Mortgage-Backed (cost $11,294,897)				11,137,281
Corporate Bonds and Notes — 40.7%
Aerospace & Defense — 1.0%
The Boeing Company, Sr. Unscd. Notes	5.15	5/1/2030	2,375,000	2,382,505
Airlines — 1.4%
American Airlines Pass-Through Trust, Ser. 2015-1, Cl. A	3.38	5/1/2027	1,119,702	1,109,802
Delta Air Lines Pass-Through Trust, Ser. 2020-1, Cl. AA	2.00	6/10/2028	2,564,946	2,480,322
				3,590,124
Automobiles & Components — 1.8%
Ford Motor Credit Co. LLC, Sr. Unscd. Notes	5.75	4/6/2033	600,000	590,751
Ford Motor Credit Co. LLC, Sr. Unscd. Notes	5.80	3/8/2029	710,000	715,883
General Motors Financial Co., Inc., Gtd. Notes	5.60	6/18/2031	2,000,000	2,022,922
Toyota Motor Credit Corp., Sr. Unscd. Notes(d)	5.55	11/20/2030	1,250,000	1,281,384
				4,610,940
Banks — 9.2%
Bank of America Corp., Sr. Unscd. Notes	5.47	1/23/2035	1,500,000	1,503,574
Bank of America Corp., Sub. Notes	5.49	4/23/2037	1,118,000	1,085,869
Barclays PLC, Sub. Notes	4.84	5/9/2028	1,000,000	998,304
Canadian Imperial Bank of Commerce, Jr. Sub. Notes(d)	6.50	7/28/2086	600,000	594,220
Citizens Financial Group, Inc., Sr. Unscd. Notes	5.25	3/5/2031	2,500,000	2,501,609
Citizens Financial Group, Inc., Sub. Notes	5.30	1/29/2036	60,000	58,601
Credit Agricole SA, Sr. Notes(b)	6.32	10/3/2029	2,245,000	2,303,140
HSBC Holdings PLC, Sr. Unscd. Notes	2.87	11/22/2032	1,570,000	1,389,818
JPMorgan Chase & Co., Jr. Sub. Notes, Ser. OO(e)	6.50	4/1/2030	1,130,000	1,148,781
JPMorgan Chase & Co., Sub. Notes	5.19	2/5/2037	1,187,000	1,139,242
Morgan Stanley, Sr. Unscd. Notes	4.71	3/12/2032	1,369,000	1,336,651
Morgan Stanley, Sr. Unscd. Notes	5.61	7/17/2037	111,000	109,942
Morgan Stanley, Sub. Notes	5.31	1/18/2041	623,000	590,962
NatWest Group PLC, Sr. Unscd. Notes	4.96	8/15/2030	1,375,000	1,373,635
Royal Bank of Canada, Jr. Sub. Notes	6.50	5/24/2086	965,000	945,539
Santander Holdings USA, Inc., Sr. Unscd. Bonds	7.66	11/9/2031	1,000,000	1,081,598
The Goldman Sachs Group, Inc., Sr. Unscd. Notes	4.69	10/23/2030	2,000,000	1,976,571
The PNC Financial Services Group, Inc., Sub. Notes	5.42	1/25/2041	669,000	640,332

SCHEDULE OF INVESTMENTS (continued)

Description	Coupon Rate (%)	Maturity Date	Principal Amount ($)(a)	Value ($)
Corporate Bonds and Notes — 40.7% (continued)
Banks — 9.2% (continued)
Wells Fargo & Co., Sr. Unscd. Notes(d)	4.96	1/23/2037	668,000	636,389
Wells Fargo & Co., Sr. Unscd. Notes	5.24	1/24/2031	1,540,000	1,548,624
				22,963,401
Beverage Products — .4%
Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes	4.75	1/23/2029	925,000	926,061
Consumer Discretionary — .4%
Las Vegas Sands Corp., Sr. Unscd. Notes	6.20	8/15/2034	900,000	910,531
Consumer Durables & Apparel — .2%
Levi Strauss & Co., Sr. Unscd. Notes(b),(d)	3.50	3/1/2031	525,000	485,734
Diversified Financials — 3.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Gtd. Notes	4.63	9/10/2029	1,590,000	1,572,480
American Express Co., Sr. Unscd. Notes	5.10	2/16/2028	1,345,000	1,348,736
Apollo Debt Solutions BDC, Sr. Unscd. Notes(b),(d)	5.70	1/23/2031	223,000	217,135
Ares Capital Corp., Sr. Unscd. Notes	2.88	6/15/2028	1,000,000	960,853
Blackstone Private Credit Fund, Sr. Unscd. Notes	5.35	3/12/2031	695,000	667,543
Blackstone Secured Lending Fund, Sr. Unscd. Notes	2.85	9/30/2028	880,000	833,710
Blackstone Secured Lending Fund, Sr. Unscd. Notes	5.25	9/4/2029	622,000	611,949
Capital One Financial Corp., Sub. Notes	6.18	1/30/2036	870,000	871,227
Goldman Sachs BDC, Inc., Sr. Unscd. Notes	5.10	1/28/2029	444,000	435,311
Intercontinental Exchange, Inc., Sr. Unscd. Notes	5.15	9/1/2033	81,000	80,726
LSEG US Fin Corp., Gtd. Notes(b)	5.25	3/23/2036	251,000	244,186
				7,843,856
Electronic Components — .1%
Jabil, Inc., Sr. Unscd. Notes	4.75	2/1/2033	209,000	200,079
Energy — 2.2%
Cheniere Energy Partners LP, Gtd. Notes(b),(d)	5.35	11/30/2036	143,000	139,146
Devon Energy Corp., Sr. Unscd. Notes(b)	4.38	3/15/2029	3,000,000	2,964,844
Phillips 66 Co., Gtd. Notes, Ser. B(d)	6.20	3/15/2056	760,000	751,081
Rio Grande LNG LLC, Sr. Scd. Notes(b)	5.25	6/30/2031	608,000	601,261
Sunoco LP, Gtd. Notes(b)	5.63	3/15/2031	500,000	496,837
Venture Global Plaquemines LNG LLC, Sr. Scd. Notes(b)	6.50	1/15/2034	400,000	413,833
				5,367,002
Environmental Control — .1%
GFL Environmental Holdings US, Inc., Gtd. Notes(b)	5.50	2/1/2034	206,000	193,286
Food Products — 1.0%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, Gtd. Notes(b),(d)	5.75	3/31/2034	400,000	376,539
Kraft Heinz Foods Co., Gtd. Notes	5.20	3/15/2032	1,250,000	1,247,025
Mars, Inc., Sr. Unscd. Notes(b)	5.70	5/1/2055	900,000	851,031
				2,474,595
Health Care — 2.9%
Abbott Laboratories, Sr. Unscd. Notes	5.50	3/15/2056	607,000	569,100
AbbVie, Inc., Sr. Unscd. Notes	3.20	11/21/2029	1,925,000	1,834,514
Amgen, Inc., Sr. Unscd. Notes(d)	5.65	2/19/2056	923,000	861,574
Augusta SpinCo Corp., Gtd. Notes	4.95	3/23/2033	240,000	234,873
Pfizer Investment Enterprises Pte Ltd., Gtd. Notes	4.75	5/19/2033	820,000	799,848
Takeda US Financing Inc., Gtd. Notes(d)	5.90	7/7/2055	550,000	532,928
UnitedHealth Group, Inc., Sr. Unscd. Notes	4.95	1/15/2032	2,035,000	2,023,291
UnitedHealth Group, Inc., Sr. Unscd. Notes(d)	5.95	6/15/2055	400,000	392,458
				7,248,586

Description	Coupon Rate (%)	Maturity Date	Principal Amount ($)(a)	Value ($)
Corporate Bonds and Notes — 40.7% (continued)
Industrial — .3%
DAE Funding LLC, Gtd. Notes(b)	4.95	1/15/2033	750,000	717,916
Information Technology — 1.5%
Fidelity National Information Services, Inc., Sr. Unscd. Notes	4.80	3/10/2031	454,000	444,803
Oracle Corp., Sr. Unscd. Notes	4.70	9/27/2034	1,390,000	1,226,853
Oracle Corp., Sr. Unscd. Notes	5.88	9/26/2045	1,000,000	825,109
Salesforce, Inc., Sr. Unscd. Notes	5.20	3/15/2033	979,000	967,041
ServiceNow, Inc., Sr. Unscd. Notes	5.40	5/15/2036	299,000	293,315
				3,757,121
Insurance — .7%
Athene Holding Ltd., Sr. Unscd. Notes	6.15	8/15/2036	297,000	294,011
Corebridge Financial, Inc., Jr. Sub. Notes(d)	6.38	9/15/2054	564,000	560,439
Liberty Mutual Group, Inc., Gtd. Notes(b)	5.25	5/1/2036	254,000	245,879
Lincoln National Corp., Sub. Notes	6.80	7/15/2056	306,000	304,192
Marsh & McLennan Companies, Inc., Sr. Unscd. Notes	4.95	3/15/2036	454,000	434,370
				1,838,891
Internet Software & Services — 1.2%
Alphabet, Inc., Sr. Unscd. Notes	5.65	2/15/2056	509,000	466,001
Alphabet, Inc., Sr. Unscd. Notes	6.38	8/15/2056	214,000	215,474
Amazon.com, Inc., Sr. Unscd. Notes	5.55	11/20/2065	800,000	693,739
Meta Platforms, Inc., Sr. Unscd. Notes(d)	5.25	5/15/2036	472,000	454,519
Meta Platforms, Inc., Sr. Unscd. Notes	5.63	11/15/2055	800,000	667,285
Prosus NV, Sr. Unscd. Notes(b)	5.87	7/13/2036	520,000	515,929
				3,012,947
Media — .3%
Space Exploration Technologies Corp., Sr. Unscd. Notes(b)	5.35	7/15/2031	474,000	463,485
Space Exploration Technologies Corp., Sr. Unscd. Notes(b),(d)	6.65	7/15/2056	406,000	361,608
				825,093
Metals & Mining — .7%
Commercial Metals Co., Sr. Unscd. Notes(b)	5.75	11/15/2033	755,000	743,546
Corp. Nacional del Cobre de Chile, Sr. Unscd. Notes(b)	5.53	1/30/2037	620,000	601,425
Sibanye-Stillwater UK Financing PLC, Gtd. Notes(b)	6.25	11/15/2031	200,000	197,723
Vedanta Resources Finance II PLC, Sr. Scd. Notes(b)	7.38	7/13/2034	250,000	250,600
				1,793,294
Real Estate — 1.9%
American Homes 4 Rent LP, Sr. Unscd. Notes	5.50	2/1/2034	1,000,000	992,316
Cousins Properties LP, Gtd. Notes	4.88	3/1/2033	726,000	694,725
Equinix Asia Financing Corp. Pte Ltd., Gtd. Notes	4.40	3/15/2031	372,000	358,334
Kilroy Realty LP, Gtd. Notes	5.88	10/15/2035	1,000,000	966,743
Ventas Realty LP, Gtd. Notes	5.63	7/1/2034	1,200,000	1,210,904
Vornado Realty LP, Sr. Unscd. Notes	5.75	2/1/2033	500,000	498,616
				4,721,638
Retailing — .8%
O’Reilly Automotive, Inc., Sr. Unscd. Notes	5.10	3/12/2036	162,000	156,149
The Home Depot, Inc., Sr. Unscd. Notes	4.85	6/25/2031	1,855,000	1,854,001
				2,010,150
Semiconductors & Semiconductor Equipment — 1.8%
Broadcom, Inc., Sr. Unscd. Notes	4.00	4/15/2029	3,325,000	3,254,558
Foundry JV Holdco LLC, Sr. Scd. Notes(b)	5.88	1/25/2034	1,000,000	992,374
Intel Corp., Sr. Unscd. Notes	4.65	6/1/2031	270,000	263,468
				4,510,400

SCHEDULE OF INVESTMENTS (continued)

Description	Coupon Rate (%)	Maturity Date		Principal Amount ($)(a)	Value ($)
Corporate Bonds and Notes — 40.7% (continued)
Telecommunication Services — 1.7%
AT&T, Inc., Sr. Unscd. Notes	4.30	2/15/2030		1,750,000	1,714,337
AT&T, Inc., Sr. Unscd. Notes	4.75	5/15/2046		1,000,000	802,793
Beacon Point DC LLC, Sr. Scd. Bonds(b)	6.13	11/30/2042		402,000	381,733
QTS Central Issuer LLC/ QTS TRS Central Issuer LLC, Sr. Scd. Notes(b)	6.63	9/1/2031		244,000	240,579
Verizon Communications, Inc., Jr. Sub. Notes	6.20	5/14/2056		100,000	96,801
Verizon Communications, Inc., Sr. Unscd. Notes	5.75	11/30/2045		1,000,000	934,193
					4,170,436
Transportation — .1%
FedEx Freight Holding Co., Inc., Gtd. Notes(b)	5.25	3/15/2036		254,000	240,653
Utilities — 5.9%
Ameren Corp., Sr. Unscd. Notes	5.00	5/15/2036		852,000	815,175
American Electric Power Co., Inc., Jr. Sub. Notes, Ser. D	6.05	3/15/2056		1,000,000	973,245
Black Hills Corp., Sr. Unscd. Notes	3.05	10/15/2029		2,000,000	1,887,547
CenterPoint Energy Houston Electric LLC, General Ref. Mortgage Bonds, Ser. AR	4.85	4/1/2036		331,000	315,906
CMS Energy Corp., Jr. Sub. Notes	6.50	6/1/2055		750,000	757,494
Constellation Energy Generation LLC, Sr. Unscd. Notes(d)	5.88	1/15/2066		400,000	373,503
Dominion Energy, Inc., Jr. Sub. Notes	6.25	12/15/2056		400,000	394,658
DTE Electric Co., First Mortgage Bonds, Ser. B	5.55	3/1/2056		379,000	351,356
DTE Energy Co., Jr. Sub. Notes, Ser. C	6.20	7/1/2058		467,000	465,351
Duke Energy Corp., Sr. Unscd. Notes(d)	5.70	9/15/2055		700,000	642,282
Entergy Corp., Jr. Sub. Notes	6.50	12/15/2056		109,000	108,823
Entergy Louisiana LLC, First Mortgage Bonds	4.90	4/15/2036		530,000	504,285
Exelon Corp., Jr. Sub. Notes	6.50	3/15/2055		700,000	705,900
Generadora de Gatun SA, Sr. Scd. Notes(b)	6.87	9/30/2044		200,000	202,159
Hawaiian Electric Co., Inc., Sr. Unscd. Notes(b),(d)	6.00	10/1/2033		500,000	493,561
Louisville Gas & Electric Co., First Mortgage Bonds	5.85	8/15/2055		350,000	336,272
NextEra Energy Capital Holdings, Inc., Gtd. Notes, Ser. CC	6.63	10/1/2066		466,000	454,675
NiSource, Inc., Jr. Sub. Notes	5.75	7/15/2056		900,000	886,876
NRG Energy, Inc., Gtd. Notes(b)	5.88	5/15/2034		146,000	142,413
Pacific Gas and Electric Co., First Mortgage Bonds	5.05	10/15/2032		500,000	488,456
Pacific Gas and Electric Co., First Mortgage Bonds	6.00	5/1/2056		683,000	623,431
PacifiCorp, First Mortgage Bonds	5.45	4/15/2033		789,000	785,476
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Sr. Unscd. Notes(b)	5.45	2/3/2036		200,000	188,822
Puget Energy, Inc., Jr. Sub. Notes	7.25	9/15/2056		377,000	378,103
Sierra Pacific Power Co., Jr. Sub. Notes	6.38	9/15/2056		534,000	532,036
Southern Co. Gas Capital Corp., Gtd. Notes(d)	6.05	9/15/2056		181,000	179,913
The AES Corp., Sr. Unscd. Notes	5.20	7/15/2029		286,000	286,157
Vistra Operations Co. LLC, Gtd. Notes(b)	5.35	1/31/2036		345,000	329,750
					14,603,625
Total Corporate Bonds and Notes (cost $103,674,700)					101,398,864
Foreign Governmental — 2.7%
Brazil, Sr. Unscd. Notes	5.50	4/23/2036	EUR	325,000	371,138
Brazil, Sr. Unscd. Notes	6.25	5/22/2036		298,000	289,060
Brazil, Sr. Unscd. Notes	7.25	1/12/2056		300,000	288,960
Colombia, Sr. Unscd. Notes	6.50	1/21/2033		800,000	799,600
Dominican Republic, Sr. Unscd. Notes(b)	5.75	3/17/2034		400,000	390,400
Eagle Funding Luxco Sarl, Sr. Unscd. Notes(b)	5.50	8/17/2030		500,000	499,875

Description	Coupon Rate (%)	Maturity Date		Principal Amount ($)(a)	Value ($)
Foreign Governmental — 2.7% (continued)
Israel, Sr. Unscd. Notes, Ser. 30Y(d)	5.75	3/12/2054		450,000	412,996
Japan Finance Organization for Municipalities, Sr. Unscd. Notes(b)	1.38	2/10/2031		1,670,000	1,449,017
Kuwait, Sr. Unscd. Notes(b)	4.65	10/9/2035		800,000	758,294
Mexico, Sr. Unscd. Notes	6.13	2/9/2038		600,000	578,850
Mexico, Sr. Unscd. Notes	6.25	8/27/2037		200,000	196,500
Panama, Sr. Unscd. Notes	5.66	2/23/2038		200,000	195,100
Romania, Sr. Unscd. Notes(b)	6.00	9/24/2044	EUR	210,000	227,710
Saudi Arabia, Sr. Unscd. Notes(b)	5.88	1/12/2056		300,000	278,537
Total Foreign Governmental (cost $6,878,758)					6,736,037
Municipal Securities — 1.3%
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. C	1.75	3/15/2028		2,155,000	2,067,011
State Board of Administration Finance Corp., Revenue Bonds, Ser. A	1.71	7/1/2027		1,315,000	1,286,751
Total Municipal Securities (cost $3,470,000)					3,353,762
U.S. Government Agencies Collateralized Mortgage Obligations — .5%
Federal National Mortgage Association, REMIC, Ser. 2013-39, Cl. UP(f) (cost $1,228,124)	2.50	5/25/2028		1,251,795	1,231,992
U.S. Government Agencies Commercial Mortgage-Backed — .8%
Government National Mortgage Association, Ser. 2012-135, Cl. AE (cost $2,155,286)	1.83	12/16/2052		2,277,013	1,896,103


U.S. Government Agencies Mortgage-Backed — 29.6%
Mortgage Pools — 24.1%
Federal Home Loan Mortgage Corp.:
2.00%, 12/1/2051(f)	10,477,407	8,330,381
2.50%, 4/1/2052-8/1/2052(f)	8,177,890	6,782,009
3.50%, 6/1/2035-12/1/2048(f)	4,395,016	4,144,157
4.50%, 2/1/2034(f)	76,823	75,847
5.00%, 12/1/2045-6/1/2053(f)	7,713,415	7,549,799
5.50%, 7/1/2040-6/1/2055(f)	7,573,388	7,610,087
6.00%, 9/1/2055(f)	1,524,902	1,550,224
Federal National Mortgage Association:
2.00%, 4/1/2051(f)	3,541,044	2,793,998
2.50%, 3/1/2052(f)	4,291,603	3,571,729
3.00%, 1/1/2050-12/1/2051(f)	7,023,553	6,076,446
4.50%, 8/1/2053(f)	1,796,937	1,707,809
5.50%, 8/1/2053-4/1/2056(f)	4,237,102	4,216,270
6.00%, 6/1/2054(f)	1,398,532	1,426,352
Government National Mortgage Association II:
3.50%, 8/20/2055	2,194,530	1,920,573
4.00%, 2/20/2055-3/20/2055	2,430,045	2,196,862
		59,952,543
TBA Purchased Commitments — 5.5%
Federal National Mortgage Association:
3.50%, 9/15/2055(f),(g)	750,000	665,068
4.00%, 9/15/2055(f),(g)	575,000	524,733
4.50%, 9/15/2056(f),(g)	1,650,000	1,548,646
5.00%, 9/15/2040(f),(g)	3,000,000	2,985,546

SCHEDULE OF INVESTMENTS (continued)

Description	Principal Amount ($)(a)	Value ($)
U.S. Government Agencies Mortgage-Backed — 29.6% (continued)
TBA Purchased Commitments — 5.5% (continued)
5.50%, 9/15/2055(f),(g)	7,550,000	7,473,511
6.00%, 9/15/2055(f),(g)	625,000	631,890
		13,829,394
Total U.S. Government Agencies Mortgage-Backed (cost $75,883,352)		73,781,937

	Coupon Rate (%)	Maturity Date
U.S. Treasury Securities — 6.5%
U.S. Treasury Bonds	4.63	11/15/2045	317,000	293,485
U.S. Treasury Bonds(d)	4.63	2/15/2046	3,325,000	3,075,625
U.S. Treasury Bonds(d)	4.63	11/15/2055	600,000	544,055
U.S. Treasury Bonds	4.75	2/15/2056	590,000	546,395
U.S. Treasury Bonds	4.88	8/15/2045	1,086,000	1,039,336
U.S. Treasury Bonds	5.00	5/15/2046	325,000	315,479
U.S. Treasury Bonds	5.13	8/15/2046	1,600,000	1,578,250
U.S. Treasury Inflation Indexed Bonds(h)	2.38	2/15/2055	1,234,000	1,148,059
U.S. Treasury Notes	3.75	5/15/2028	3,370,000	3,338,143
U.S. Treasury Notes(i)	3.88	4/30/2031	4,426,000	4,313,102
Total U.S. Treasury Securities (cost $16,542,919)				16,191,929

	1-Day Yield (%)	Shares
Investment Companies — 2.0%
Registered Investment Companies — 2.0%
BNY Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares(j) (cost $5,086,771)	3.64	5,086,771	5,086,771
Investment of Cash Collateral for Securities Loaned — .1%
Registered Investment Companies — .1%
BNY Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares(j) (cost $223,000)	3.64	223,000	223,000
Total Investments (cost $268,583,176)		105.4%	262,719,920
Liabilities, Less Cash and Receivables		(5.4%)	(13,556,907)
Net Assets		100.0%	249,163,013

CLO—Collateralized Loan Obligation

EUR—Euro

REMIC—Real Estate Mortgage Investment Conduit

TBA—To Be Announced

TSFR—Term Secured Overnight Financing Rate Reference Rates

(a)

Amount stated in U.S. Dollars unless otherwise noted above.

(b)

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 August 31, 2026, these securities amounted to $67,959,776 or 27.3% of net assets.

(c)

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.

(d)	Security, or portion thereof, on loan. At August 31, 2026, the value of the fund’s securities on loan was $10,431,183 and the value of the collateral was $10,807,381, consisting of cash collateral of $223,000 and U.S. Government & Agency securities valued at $10,584,381. In addition, the value of collateral may include pending sales that are also on loan.
(e)	Security is a perpetual security with no specified maturity date. Maturity date shown is next reset date of the security.
(f)	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.
(g)	Purchased on a forward commitment basis.
(h)	Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
(i)	Held by a broker in a segregated account as collateral for open futures positions.
(j)	Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.

TBA Sale Commitments
Description	Principal Amount ($)	Value ($)
U.S. Government Agencies Mortgage-Backed — (1.8%)
Federal National Mortgage Association:
2.50%, 9/15/2055(a),(b)	(1,200,000)	(979,033)
3.00%, 9/15/2055(a),(b)	(600,000)	(511,424)
3.50%, 9/15/2040(a),(b)	(2,000,000)	(1,877,862)
5.50%, 9/15/2040(a),(b)	(1,000,000)	(1,009,807)
Total Sale Commitments (Proceeds $4,389,749)		(4,378,126)

(a)

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.

(b)

Sold on a delayed delivery basis.

Affiliated Issuers
Description	Value ($) 8/31/2025	Purchases ($)†	Sales ($)	Value ($) 8/31/2026	Dividends/ Distributions ($)
Registered Investment Companies - 2.0%††
BNY Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares - 2.0%	-	104,339,732	(99,252,961)	5,086,771	68,126
BNY Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - .0%	5,808,795	16,517,421	(22,326,216)	-	25,018
Investment of Cash Collateral for Securities Loaned - .1%††
BNY Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares - .1%	-	8,784,691	(8,561,691)	223,000	8,879†††
BNY Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - .0%	888,983	45,416,004	(46,304,987)	-	9,428†††
Total - 2.1%	6,697,778	175,057,848	(176,445,855)	5,309,771	111,451

†

Includes reinvested dividends/distributions.

††

Effective January 9, 2026, due to the fund converting to an ETF, the cash vehicle and the cash collateral for securities lending was transferred from BNY

Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares to BNY Dreyfus Institutional Preferred Government Money

Market Fund, Institutional Shares.

†††

Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and

other payments to and from borrowers of securities.

SCHEDULE OF INVESTMENTS (continued)

Futures
Description	Number of Contracts	Expiration	Notional Value ($)	Market Value ($)	Unrealized Appreciation (Depreciation) ($)
Futures Long
2 Year U.S. Treasury Note	13	12/31/2026	2,673,552	2,668,047	(5,505)
5 Year U.S. Treasury Note	70	12/31/2026	7,424,762	7,399,219	(25,543)
U.S. Treasury Long-Term Bond	24	12/21/2026	2,614,376	2,607,000	(7,376)
Ultra U.S. Treasury Bond	144	12/21/2026	15,896,900	15,844,500	(52,400)
Futures Short
10 Year U.S. Treasury Note	6	12/21/2026	648,036	645,937	2,099
Euro-Bund	6	9/8/2026	879,674(a)	859,035	20,639
Euro-Buxl 30 Year Bond	2	9/8/2026	253,948(a)	240,812	13,136
Ultra 10 Year U.S. Treasury Note	8	12/21/2026	876,861	875,375	1,486
Gross Unrealized Appreciation					37,360
Gross Unrealized Depreciation					(90,824)

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

Forward Foreign Currency Exchange Contracts
Counterparty/ Purchased Currency	Purchased Currency Amounts	Currency Sold	Sold Currency Amounts	Settlement Date	Unrealized (Depreciation) ($)
Goldman Sachs & Co. LLC
United States Dollar	619,233	Euro	537,000	9/4/2026	(4,616)
Gross Unrealized Depreciation					(4,616)

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES

August 31, 2026

	Cost	Value
Assets ($):
Investments in securities—See Schedule of Investments (including securities on loan, valued at $10,431,183)—Note 2(c):
Unaffiliated issuers	263,273,405	257,410,149
Affiliated issuers	5,309,771	5,309,771
Cash denominated in foreign currency	34,631	34,887
Receivable for investment securities sold—TBA		4,389,749
Dividends, interest and securities lending income receivable		2,184,362
Receivable for futures variation margin—Note 5		452,805
		269,781,723
Liabilities ($):
Due to BNY Mellon ETF Investment Adviser, LLC—Note 4(b)		84,757
Payable for investment securities purchased—TBA		13,855,564
TBA sale commitments, at value (proceeds $4,389,749)—Note 5		4,378,126
Payable for investment securities purchased		1,578,381
Cash collateral due to broker—Note 5		467,658
Liability for securities on loan—Note 2(c)		223,000
Reorganization expense payable—Note 1		11,000
Unrealized depreciation on forward foreign currency exchange contracts—Note 5		4,616
Other accrued expenses		15,608
		20,618,710
Net Assets ($)		249,163,013
Composition of Net Assets ($):
Paid-in capital		282,800,265
Total distributable earnings (loss)		(33,637,252 )
Net Assets ($)		249,163,013
Shares Outstanding
Shares outstanding no par value (unlimited shares authorized)		10,581,435
Net Asset Value Per Share ($)		23.55
Market Price Per Share ($)		23.50

See notes to financial statements.

STATEMENT OF OPERATIONS

Year Ended August 31, 2026(a)


Investment Income ($):
Income:
Interest	15,573,800
Dividends:
Affiliated issuers	93,144
Affiliated income net of rebates from securities lending—Note 2(c)	18,307
Total Income	15,685,251
Expenses:
Management fee—Note 4(a)	1,380,148
Administration fee—Note 4(a)	215,193
Reorganization expense—Note 1	117,103
Registration fees	30,086
Professional fees	22,379
Trustees’ fees and expenses—Note 4(c)	19,855
Chief Compliance Officer fees—Note 4(b)	10,780
Prospectus and shareholders’ reports	5,727
Shareholder servicing costs—Note 4(b)	4,452
Shareholder and regulatory reports service fees—Note 4(b)	3,850
Custodian fees—Note 4(b)	1,395
Loan commitment fees—Note 3	1,249
Miscellaneous	1,644
Total Expenses	1,813,861
Net Investment Income	13,871,390
Realized and Unrealized Gain (Loss) on Investments—Note 5 ($):
Net realized gain (loss) on investments and foreign currency transactions	(662,837 )
Net realized gain (loss) on TBA sale commitments	63,302
Net realized gain (loss) on futures	(1,632,851 )
Net realized gain (loss) on forward foreign currency exchange contracts	2,627
Net Realized Gain (Loss)	(2,229,759 )
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions	(6,799,659 )
Net change in unrealized appreciation (depreciation) on TBA sale commitments	11,623
Net change in unrealized appreciation (depreciation) on futures	(53,464 )
Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts	(4,616 )
Net Change in Unrealized Appreciation (Depreciation)	(6,846,116 )
Net Realized and Unrealized Gain (Loss) on Investments	(9,075,875 )
Net Increase in Net Assets Resulting from Operations	4,795,515

(a)	After the close of business on January 9, 2026, BNY Mellon Intermediate Bond Fund (the “Predecessor Fund”) was reorganized into BNY Mellon Active Core Bond ETF. The amounts disclosed include those of the Predecessor Fund. See Note 1 for additional information on the reorganization.

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended August 31,
	2026(a),(b),(c)	2025(a)
Operations ($):
Net investment income	13,871,390	15,007,306
Net realized gain (loss) on investments	(2,229,759)	(4,562,720)
Net change in unrealized appreciation (depreciation) on investments	(6,846,116)	7,238,880
Net Increase (Decrease) in Net Assets Resulting from Operations	4,795,515	17,683,466
Distributions ($):
Distributions to shareholders:
ETF shares	(7,672,794)	-
Class M	(4,944,613)	(15,113,016)
Investor Shares	(83,307)	(216,542)
Total Distributions	(12,700,714)	(15,329,558)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Class M	18,430,372	61,708,466
Investor Shares	2,656,249	5,935,438
Net assets received in connection with reorganization—Note 1	388,466,587	-
Distributions reinvested:
Class M	894,583	2,662,156
Investor Shares	72,440	184,461
Cost of shares redeemed:
ETF shares	(130,749,127)	-
Class M	(437,177,416)	(122,074,488)
Investor Shares	(8,736,302)	(7,451,718)
Transaction fees—Note 6	196,124	-
Increase (Decrease) in Net Assets from Beneficial Interest Transactions	(165,946,490)	(59,035,685)
Total Increase (Decrease) in Net Assets	(173,851,689)	(56,681,777)
Net Assets ($):
Beginning of Period	423,014,702	479,696,479
End of Period	249,163,013	423,014,702

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Year Ended August 31,
	2026(a),(b),(c)	2025(a)
Capital Share Transactions (Shares):
ETF shares
Shares issued in connection with reorganization—Note 1	16,021,435	-
Shares redeemed	(5,440,000)	-
Net Increase (Decrease) in Shares Outstanding	10,581,435	-
Class M(d),(e)
Shares sold	759,666	2,582,714
Shares issued for distributions reinvested	36,892	111,218
Shares redeemed	(18,029,690)	(5,112,963)
Net Increase (Decrease) in Shares Outstanding	(17,233,132)	(2,419,031)
Investor Shares(d)
Shares sold	217,665	496,460
Shares issued for distributions reinvested	5,945	15,351
Shares redeemed	(717,527)	(622,613)
Net Increase (Decrease) in Shares Outstanding	(493,917)	(110,802)

(a)	The fund commenced offering ETF shares after the close of business January 9, 2026. The amounts disclosed include those of the Predecessor Fund. See Note 1 for additional information on the reorganization.
(b)	On December 26, 2025, the Predecessor Fund redesignated Investor Shares into Class M shares.
(c)	As of the close of business on January 9, 2026, pursuant to an Agreement and Plan of Reorganization (the “Agreement”) previously approved by the Predecessor Fund’s Board of Trustees (the “Predecessor Board”), all of the assets, subject to the liabilities, of the Predecessor Fund, a series of BNY Mellon Funds Trust, were transferred to the fund in a tax free exchange for ETF shares. Shareholders of Class M shares of the Predecessor Fund received ETF shares of the fund.
(d)	During the period ended August 31, 2026, 329,863 Investor Shares representing $4,007,348 were exchanged for 165,765 Class M shares and during the period ended August 31, 2025, 247,653 Class M shares representing $5,896,979 were exchanged for 493,261 Investor Shares.
(e)	After the close of business January 2, 2026, the Predecessor Fund Class M shares underwent a one for two reverse stock split. Share amounts presented here have been retroactively adjusted to reflect this split. See Note 1 for additional information on the reverse stock split.

See notes to financial statements.

FINANCIAL HIGHLIGHTS

Please note that financial highlights information in the following table for the fund’s ETF shares represents the financial highlights of the Predecessor Fund (Class M shares) for periods prior to the commencement of operations of the Fund’s ETF shares on January 9, 2026. On that date, all of the assets of the Predecessor Fund were transferred to the fund in exchange for ETF shares in a tax-free reorganization. Accordingly, financial highlights for periods after January 9, 2026 represent the results of the fund’s ETF shares.

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 August 31,
	2026(a)	2025(a)	2024(a)	2023(a)	2022(a)
Per Share Data ($):(b)
Net asset value, beginning of period	24.20	24.04	23.22	23.54	25.86
Investment Operations:
Net investment income(c)	.98	.80	.70	.56	.48
Net realized and unrealized gain (loss) on investments	(.75 )	.20	.82	(.26 )	(2.26 )
Total from Investment Operations	.23	1.00	1.52	.30	(1.78 )
Distributions:
Dividends from net investment income	(.89 )	(.84 )	(.70 )	(.62 )	(.54 )
Transaction fees(c)	.01	-	-	-	-
Net asset value, end of period	23.55	24.20	24.04	23.22	23.54
Market value, end of period	23.50	N/A	N/A	N/A	N/A
Total Return (%)	.99	4.22	6.66	1.26	(6.93 )
Market Price Total Return (%)	.78	N/A	N/A	N/A	N/A
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.53 (d)	.60	.59	.58	.56
Ratio of net expenses to average net assets	.53 (d)	.60 (e)	.59 (e)	.58 (e)	.56
Ratio of net investment income to average net assets	4.02 (d)	3.38 (e)	2.96 (e)	2.44 (e)	1.98
Portfolio Turnover Rate	124.41 (f)	64.17	39.92	26.10	31.46
Net Assets, end of period ($ x 1,000)	249,163	417,011	472,402	506,245	619,470

(a)	After the close of business January 2, 2026, the Predecessor Fund Class M shares underwent a one for two reverse stock split. The per share data presented here has been retroactively adjusted to reflect this split. See Note 1 for additional information on the reverse stock split.
(b)	The fund commenced offering ETF shares after the close of business January 9, 2026. The amounts disclosed include those of the Predecessor Fund. See Note 1 for additional information on the reorganization.
(c)	Based on average shares outstanding.
(d)	Amount does not include the expenses of the underlying funds.
(e)	Amount inclusive of reduction in fees due to earnings credits.
(f)	Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—

Organization:

BNY Mellon Active Core Bond ETF (the “fund”) is a separate diversified series of BNY Mellon ETF Trust II (the “Trust”), which is registered as a Massachusetts business trust under the Investment Company Act of 1940, as amended (the “Act”), as an open-end 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 total return (consisting of capital appreciation and current 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.

At the close of business on January 2, 2026, the Predecessor Fund’s Class M shares outstanding (the Predecessor Fund’s only existing share class) underwent a one for two reverse stock split, reducing the number of shares and increasing the net asset value per share proportionally, without affecting the total investment value or triggering a taxable event (the “Reverse Stock Split”). The Predecessor Fund’s Class M shares were adjusted to reflect the Reverse Stock Split.

As of the close of business on January 9, 2026, pursuant to the Agreement previously approved by the Predecessor Board, all of the assets, subject to the liabilities, of the Predecessor Fund, a series of BNY Mellon Funds Trust, were transferred to the fund in a tax free exchange for ETF shares. Shareholders of Class M shares of the Predecessor Fund received ETF shares of the fund in each case in an amount equal to the aggregate net asset value of their investment in the Predecessor Fund at the time of the exchange. On December 26, 2025, the Predecessor Fund redesignated Investor shares into Class M shares. The net asset value of the fund’s shares on the close of business on January 9, 2026, at the time of the reorganization was $24.25 for Class M shares, and a total of 16,021,435 Class M shares, representing net assets of $388,466,587 (including $553,483 net appreciation on investments) issued to shareholders of the Predecessor Fund in the exchange. The fund is the accounting survivor of the Predecessor Fund and the Predecessor Fund’s historical performance is presented for periods through January 9, 2026. As of the end of the reporting period, total reorganization costs attributable to the reorganization paid by the Predecessor Fund were $117,103, of which $11,000 is an open liability as of August 31, 2026.

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 fund does 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).

NOTES TO FINANCIAL STATEMENTS (continued)

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:

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.

Market quotations of foreign securities in foreign currencies and any fund assets or liabilities initially expressed in terms of foreign currency are translated into U.S. dollars at the spot rate.

NOTES TO FINANCIAL STATEMENTS (continued)

The following is a summary of the inputs used as of August 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 ($)
Investments in Securities:†
Asset-Backed Securities	—	30,369,539	—	30,369,539
Collateralized Loan Obligations	—	11,312,705	—	11,312,705
Commercial Mortgage-Backed	—	11,137,281	—	11,137,281
Corporate Bonds and Notes	—	101,398,864	—	101,398,864
Foreign Governmental	—	6,736,037	—	6,736,037
Municipal Securities	—	3,353,762	—	3,353,762
U.S. Government Agencies Collateralized Mortgage Obligations	—	1,231,992	—	1,231,992
U.S. Government Agencies Commercial Mortgage-Backed	—	1,896,103	—	1,896,103
U.S. Government Agencies Mortgage-Backed	—	73,781,937	—	73,781,937
U.S. Treasury Securities	—	16,191,929	—	16,191,929
Investment Companies	5,309,771	—	—	5,309,771
	5,309,771	257,410,149	—	262,719,920
Other Financial Instruments:
Futures††	37,360	—	—	37,360
	37,360	—	—	37,360
Liabilities ($)
Investments in Securities:†
U.S. Government Agencies Mortgage-Backed	—	(4,378,126)	—	(4,378,126)
Other Financial Instruments:
Forward Foreign Currency Exchange Contracts††	—	(4,616)	—	(4,616)
Futures††	(90,824)	—	—	(90,824)
	(90,824)	(4,382,742)	—	(4,473,566)

†

See Schedule of Investments for additional detailed categorizations, if any.

††

Amount shown represents unrealized appreciation (depreciation) at period end, but only variation margin on exchange-traded and centrally cleared derivatives,

if any, are reported in the Statement of Assets and Liabilities.

(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.

(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.

NOTES TO FINANCIAL STATEMENTS (continued)

Pursuant to a securities lending agreement with BNY, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Adviser or its affiliates, or U.S. Government and Agency securities. Any non-cash collateral received cannot be sold or re-pledged by the fund, except in the event of borrower default, and is not reflected in the Statement of Assets and Liabilities. The securities on loan, if any, are also disclosed in the fund’s Schedule of Investments. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, BNY is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and 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 August 31, 2026, BNY earned $2,366 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 August 31, 2026, the fund had securities lending and the impact of netting of assets and liabilities and the offsetting of collateral pledged or received, if any, based on contractual netting/set-off provisions in the securities lending agreement are detailed in the following table:

Assets ($)
Gross amount of securities loaned, at value, as disclosed in the Statement of Assets and Liabilities	10,431,183
Collateral (received)/posted not offset in the Statement of Assets and Liabilities	(10,431,183 )†
Net amount	-

†

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,

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

securities lending.

(d) Affiliated issuers: Investments in other investment companies advised by the Adviser or its affiliates are considered “affiliated” under the Act.

(e) Market Risk: The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed-income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide. Local, regional or global events such as war, military conflicts, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the fund and its investments.

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

NOTES TO FINANCIAL STATEMENTS (continued)

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. In addition, the rates on floating rate instruments adjust periodically with changes in market interest rates. Although these instruments are generally less sensitive to interest rate changes than fixed-rate instruments, the value of floating rate loans and other floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates.

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). During periods of reduced market liquidity, the fund may not be able to readily sell fixed-income securities at prices at or near their perceived value. If the fund needed to sell large blocks of fixed-income securities to raise cash, those sales could further reduce the prices of such securities. Although the fund is expected to normally engage in in-kind redemptions, for any portion of the transaction not redeemed in-kind, an unexpected increase in fund redemption 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 certain of 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. Economic and other market developments can adversely affect fixed-income securities markets. Regulations and business practices, for example, have led some financial intermediaries to curtail their capacity to engage in trading (i.e., “market making”) activities for certain fixed-income securities, which could have the potential to decrease liquidity and increase volatility in the fixed-income securities markets. 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. Further, some securities give the issuer the option to prepay or call the securities before their maturity date, which may reduce the market value of the security and the anticipated yield-to-maturity.

Mortgage-Backed Securities Risk: Mortgage-backed securities represent a participation in, or are secured by, mortgage loans. Certain of the mortgage-backed securities in which the fund may invest are not backed by the full faith and credit of the U.S. government and there can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities where it was not obligated to do so. The fund may also invest in non-agency mortgage-backed securities, including privately-issued mortgage pass-through securities, which generally offer a higher yield than similar securities issued by a government entity because of the absence of any direct or indirect government or agency payment guarantees. These mortgage-related securities typically do not have the same credit standing as U.S. government guaranteed mortgage-backed securities. In addition, some mortgage-related securities issued by private organizations may not be readily marketable, may be more difficult to value accurately and may be more volatile than similar securities issued by a government entity. Mortgage-backed securities tend to increase in value less than other debt securities when interest rates decline. When interest rates rise, the effective duration of the fund’s mortgage-backed and other asset-backed securities may lengthen due to a drop in prepayments of the underlying mortgages or other assets. This is known as extension risk and would increase the fund’s sensitivity to rising interest rates and its potential for price declines. Because of prepayment and extension risk, mortgage-backed securities react differently to changes in interest rates than other bonds. Small movements in interest rates may quickly and significantly

NOTES TO FINANCIAL STATEMENTS (continued)

affect the value of certain mortgage-backed securities. Transactions in mortgage-backed pass-through securities often occur through “to-be-announced transactions” or “TBA” transactions. Default by or bankruptcy of a counterparty to a TBA transaction could expose the fund to possible losses because of an adverse market action, expenses, or delays in connection with the purchase or sale of the pools of mortgage-backed pass-through securities specified in the TBA transaction.

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 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.

(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 August 31, 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 August 31, 2026, the fund did not incur any interest or penalties.

Each tax year in the four-year period ended August 31, 2026 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At August 31, 2026, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $2,062,416, accumulated capital losses $29,702,256 and unrealized depreciation $5,997,412.

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 August 31, 2026. The fund has $3,215,732 of short-term capital losses and $26,486,524 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 August 31, 2026 and August 31, 2025 were as follows: ordinary income $12,700,714 and $15,329,558, 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.

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE 3—

Bank Lines of Credit:

Prior to January 9, 2026, the Predecessor Fund had participated with other long-term open-end funds managed by the Predecessor Fund’s investment adviser, BNY Mellon Investment Adviser, Inc. (the “Predecessor Fund Adviser”) in a $738 million unsecured credit facility led by Citibank, N.A. (the “Citibank Credit Facility”) and a $300 million unsecured credit facility provided by BNY (the “BNY Credit Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions (each, a “Facility”). The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $618 million and is available to all long-term open-ended funds, including the Predecessor Fund, and (ii) Tranche B is an amount equal to $120 million and is available only to BNY Mellon Floating Rate Income Fund, a series of BNY Mellon Investment Funds IV, Inc. In connection therewith, the Predecessor Fund agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNY Credit Facility. Interest was charged to the Predecessor Fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended August 31, 2026, the Predecessor Fund did not borrow under either Facility.

NOTE 4—

Management Fee, Administration Fee, Sub-Advisory Fee and Other Transactions with Affiliates:

(a) Pursuant to a management agreement with the Adviser, the management fee is computed at the annual rate of .40% of the value of the fund’s average daily net assets and is payable monthly. Prior to January 9, 2026, the Predecessor Fund Adviser fee was computed at an annual rate of .40% of the Predecessor Fund’s average daily net assets, and was payable monthly.

The Bank of New York Mellon served as administrator for the Predecessor Fund pursuant to an Administration Agreement with BNY Mellon Funds Trust (the “Predecessor Administration Agreement”). The Bank of New York Mellon had entered into a Sub-Administration Agreement with the Predecessor Fund Adviser pursuant to which BNY paid the Predecessor Fund Adviser for performing certain administrative services. Pursuant to the Predecessor Administration Agreement, the Bank of New York Mellon had provided or arranged for fund accounting, transfer agency and other Predecessor Fund administration services and received a fee based on the total net assets of the BNY Mellon Funds Trust based on the following rates:

0 up to $6 billion	.15%
$6 billion up to $12 billion	.12%
In excess of $12 billion	.10%

Effective January 9, 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 .20% of the value of the fund’s average daily net assets. For the period October 1, 2025 to January 9, 2026, under a similar agreement between the Predecessor Fund Adviser and the Sub-Adviser, the Predecessor Fund Adviser paid the Sub-Adviser the same fee rate.

(b) The Predecessor Fund had adopted a Shareholder Services Plan with respect to its Investor shares. The Predecessor Fund paid the Distributor at an annual rate of .25% of the value of its Investor shares average daily net assets for the provision of certain services. The services provided may have included personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund, and services related to the maintenance of such shareholder accounts. The Shareholder Services Plan allowed the Distributor to make payments from the shareholder services fees it collected from the Predecessor Fund to compensate service agents (certain banks, securities brokers or dealers and other financial institutions) with respect to these services. The imposition of shareholder service fees was discontinued prior to the reorganization of the Predecessor Fund into the fund. During the period ended August 31,

NOTES TO FINANCIAL STATEMENTS (continued)

2026, Investor Shares were charged $4,440 pursuant to the Shareholder Services Plan.

The Predecessor Fund had an arrangement with BNY Mellon Transfer, Inc., (the “Transfer Agent”), a subsidiary of BNY and an affiliate of the Adviser, whereby the Predecessor Fund may have received earnings credits when positive cash balances were maintained, which were used to offset Transfer Agent fees. For financial reporting purposes, the fund includes transfer agent net earnings credits, if any, as an expense offset in the Statement of Operations.

The Predecessor Fund had an arrangement with The Bank of New York Mellon (the “Custodian”), a subsidiary of BNY and an affiliate of the Adviser, whereby the Predecessor Fund received interest income or was charged overdraft fees when cash balances were 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 Predecessor Fund compensated the Transfer Agent, under a transfer agency agreement, for providing cash management services for the Predecessor Fund. The Transfer Agent fees are comprised of amounts paid on cash management fees which are related to Predecessor Fund subscriptions and redemptions. BNY paid the Predecessor Fund’s Transfer Agent fees comprised of amounts paid on a per account basis out of the administration fee it received from the BNY Mellon Funds Trust. During the period ended August 31, 2026, there were no transfer agent cash management fees or earnings credits for the Predecessor Fund.

The Predecessor Fund compensated the Custodian, under a custody agreement, for providing custodial services for the Predecessor Fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended August 31, 2026, the Predecessor Fund was charged $1,395 pursuant to the custody agreement.

The Predecessor Fund compensated the Custodian, under a shareholder redemption draft processing agreement, for providing certain services related to the Predecessor Fund’s check writing privilege. During the period ended August 31, 2026, the Predecessor Fund was charged $12 pursuant to the agreement, which is included in Shareholder servicing costs in the Statement of Operations.

During the period ended August 31, 2026, the Predecessor Fund was charged $10,780 for services performed by the Predecessor Fund’s Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.

The Predecessor Fund compensated the Custodian for providing shareholder reporting and regulatory services for the Predecessor Fund. These fees are included in Shareholder and regulatory reports service fees in the Statement of Operations. During the period ended August 31, 2026, the Custodian was compensated $3,850 for financial reporting and regulatory services.

The components of “Due to BNY Mellon ETF Investment Adviser, LLC” in the Statement of Assets and Liabilities consist of: management fee of $84,757.

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

Each member of the Predecessor Board serves as a board member of other funds within BNY Mellon Funds Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets. As of the reorganization, members of the Predecessor Board are no longer board members of the fund.

NOTE 5—

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 August 31, 2026, amounted to $431,434,720 and $586,011,152, respectively.

TBA Securities: During the period ended August 31, 2026, the fund 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 for investment securities sold-TBA) and TBA sale commitments, at value, respectively.

NOTES TO FINANCIAL STATEMENTS (continued)

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 August 31, 2026, the amounts are as follows:

TBA Sale Commitments:	Assets ($)	Liabilities ($)
TBA forward receivables/payables (fair value)	4,389,749	(13,855,564 )
Amounts offset in the statement of financial position	-	-
Net amounts presented	4,389,749	(13,855,564 )
Financial instruments subject to MSFTA (not offset)	(4,378,126 )	13,829,394
Financial collateral (including cash) subject to MSFTA	-	-
Net amount	11,623	(26,170 )

Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. The fund enters into International Swaps and Derivatives Association, Inc. Master Agreements or similar agreements (collectively, “Master Agreements”) with its over-the counter (“OTC”) derivative contract counterparties in order to, among other things, reduce its credit risk to counterparties. Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under a Master Agreement, the fund may offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment in the event of default or termination. 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 August 31, 2026 is discussed below.

Broker Deposits: The amount included in Cash collateral payable to broker in the Statement of Assets and Liabilities represents cash balances that are due to one or more brokers, including collateral required for derivative contracts. Any income earned on cash balances due to 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 August 31, 2026 are set forth in the fund’s Schedule of Investments.

Forward Foreign Currency Exchange Contracts: The fund enters into forward contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to settle foreign currency transactions or as a part of its investment strategy. When executing forward contracts, the fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the future. With respect to sales of forward contracts, the fund incurs a loss if the value of the contract increases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract decreases between those dates. With respect to purchases of forward contracts, the fund incurs a loss if the value of the contract decreases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract increases between those dates. Any realized or unrealized gains or losses which occurred during the period are reflected in the Statement of Operations. The fund is exposed to foreign currency risk as a result of changes in value of underlying financial instruments. The fund

NOTES TO FINANCIAL STATEMENTS (continued)

is also exposed to credit risk associated with counterparty non-performance on these forward contracts, which is generally limited to the unrealized gain on each open contract. The risk of non-payment may be mitigated by Master Agreements, if any, between the fund and the counterparty and the posting of collateral, if any, by the counterparty to the fund to cover the fund’s exposure to the counterparty. Forward contracts open at August 31, 2026 are set forth in the Schedule of Investments.

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 August 31, 2026 is shown below:

	Derivative Assets ($)		Derivative Liabilities ($)
Interest Rate Risk	37,360 (1)	Interest Rate Risk	(90,824 )(1)
Foreign Exchange Risk	-	Foreign Exchange Risk	(4,616 )(2)
Gross fair value of derivative contracts	37,360		(95,440 )

Statement of Assets and Liabilities location:

(1)

Includes cumulative appreciation (depreciation) on futures as reported in the Schedule of Investments, but only the unpaid variation margin is reported in the

Statement of Assets and Liabilities.

(2)

Unrealized appreciation (depreciation) on forward foreign currency exchange contracts.

The effect of derivative instruments in the Statement of Operations during the period ended August 31, 2026 is shown below:

Amount of realized gain (loss) on derivatives recognized in income ($)
Underlying risk	Futures(1)	Forward Contracts(2)	Total
Interest Rate	(1,638,577)	-	(1,638,577)
Foreign Exchange	5,726	2,627	8,353
Total	(1,632,851)	2,627	(1,630,224)

Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($)
Underlying risk	Futures(3)	Forward Contracts(4)	Total
Interest Rate	(53,464)	-	(53,464)
Foreign Exchange	-	(4,616)	(4,616)
Total	(53,464)	(4,616)	(58,080)

Statement of Operations location:
(1)	Net realized gain (loss) on futures.
(2)	Net realized gain (loss) on forward foreign currency exchange contracts.
(3)	Net change in unrealized appreciation (depreciation) on futures.
(4)	Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts.

The provisions of ASC Topic 210 “Disclosures about Offsetting Assets and Liabilities” require disclosure on the offsetting of financial assets and liabilities. These disclosures are required for certain investments, including derivative financial instruments subject to Master Agreements which are eligible for offsetting in the Statement of Assets and Liabilities and require the fund to disclose both gross and net information with respect to such investments. For financial reporting purposes, the fund does not offset derivative assets and derivative liabilities that are subject to Master Agreements in the Statement of Assets and Liabilities.

At August 31, 2026, derivative assets and liabilities (by type) on a gross basis are as follows:

Derivative Financial Instruments:

Assets ($)

Liabilities ($)

Futures

37,360

(90,824

)

Forward contracts

(4,616

)

NOTES TO FINANCIAL STATEMENTS (continued)

Derivative Financial Instruments:

(continued)

Assets ($)

Liabilities ($)

Total gross amount of derivative assets

and liabilities in the Statement of

Assets and Liabilities

37,360

(95,440

)

Derivatives not subject to Master

Agreements

(37,360

)

90,824

Total gross amount of assets and

liabilities subject to Master

Agreements

(4,616

)

The following table presents derivative liabilities net of amounts available for offsetting under Master Agreements and net of related collateral received or pledged, if any, as of August 31, 2026:

Counterparty

Gross Amount

of Liabilities($)(1)

Financial

Instruments

and Derivatives

Available

for Offset ($)

Collateral

Pledged ($)

Net Amount

of Liabilities ($)

Goldman Sachs & Co. LLC

(4,616

)

(4,616

)

(1)	Absent a default event or early termination, OTC derivative assets and liabilities are presented at gross amounts and are not offset in the Statement of Assets and Liabilities.

The following table summarizes the monthly average market value of derivatives outstanding during the period ended August 31, 2026:

	Average Market Value ($)
Futures:
Interest Rate Futures Long	26,086,842
Interest Rate Futures Short	1,877,524
Forward Contracts:
Forward Contracts Purchased in USD	710,810
Forward Contracts Sold in USD	709,578

At August 31, 2026, the cost of investments for federal income tax purposes was $268,729,172; accordingly, accumulated net unrealized depreciation on investments was $6,009,252, consisting of $404,556 gross unrealized appreciation and $6,413,808 gross unrealized depreciation.

NOTE 6—

Shareholder Transactions:

NOTES TO FINANCIAL STATEMENTS (continued)

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 August 31, 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 Active Core Bond ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of BNY Mellon Active Core Bond ETF (the “Fund”) (one of the funds constituting BNY Mellon ETF Trust II (the “Trust”)), including the schedule of investments, as of August 31, 2026, and the related statements of operations, changes in net assets, and the financial highlights for the year 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 II) at August 31, 2026, the results of its operations, the changes in its net assets and its financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.

The statement of changes in net assets for the year ended August 31, 2025, and the financial highlights for each of the years in the four year period then ended, were audited by another independent registered public accounting firm whose report, dated October 23, 2025, expressed an unqualified opinion on that statement of changes in net assets and those financial highlights.

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 audit. 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 audit 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 audit, 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 audit 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 August 31, 2026, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audit 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 audit provides 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
October 26, 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 August 31, 2026:

For federal tax purposes the fund hereby reports 86.87% of ordinary income dividends paid during the fiscal period ended August 31, 2026 as qualifying interest related dividends.

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

(a) The Fund, which is a series of BNY Mellon ETF Trust II (the “Trust”), is the successor to the BNY Mellon Intermediate Bond Fund, a series of BNY Mellon Funds Trust (the “Predecessor Fund”). The Fund acquired the assets and assumed the liabilities of the Predecessor Fund on January 9, 2026 (the “Reorganization”). Upon completion of the Reorganization, the Fund commenced operations and assumed the accounting history of the Predecessor Fund. KPMG LLP (“KPMG”) was the independent registered public accounting firm for the Predecessor Fund until the Reorganization on January 9, 2026.

During each of the two fiscal years ended August 31, 2025 and August 31, 2024, and the subsequent interim period through January 9, 2026, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of KPMG, would have caused KPMG to make reference to the subject matter of the disagreement in connection with KPMG’s reports on the financial statements. In addition, there have been no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934 with respect to the Predecessor Fund.

The audit reports of KPMG on the financial statements of the Predecessor Fund as of and for the fiscal years ended August 31, 2025 and August 31, 2024 did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

The Fund provided KPMG with a copy of the foregoing disclosures and has requested that KPMG furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission (the “SEC”) stating whether KPMG agrees with the above statements. A copy of the letter from KPMG is filed as an Exhibit to this Form N-CSR.

(b) At a meeting held on August 12, 2025, the Audit Committee and Board of Trustees of the Trust approved the appointment of Ernst & Young LLP (“EY”) as the Fund’s independent registered public accounting firm for the fiscal year ending August 31, 2026. EY serves as the independent registered public accounting firm for all funds in the Trust. Accordingly, a change in the Predecessor Fund’s independent registered public accounting firm was deemed to occur as of the closing of the Reorganization on January 9, 2026.

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

At a special meeting of shareholders of the BNY Mellon Intermediate Bond Fund, a series of BNY Mellon Funds Trust, (the “Predecessor Fund”) held on December 9, 2025 (the “Shareholder Meeting”), shareholders of the Predecessor Fund approved an Agreement and Plan of Reorganization between the Predecessor Fund and the Trust, on behalf of the fund. After the close of business on January 9, 2026, the Predecessor Fund was reorganized into the fund and the fund acquired the assets and assumed the liabilities of the Predecessor Fund (the “Reorganization”). Upon completion of the Reorganization, the fund commenced operations and assumed the accounting history of the Predecessor Fund. See Note 1 in Item 7 for additional information regarding the Reorganization.

The proposal to approve the Agreement and Plan of Reorganization was the only matter submitted to shareholders at the Shareholder Meeting. Holders of 33,587,178 shares of stock of the Predecessor Fund, which constituted 97.18% of the outstanding shares of the Predecessor Fund eligible to vote, participated in the shareholder meeting or participated by proxy. Results of the vote are as follows:

	Shares
	For	Against	Abstain
To approve the Agreement and Plan of Reorganization	33,577,582	9,596	0

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

Each member of the Predecessor Board serves as a board member of other funds within BNY Mellon Funds Trust, and annual retainer fees and meeting attendance fees are allocated to each fund based on net assets. As of the Reorganization, members of the Predecessor Board are no longer board members of the fund. The Predecessor Fund was charged for services performed by the Predecessor Fund’s Chief Compliance Officer. Compensation paid by the Predecessor Fund during the period to the Predecessor Board members and the Chief Compliance Officer of the Predecessor Fund are within Item 7. Statement of Operations as Trustees’ fees and expenses and Chief Compliance Officer fees, respectively. The aggregate amount of Trustees’ fees and expenses and Chief Compliance Officer fees paid by the Predecessor Fund during the period was $30,635.

Each current Board member of the fund serves as a Board member of each fund within the Trust and BNY Mellon ETF Trust. The Board members are not compensated directly by the fund. The Board members are paid by the Adviser from the unitary management fees paid to the Adviser by the funds within the Trust and BNY Mellon ETF Trust, including the fund.

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

N/A

Code-4872NCSRAR0826

BNY Mellon ETF Trust II

ANNUAL FINANCIALS AND OTHER INFORMATION

August 31, 2026

BNY Mellon Core Plus ETF: BCPL

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

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

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies	3
Schedule of Investments	3
Statement of Assets and Liabilities	15
Statement of Operations	16
Statement of Changes in Net Assets	17
Financial Highlights	19
Notes to Financial Statements	20
Report of Independent Registered Public Accounting Firm	33
Important Tax Information	34
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies	35
Item 9. Proxy Disclosures for Open-End Management Investment Companies	36
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	37
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts	38

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

BNY Mellon Core Plus ETF SCHEDULE OF INVESTMENTS

August 31, 2026

Description	Coupon Rate (%)	Maturity Date	Principal Amount ($)(a)	Value ($)
Asset-Backed Securities — 10.7%
Asset-Backed Certificates — 7.9%
AASET MT-1 Ltd., Ser. 2025-3A, Cl. A(b)	5.24	2/16/2050	333,614	325,887
Affirm Master Trust, Ser. 2026-1A, Cl. B(b)	4.57	2/15/2034	1,080,000	1,073,346
Affirm Master Trust, Ser. 2026-1A, Cl. C(b)	4.72	2/15/2034	990,000	983,290
Affirm Master Trust, Ser. 2026-2A, Cl. A(b)	4.67	4/16/2035	100,000	99,239
Aligned Data Centers Issuer LLC, Ser. 2026-1A, Cl. A2I(b)	5.91	6/15/2056	135,063	134,255
ALLO Issuer LLC, Ser. 2026-1A, Cl. A2(b)	5.61	6/20/2056	519,934	520,470
Amur Equipment Finance Receivables XV LLC, Ser. 2025-1A, Cl. A2(b)	4.70	9/22/2031	239,972	240,317
Aqua Finance Issuer Trust, Ser. 2026-A, Cl. A(b)	4.76	4/17/2051	273,505	269,763
BHG Owner Loan Trust, Ser. 2026-1CON, Cl. B(b)	5.30	6/17/2037	690,000	685,326
Castlelake Aircraft Structured Trust, Ser. 2026-1A, Cl. A(b)	5.07	3/15/2051	723,974	709,170
Castlelake Aircraft Structured Trust, Ser. 2026-2A, Cl. A(b)	5.33	4/15/2051	241,035	237,792
Compass Datacenters Issuer III LLC, Ser. 2026-1A, Cl. A21(b)	4.90	2/25/2056	473,054	458,788
Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, Ser. 2025-4A, Cl. A2(b)	5.52	12/20/2055	1,250,000	1,242,245
DataBank Issuer, Ser. 2026-1A, Cl. A2(b)	5.81	2/25/2056	352,000	348,561
DataBank Issuer II LLC, Ser. 2025-1A, Cl. A2(b)	5.18	9/27/2055	1,000,000	965,072
DB Master Finance LLC, Ser. 2026-1A, Cl. A2I(b)	5.20	5/20/2056	332,233	328,851
DLLMT LLC, Ser. 2026-1A, Cl. A3(b)	4.20	12/20/2029	310,000	307,630
Domino’s Pizza Master Issuer LLC, Ser. 2021-1A, Cl. A2II(b)	3.15	4/25/2051	301,475	274,362
Foundation Finance Trust, Ser. 2021-1A, Cl. C(b)	2.99	5/15/2041	160,202	155,508
GBX Leasing LLC, Ser. 2026-1A, Cl. A(b)	5.13	2/20/2056	191,842	185,752
GGAM Master Trust International Ltd., Ser. 2026-1A, Cl. A(b)	5.86	9/30/2060	498,094	493,738
GreenSky Home Improvement Issuer Trust, Ser. 2026-REV1, Cl. A(b)	4.93	5/15/2041	222,000	221,339
HPEFS Equipment Trust, Ser. 2024-2A, Cl. D(b)	5.82	4/20/2032	240,000	241,581
Instar Leasing V LLC, Ser. 2026-1A, Cl. A(b)	5.25	4/17/2056	235,798	229,844
Jersey Mike’s Funding LLC, Ser. 2024-1A, Cl. A2(b)	5.64	2/15/2055	541,750	539,765
Lohrasp Enterprise II LLC, Ser. 2026-1A, Cl. A21(b)	5.51	7/17/2056	378,481	376,554
MAPS Trust, Ser. 2026-1A, Cl. A(b)	5.20	1/15/2051	957,573	937,461
Merit DAC, Ser. 2026-1A, Cl. A(b)	4.85	2/15/2040	517,449	506,309
MetroNet Infrastructure Issuer LLC, Ser. 2025-4A, Cl. A2(b)	5.16	12/20/2055	1,099,000	1,082,880
MetroNet Infrastructure Issuer LLC, Ser. 2026-1A, Cl. A2(b)	5.27	4/20/2056	25,000	24,798
MTP ABS Funding LLC, Ser. 2026-1A, Cl. A2(b)	5.20	4/25/2056	513,158	506,808
NMEF Funding LLC, Ser. 2026-A, Cl. A3(b)	4.20	2/15/2034	146,000	144,467
Oryx Funding LLC, Ser. 2026-1A, Cl. A2(b)	6.30	6/5/2056	524,000	520,040
Phantom Aviation, Ser. 2026-1A, Cl. A(b)	5.24	1/15/2051	344,713	334,550
PK ALIFT Loan Funding 8 LP, Ser. 2026-1, Cl. A(b)	4.61	9/15/2043	266,828	261,677
Regional Management Issuance Trust, Ser. 2024-1, Cl. B(b)	6.45	7/15/2036	325,000	328,590
Retained Vantage Data Centers Issuer LLC, Ser. 2024-1A, Cl. A2(b)	4.99	9/15/2049	1,200,000	1,170,607
SoFi Consumer Loan Program Trust, Ser. 2026-1, Cl. B(b)	4.44	12/26/2035	1,000,000	990,345
SoFi Consumer Loan Program Trust, Ser. 2026-1, Cl. C(b)	4.74	12/26/2035	496,000	490,697
Stack Infrastructure Issuer LLC, Ser. 2025-1A, Cl. A2(b)	5.00	5/25/2050	1,000,000	964,199
Store Master Funding I-VII XIV XIX XX XXII XXIV XXXIV XXXVII XXXVIII, Ser. 2026-1A, Cl. A1(b)	5.22	6/20/2056	627,254	615,079
Taco Bell Funding LLC, Ser. 2021-1A, Cl. A23(b)	2.54	8/25/2051	245,625	213,619
Trinity Rail Leasing 2025 LLC, Ser. 2026-1A, Cl. A(b)	5.35	4/19/2056	501,289	495,009
Upgrade Master Pass-Thru Trust, Ser. 2026-ST4, Cl. B(b)	5.46	10/15/2035	359,513	359,634
VB-S1 Issuer LLC, Ser. 2026-1A, Cl. C2(b)	4.69	3/15/2056	355,000	343,678

SCHEDULE OF INVESTMENTS (continued)

Description	Coupon Rate (%)	Maturity Date	Principal Amount ($)(a)	Value ($)
Asset-Backed Securities — 10.7% (continued)
Asset-Backed Certificates — 7.9% (continued)
Verizon Master Trust, Ser. 2024-6, Cl. C	4.67	8/20/2030	145,000	144,756
Verizon Master Trust, Ser. 2025-10, Cl. C(b)	4.67	10/20/2033	180,000	176,138
Verizon Master Trust, Ser. 2025-7, Cl. C	4.40	8/20/2031	105,000	103,652
Verizon Master Trust, Ser. 2025-9, Cl. C	4.41	10/21/2030	325,000	323,854
Volvo Financial Equipment LLC, Ser. 2024-1A, Cl. A4(b)	4.29	7/15/2031	45,000	44,832
Wendy’s Funding LLC, Ser. 2025-1A, Cl. A2I(b)	5.42	12/15/2055	995,000	958,670
Zayo Issuer LLC, Ser. 2026-1A, Cl. A2(b)	5.55	4/20/2056	714,920	707,385
				24,398,179
Asset-Backed Certificates/Auto Receivables — 2.6%
Avis Budget Rental Car Funding AESOP LLC, Ser. 2023-1A, Cl. A(b)	5.25	4/20/2029	1,000,000	1,007,004
Avis Budget Rental Car Funding AESOP LLC, Ser. 2025-3A, Cl. B(b)	4.46	2/20/2030	625,000	613,621
Bridgecrest Lending Auto Securitization Trust, Ser. 2026-1, Cl. C	4.44	11/17/2031	496,000	491,341
Carvana Auto Receivables Trust, Ser. 2021-P4, Cl. D	2.61	9/11/2028	175,000	170,841
Carvana Auto Receivables Trust, Ser. 2022-P3, Cl. B	5.04	10/10/2028	250,000	250,472
Carvana Auto Receivables Trust, Ser. 2023-P2, Cl. C(b)	5.84	7/10/2029	188,000	190,379
Exeter Automobile Receivables Trust, Ser. 2026-1A, Cl. C	4.40	5/17/2032	742,000	732,253
Ford Credit Auto Owner Trust, Ser. 2022-1, Cl. C(b)	4.67	11/15/2034	250,000	249,694
Ford Credit Auto Owner Trust, Ser. 2025-2, Cl. B(b)	4.67	2/15/2038	575,000	567,391
GLS Auto Receivables Issuer Trust, Ser. 2025-1A, Cl. B(b)	4.98	7/16/2029	795,000	797,157
Hertz Vehicle Financing LLC, Ser. 2026-3A, Cl. C(b)	7.02	2/25/2031	300,000	299,687
LAD Auto Receivables Trust, Ser. 2026-1A, Cl. A3(b)	3.92	4/15/2031	565,000	557,666
Santander Drive Auto Receivables Trust, Ser. 2025-4, Cl. C	4.52	1/15/2032	750,000	744,466
Santander Drive Auto Receivables Trust, Ser. 2026-1, Cl. A3	3.93	7/15/2030	480,000	476,877
Westlake Automobile Receivables Trust, Ser. 2025-3A, Cl. A3(b)	4.22	6/15/2029	525,000	524,306
Westlake Automobile Receivables Trust, Ser. 2026-3A, Cl. C(b)	5.09	5/17/2032	242,000	241,799
				7,914,954
Commercial Mortgage Pass-Through Certificates — .2%
US Bank NA, Ser. 2026-SUP1, Cl. B1(b)	5.50	6/27/2033	673,354	671,619
Total Asset-Backed Securities (cost $33,444,185)				32,984,752
Collateralized Loan Obligations — 4.5%
Collateralized Loan Obligations Debt — 4.5%
AGL 45 Ltd. CLO, Ser. 2025-45A, Cl. A, (3 Month TSFR +1.20%)(b),(c)	4.93	1/22/2039	1,000,000	1,000,494
Apidos LV CLO, Ser. 2025-55A, Cl. A1, (3 Month TSFR +1.21%)(b),(c)	4.94	1/20/2039	1,500,000	1,501,449
Benefit Street Partners 41 Ltd. CLO, Ser. 2025-41A, Cl. A, (3 Month TSFR +1.30%)(b),(c)	5.11	7/25/2038	250,000	250,756
Benefit Street Partners 47 Ltd. CLO, Ser. 2026-47A, Cl. A, (3 Month TSFR +1.19%)(b),(c)	4.94	4/15/2039	1,125,000	1,127,340
Churchill NCDLC LLC CLO-II, Ser. 2023-2A, Cl. AR, (3 Month TSFR +1.38%)(b),(c)	5.11	1/20/2039	1,500,000	1,493,251
Eldridge MMPC Ltd. CLO, Ser. 2026-1A, Cl. A1R, (3 Month TSFR +1.40%)(b),(c)	5.15	1/15/2037	1,250,000	1,250,593
Fortress Credit Opportunities XXXIII LLC CLO, Ser. 2026-33A, Cl. A1T, (3 Month TSFR +1.43%)(b),(c)	5.15	4/20/2038	1,500,000	1,502,707
HPS Loan Management Ltd., Ser. 2026-27A, Cl. A1, (3 Month TSFR +1.16%)(b),(c)	4.89	4/15/2039	1,294,240	1,295,141
MCF 11 LLC CLO, Ser. 2026-1A, Cl. A1, (3 Month TSFR +1.42%)(b),(c)	5.15	4/20/2038	1,500,000	1,487,748
PFP Ltd., Ser. 2026-14, Cl. A, (1 Month TSFR +1.32%)(b),(c)	4.96	12/18/2043	428,571	429,459
RIN XIII LLC, Ser. 2026-1A, Cl. D, (3 Month TSFR +2.85%)(b),(c)	6.60	4/15/2039	1,000,000	1,003,505
RR 44 Ltd., Ser. 2026-44A, Cl. A1A, (3 Month TSFR +1.17%)(b),(c)	4.92	4/15/2041	1,500,000	1,500,835

Description	Coupon Rate (%)	Maturity Date	Principal Amount ($)(a)	Value ($)
Collateralized Loan Obligations — 4.5% (continued)
Collateralized Loan Obligations Debt — 4.5% (continued)
Total Collateralized Loan Obligations (cost $13,857,151)				13,843,278
Commercial Mortgage-Backed — 4.6%
Commercial Mortgage Pass-Through Certificates — 4.6%
A&D Mortgage Trust, Ser. 2026-NQM3, Cl. A1(b)	5.08	4/25/2071	836,257	827,902
A&D Mortgage Trust, Ser. 2026-NQM4, Cl. A3(b)	5.93	6/25/2071	311,359	311,335
Aspire Mortgage Trust, Ser. 2026-1, Cl. A1(b)	4.86	1/25/2066	455,847	449,369
Barclays Commercial Mortgage Trust, Ser. 2019-C5, Cl. A4	3.06	11/15/2052	225,000	211,837
BBCMS Mortgage Trust, Ser. 2026-5C40, Cl. A3	5.25	2/15/2059	1,160,000	1,164,030
BRAVO Residential Funding Trust, Ser. 2025-NQM8, Cl. A1(b)	5.08	6/25/2065	1,149,395	1,138,025
BRAVO Residential Funding Trust, Ser. 2026-NQM7, Cl. A3(b)	5.98	7/26/2066	497,164	497,291
BX Commercial Mortgage Trust, Ser. 2026-CSMO, Cl. A, (1 Month TSFR +1.40%)(b),(c)	5.04	2/15/2043	450,000	451,715
COLT Mortgage Loan Trust, Ser. 2025-8, Cl. A1(b)	5.48	8/25/2070	986,077	983,065
COLT Mortgage Loan Trust, Ser. 2026-3, Cl. A1(b)	5.12	5/25/2071	98,322	97,226
Cross Mortgage Trust, Ser. 2024-H3, Cl. A2(b)	6.58	6/25/2069	220,190	220,908
Cross Mortgage Trust, Ser. 2026-NQM10, Cl. A3(b)	5.86	9/25/2071	186,862	187,210
Cross Mortgage Trust, Ser. 2026-NQM5, Cl. A1(b)	5.09	3/25/2071	152,770	150,846
EFMT, Ser. 2025-RTL1, Cl. A1(b)	5.22	11/25/2040	1,500,000	1,489,031
New Residential Mortgage Loan Trust, Ser. 2025-NQM2, Cl. A1(b)	5.57	4/25/2065	607,887	605,253
New Residential Mortgage Loan Trust, Ser. 2026-NQM2, Cl. A1(b)	4.74	12/25/2065	537,171	527,363
NYMT Loan Trust, Ser. 2026-INV2, Cl. A1(b)	5.48	4/25/2061	338,388	337,197
NYMT Loan Trust, Ser. 2026-INV3, Cl. A1(b)	5.31	6/27/2061	311,206	308,852
OBX Trust, Ser. 2026-NQM11, Cl. A2(b)	5.74	6/25/2066	233,881	233,348
OBX Trust, Ser. 2026-NQM6, Cl. A3(b)	5.42	4/26/2066	399,319	395,184
Santander Mortgage Asset Receivable Trust, Ser. 2026-NQM4, Cl. A1(b)	5.49	5/25/2066	447,203	444,714
Verus Securitization Trust, Ser. 2025-11, Cl. A1(b)	4.91	11/25/2070	1,095,862	1,083,175
Verus Securitization Trust, Ser. 2025-5, Cl. A1(b)	5.43	6/25/2070	740,040	738,299
Verus Securitization Trust, Ser. 2026-2, Cl. A3(b)	5.05	2/25/2071	692,079	679,952
Verus Securitization Trust, Ser. 2026-5, Cl. A2(b)	5.62	5/25/2071	514,173	510,618
Total Commercial Mortgage-Backed (cost $14,218,038)				14,043,745
Corporate Bonds and Notes — 37.5%
Advertising — .3%
Omnicom Group, Inc., Sr. Unscd. Notes(d)	5.30	6/2/2036	1,093,000	1,043,017
Aerospace & Defense — .2%
The Boeing Company, Sr. Unscd. Notes	5.81	5/1/2050	759,000	715,925
Agriculture — .2%
BAT Capital Corp., Gtd. Notes	7.08	8/2/2053	490,000	531,117
Airlines — 3.0%
Air Canada Pass-Through Trust, Ser. 2015-1, Cl. A(b)	3.60	3/15/2027	1,505,633	1,495,728
American Airlines Pass-Through Trust, Ser. 2015-1, Cl. A	3.38	5/1/2027	2,423,403	2,401,977
Avianca Midco 2 PLC, Sr. Scd. Notes(b)	9.50	1/28/2031	400,000	376,760
JetBlue Airways Corp. Pass-Through Trust, Ser. 2019-1, Cl. A	2.95	5/15/2028	3,475,893	3,258,373
United Airlines Pass-Through Trust, Ser. 2016-2, Cl. A	3.10	10/7/2028	1,661,101	1,598,852
				9,131,690
Automobiles & Components — 1.6%
Ford Motor Credit Co. LLC, Sr. Unscd. Notes	5.80	3/8/2029	675,000	680,593
Ford Motor Credit Co. LLC, Sr. Unscd. Notes(d)	7.12	11/7/2033	1,160,000	1,220,762
Forvia SE, Sr. Unscd. Notes(b),(d)	6.75	9/15/2033	645,000	646,619

SCHEDULE OF INVESTMENTS (continued)

Description	Coupon Rate (%)	Maturity Date	Principal Amount ($)(a)	Value ($)
Corporate Bonds and Notes — 37.5% (continued)
Automobiles & Components — 1.6% (continued)
General Motors Financial Co., Inc., Sr. Unscd. Notes	3.10	1/12/2032	1,481,000	1,325,538
The Goodyear Tire & Rubber Company, Gtd. Notes	5.00	7/15/2029	757,000	723,538
The Goodyear Tire & Rubber Company, Sr. Unscd. Notes	8.88	7/15/2032	300,000	306,154
				4,903,204
Banks — 3.3%
Bank of America Corp., Sub. Notes	5.52	10/25/2035	918,000	907,240
Canadian Imperial Bank of Commerce, Jr. Sub. Notes(d)	6.50	7/28/2086	568,000	562,528
Citizens Financial Group, Inc., Sub. Notes	5.30	1/29/2036	59,000	57,624
HSBC Holdings PLC, Jr. Sub. Notes(e)	7.00	9/24/2035	407,000	410,294
ING Groep NV, Jr. Sub. Bonds(d),(e)	7.00	11/16/2032	520,000	530,853
JPMorgan Chase & Co., Sub. Notes	5.80	7/23/2041	816,000	807,363
Morgan Stanley, Sr. Unscd. Notes	5.61	7/17/2037	590,000	584,375
Morgan Stanley, Sub. Notes	5.95	1/19/2038	1,224,000	1,238,675
Royal Bank of Canada, Jr. Sub. Notes	6.50	5/24/2086	520,000	509,513
Royal Bank of Canada, Jr. Sub. Notes	6.75	8/24/2085	349,000	353,383
The Bank of Nova Scotia, Jr. Sub. Notes, (3 Month TSFR +2.91%)(c),(d),(e)	6.67	1/12/2027	709,000	707,869
The Goldman Sachs Group, Inc., Sr. Unscd. Notes	6.22	7/21/2057	318,000	314,815
The Goldman Sachs Group, Inc., Sub. Notes	6.75	10/1/2037	1,177,000	1,242,678
Truist Financial Corp., Sr. Unscd. Notes	5.71	1/24/2035	2,000,000	2,012,433
				10,239,643
Chemicals — .1%
Olin Corp., Sr. Unscd. Notes(b)	6.63	4/1/2033	376,000	369,397
Commercial & Professional Services — 1.1%
Ashtead Capital, Inc., Gtd. Notes(b),(d)	5.95	10/15/2033	532,000	541,396
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., Gtd. Notes(b),(d)	8.25	1/15/2030	595,000	611,558
Global Payments, Inc., Sr. Unscd. Notes	3.20	8/15/2029	1,181,000	1,116,203
Herc Holdings, Inc., Gtd. Notes(b),(d)	5.75	3/15/2031	747,000	745,705
Sunbelt Rentals Holdings, Inc., Gtd. Notes(b)	5.65	8/12/2036	385,000	377,073
				3,391,935
Consumer Discretionary — 1.0%
Flutter Treasury DAC, Sr. Scd. Bonds(b)	5.88	6/4/2031	716,000	704,105
Forestar Group, Inc., Gtd. Notes(b)	6.50	3/15/2033	590,000	593,643
KB Home, Gtd. Notes	4.80	11/15/2029	385,000	378,008
Las Vegas Sands Corp., Sr. Unscd. Notes	5.63	6/15/2028	1,480,000	1,493,327
				3,169,083
Diversified Financials — 3.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Gtd. Notes(d)	6.50	1/31/2056	359,000	361,616
Aircastle Ltd./Aircastle Ireland DAC, Gtd. Notes(b)	5.00	9/15/2030	1,000,000	987,367
Apollo Debt Solutions BDC, Sr. Unscd. Notes(b)	5.20	12/8/2028	1,010,000	995,719
Apollo Debt Solutions BDC, Sr. Unscd. Notes(b),(d)	5.70	1/23/2031	218,000	212,266
Ares Capital Corp., Sr. Unscd. Notes	2.88	6/15/2028	1,275,000	1,225,087
Blackstone Private Credit Fund, Sr. Unscd. Notes(d)	5.95	5/15/2031	790,000	775,649
Blackstone Secured Lending Fund, Sr. Unscd. Notes	2.85	9/30/2028	875,000	828,973
Blue Owl Capital Corp., Sr. Unscd. Notes	2.63	1/15/2027	1,536,000	1,522,631
Blue Owl Finance LLC, Gtd. Bonds	6.75	8/18/2036	266,000	265,497
Capital One Financial Corp., Sub. Notes	6.18	1/30/2036	1,010,000	1,011,425
Goldman Sachs BDC, Inc., Sr. Unscd. Notes	5.10	1/28/2029	435,000	426,487
LSEG US Fin Corp., Gtd. Notes(b)	5.25	3/23/2036	250,000	243,213
Macquarie Airfinance Holdings Ltd., Sr. Unscd. Notes(b)	5.20	3/27/2028	739,000	741,580

Description	Coupon Rate (%)	Maturity Date	Principal Amount ($)(a)	Value ($)
Corporate Bonds and Notes — 37.5% (continued)
Diversified Financials — 3.5% (continued)
Voya Financial, Inc., Gtd. Notes	5.05	3/2/2036	594,000	565,537
Voya Financial, Inc., Gtd. Notes(d)	5.70	7/15/2043	655,000	626,462
				10,789,509
Electronic Components — .1%
Jabil, Inc., Sr. Unscd. Notes	4.75	2/1/2033	205,000	196,250
Energy — 4.2%
Azule Energy Finance PLC, Gtd. Bonds(b)	8.63	1/22/2033	250,000	256,583
Cheniere Corpus Christi Holdings LLC, Sr. Scd. Notes(b)	2.74	12/31/2039	2,000,000	1,682,386
Columbia Pipelines Holding Co. LLC, Sr. Unscd. Notes(b)	5.00	11/17/2032	484,000	471,386
CQP Holdco LP/BIP-V Chinook Holdco LLC, Sr. Scd. Notes(b)	7.50	12/15/2033	285,000	299,168
CVR Energy, Inc., Gtd. Notes(b)	7.88	2/15/2034	934,000	969,662
Ecopetrol SA, Sr. Unscd. Notes	7.75	2/1/2032	324,000	335,010
Enbridge, Inc., Sub. Notes, Ser. 20-A(d)	5.75	7/15/2080	945,000	942,370
Energean Israel Finance Ltd., Sr. Scd. Notes(b),(d)	5.88	3/30/2031	250,000	239,961
Energy Transfer LP, Jr. Sub. Notes	6.75	2/15/2056	718,000	717,113
Enterprise Products Operating LLC, Gtd. Notes	5.35	1/31/2033	713,000	720,473
Global Partners LP/GLP Finance Corp., Gtd. Notes(b)	8.25	1/15/2032	690,000	721,830
HF Sinclair Corp., Sr. Unscd. Notes	5.50	9/1/2032	366,000	365,335
Howard Midstream Energy Partners LLC, Sr. Unscd. Notes(b)	7.38	7/15/2032	697,000	719,938
NGPL PipeCo LLC, Sr. Unscd. Notes(b)	7.77	12/15/2037	977,000	1,103,572
Pertamina Hulu Energi PT, Sr. Unscd. Notes(b)	5.25	5/21/2030	300,000	297,965
Petroleos del Peru SA, Sr. Unscd. Notes(b),(d)	4.75	6/19/2032	700,000	607,953
Phillips 66 Co., Gtd. Notes, Ser. B(d)	6.20	3/15/2056	744,000	735,269
Rio Grande LNG LLC, Sr. Scd. Notes(b)	5.75	6/30/2036	674,000	656,836
Saturn Oil & Gas, Inc., Gtd. Notes(b)	8.50	7/30/2031	193,000	200,455
Targa Resources Corp., Gtd. Notes	6.13	3/15/2033	350,000	362,830
Tecpetrol SA, Sr. Unscd. Notes(b)	7.63	1/22/2033	350,000	359,622
YPF SA, Sr. Unscd. Notes(b)	8.25	1/17/2034	137,685	143,421
				12,909,138
Environmental Control — .1%
GFL Environmental Holdings US, Inc., Gtd. Notes(b)	5.50	2/1/2034	202,000	189,533
Food Products — .9%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, Gtd. Notes(b),(d)	5.75	3/31/2034	795,000	748,372
Post Holdings, Inc., Gtd. Notes(b)	6.38	3/1/2033	525,000	516,185
The J.M. Smucker Company, Sr. Unscd. Notes	4.25	3/15/2035	994,000	909,424
TreeHouse Foods, Inc., Sr. Scd. Notes(b)	7.75	2/11/2033	708,000	716,653
				2,890,634
Health Care — .5%
Bayer US Finance LLC, Gtd. Notes(b)	6.25	7/20/2046	511,000	495,086
Encompass Health Corp., Gtd. Notes(b)	5.88	6/1/2034	137,000	136,440
Universal Health Services, Inc., Sr. Scd. Notes	6.00	9/1/2036	893,000	888,164
				1,519,690
Industrial — .2%
DAE Funding LLC, Gtd. Notes(b)	4.95	1/15/2033	769,000	736,103
Information Technology — 1.5%
CoreWeave, Inc., Gtd. Notes(b)	9.63	7/15/2032	51,000	45,062
CoreWeave, Inc., Gtd. Notes(b)	9.75	10/1/2031	755,000	675,694
Fidelity National Information Services, Inc., Sr. Unscd. Notes	4.80	3/10/2031	451,000	441,863

SCHEDULE OF INVESTMENTS (continued)

Description	Coupon Rate (%)	Maturity Date		Principal Amount ($)(a)	Value ($)
Corporate Bonds and Notes — 37.5% (continued)
Information Technology — 1.5% (continued)
Fiserv, Inc., Sr. Unscd. Notes	3.50	7/1/2029		392,000	375,747
Oracle Corp., Sr. Unscd. Notes(d)	6.25	11/9/2032		3,000,000	2,989,893
					4,528,259
Insurance — 1.1%
Allianz SE, Jr. Sub. Notes(b),(e)	6.50	10/30/2034		400,000	397,436
Athene Holding Ltd., Sr. Unscd. Notes(d)	6.63	5/19/2055		720,000	677,583
Corebridge Financial, Inc., Jr. Sub. Notes(d)	6.38	9/15/2054		553,000	549,509
Jackson Financial, Inc., Sr. Unscd. Notes	6.15	1/15/2037		647,000	633,104
Liberty Mutual Group, Inc., Gtd. Notes(b)	5.25	5/1/2036		358,000	346,553
Lincoln National Corp., Sub. Notes	6.80	7/15/2056		717,000	712,765
					3,316,950
Internet Software & Services — 1.0%
Amazon.com, Inc., Sr. Unscd. Notes	6.25	7/9/2066		909,000	876,372
Meta Platforms, Inc., Sr. Unscd. Notes	5.60	5/15/2053		786,000	660,957
Meta Platforms, Inc., Sr. Unscd. Notes	6.30	5/15/2056		577,000	531,569
Prosus NV, Sr. Unscd. Notes(b)	5.87	7/13/2036		600,000	595,302
Snap, Inc., Gtd. Notes(b)	6.88	3/1/2033		350,000	343,447
					3,007,647
Materials — .1%
Smurfit Westrock Financing DAC, Gtd. Notes(d)	5.42	1/15/2035		360,000	357,507
Media — .5%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Sr. Scd. Notes	3.85	4/1/2061		1,035,000	579,368
Space Exploration Technologies Corp., Sr. Unscd. Notes(b),(d)	6.65	7/15/2056		1,050,000	935,193
					1,514,561
Metals & Mining — .8%
Alcoa Nederland Holding BV, Gtd. Notes(b)	7.13	3/15/2031		285,000	294,937
Commercial Metals Co., Sr. Unscd. Notes(b)	5.75	11/15/2033		740,000	728,774
Corp. Nacional del Cobre de Chile, Sr. Unscd. Notes(b)	5.53	1/30/2037		600,000	582,024
Navoi Mining & Metallurgical Co., Sr. Unscd. Bonds(b)	6.75	5/14/2030		250,000	258,154
Sibanye-Stillwater UK Financing PLC, Gtd. Notes(b)	6.25	11/15/2031		200,000	197,723
Vedanta Resources Finance II PLC, Sr. Scd. Notes(b)	7.38	7/13/2034		300,000	300,720
					2,362,332
Real Estate — 2.7%
Alexandria Real Estate Equities, Inc., Gtd. Notes, Ser. A(d)	7.25	2/15/2057		835,000	835,052
American Homes 4 Rent LP, Sr. Unscd. Notes	4.90	2/15/2029		737,000	736,574
American Homes 4 Rent LP, Sr. Unscd. Notes(d)	5.25	3/15/2035		556,000	541,586
Boston Properties LP, Sr. Unscd. Notes(d)	5.75	1/15/2035		902,000	894,289
Cousins Properties LP, Gtd. Notes	5.38	2/15/2032		1,084,000	1,083,290
Equinix, Inc., Sr. Unscd. Notes	5.80	8/15/2036		1,205,000	1,190,665
Iron Mountain, Inc., Gtd. Notes(b)	4.75	1/15/2034	EUR	320,000	365,837
Iron Mountain, Inc., Gtd. Notes(b)	6.25	1/15/2035		145,000	143,574
Kilroy Realty LP, Gtd. Notes	5.88	10/15/2035		722,000	697,988
Starwood Property Trust, Inc., Sr. Unscd. Notes(b)	5.88	8/15/2029		301,000	302,393
Ventas Realty LP, Gtd. Notes	5.10	7/15/2032		719,000	713,066
Vornado Realty LP, Sr. Unscd. Notes	5.75	2/1/2033		756,000	753,908
					8,258,222

Description	Coupon Rate (%)	Maturity Date	Principal Amount ($)(a)	Value ($)
Corporate Bonds and Notes — 37.5% (continued)
Retailing — .4%
Asbury Automotive Group, Inc., Gtd. Notes(b)	5.00	2/15/2032	774,000	738,841
AutoZone, Inc., Sr. Unscd. Notes(d)	4.75	2/1/2033	372,000	361,242
				1,100,083
Semiconductors & Semiconductor Equipment — 1.0%
Foundry JV Holdco LLC, Sr. Scd. Notes(b)	5.88	1/25/2034	896,000	889,167
Intel Corp., Sr. Unscd. Notes(d)	5.60	2/21/2054	490,000	429,736
NXP BV/NXP Funding LLC/NXP USA, Inc., Gtd. Notes	5.00	1/15/2033	914,000	893,252
Skyworks Solutions, Inc., Sr. Unscd. Notes	6.25	8/10/2036	889,000	871,616
				3,083,771
Supranational Bank — .1%
Banque Ouest Africaine de Developpement, Sr. Unscd. Notes	4.70	10/22/2031	350,000	320,543
Technology Hardware & Equipment — .4%
Dell International LLC/EMC Corp., Gtd. Notes	8.10	7/15/2036	612,000	710,655
Hewlett Packard Enterprise Co., Sr. Unscd. Notes	5.25	4/1/2033	690,000	682,379
				1,393,034
Telecommunication Services — 1.7%
AT&T, Inc., Sr. Unscd. Notes	3.50	9/15/2053	1,393,000	850,971
AT&T, Inc., Sr. Unscd. Notes	3.55	9/15/2055	1,660,000	1,007,372
ELK Grove Village Property LLC, Sr. Scd. Notes(b),(d)	7.50	6/15/2031	297,000	286,199
Fibercop SpA, Sr. Scd. Notes(b)	6.00	9/30/2034	465,000	446,568
QTS Central Issuer LLC/ QTS TRS Central Issuer LLC, Sr. Scd. Notes(b)	6.63	9/1/2031	452,000	445,662
Stingray Compute LLC, Sr. Scd. Notes(b)	6.00	6/15/2031	600,000	584,982
T-Mobile USA, Inc., Gtd. Notes	3.00	2/15/2041	1,275,000	900,464
Verizon Communications, Inc., Sr. Unscd. Notes	5.88	11/30/2055	670,000	618,022
				5,140,240
Transportation — .0%
FedEx Freight Holding Co., Inc., Gtd. Notes(b)	5.25	3/15/2036	182,000	172,436
Utilities — 5.9%
American Electric Power Co., Inc., Jr. Sub. Notes	6.95	12/15/2054	1,058,000	1,111,761
Arizona Public Service Co., Sr. Unscd. Notes	4.25	3/1/2049	695,000	532,707
CenterPoint Energy, Inc., Jr. Sub. Notes	6.70	5/15/2055	915,000	931,133
CMS Energy Corp., Jr. Sub. Notes	3.75	12/1/2050	790,000	731,321
Dominion Energy, Inc., Jr. Sub. Notes	6.25	12/15/2056	223,000	220,022
DTE Energy Co., Jr. Sub. Notes, Ser. C	6.20	7/1/2058	691,000	688,561
Duke Energy Corp., Jr. Sub. Notes(d)	6.45	9/1/2054	675,000	690,802
Electricite de France SA, Sr. Unscd. Notes(b)	6.90	5/23/2053	508,000	525,928
Enel Finance International NV, Gtd. Notes(b)	5.50	6/26/2034	550,000	547,768
Entergy Corp., Jr. Sub. Notes	6.10	6/15/2056	1,127,000	1,105,238
Evergy, Inc., Jr. Sub. Notes	6.65	6/1/2055	920,000	929,061
Eversource Energy, Jr. Sub. Notes, Ser. B	6.35	8/15/2056	674,000	672,505
Exelon Corp., Jr. Sub. Notes(d)	6.50	3/15/2055	895,000	902,543
Generadora de Gatun SA, Sr. Scd. Notes(b)	6.87	9/30/2044	200,000	202,159
IPALCO Enterprises, Inc., Sr. Scd. Notes	5.75	4/1/2034	1,102,000	1,077,243
NextEra Energy Capital Holdings, Inc., Gtd. Notes, Ser. CC	6.63	10/1/2066	402,000	392,230
NiSource, Inc., Jr. Sub. Notes(d)	5.75	7/15/2056	933,000	919,395
Pacific Gas and Electric Co., First Mortgage Bonds(d)	5.05	10/15/2032	747,000	729,753
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Sr. Unscd. Notes(b)	5.45	2/3/2036	200,000	188,822
PG&E Corp., Jr. Sub. Notes	6.85	9/15/2056	723,000	708,879
PG&E Corp., Sr. Scd. Notes(d)	5.25	7/1/2030	725,000	705,926

SCHEDULE OF INVESTMENTS (continued)

Description	Coupon Rate (%)	Maturity Date		Principal Amount ($)(a)	Value ($)
Corporate Bonds and Notes — 37.5% (continued)
Utilities — 5.9% (continued)
Puget Energy, Inc., Jr. Sub. Notes	7.25	9/15/2056		732,000	734,141
Sierra Pacific Power Co., Jr. Sub. Notes(d)	6.20	12/15/2055		572,000	564,316
Spire, Inc., Jr. Sub. Bonds(d)	6.45	6/1/2056		360,000	359,432
The AES Corp., Sr. Unscd. Notes	5.20	7/15/2029		323,000	323,178
The Southern Company, Jr. Sub. Notes, Ser. 2025	6.38	3/15/2055		1,072,000	1,078,255
Vistra Operations Co. LLC, Gtd. Notes(b)	5.35	1/31/2036		840,000	802,869
					18,375,948
Total Corporate Bonds and Notes (cost $118,175,618)					115,657,401
Foreign Governmental — 4.6%
Argentine Republic, Sr. Unscd. Bonds(f)	4.88	7/9/2041		325,000	229,385
Brazil, Sr. Unscd. Notes	5.50	4/23/2036	EUR	479,000	547,000
Brazil, Sr. Unscd. Notes	6.25	5/22/2036		498,000	483,060
Brazil, Sr. Unscd. Notes	7.25	1/12/2056		800,000	770,560
Dominican Republic, Sr. Unscd. Notes(b)	5.75	3/17/2034		400,000	390,400
Eagle Funding Luxco Sarl, Sr. Unscd. Notes(b)	5.50	8/17/2030		800,000	799,800
Ecuador, Sr. Unscd. Notes(b)	9.25	1/29/2039		200,000	202,200
Gabon, Sr. Unscd. Notes(b)	7.00	11/24/2031		325,000	281,288
Indonesia, Sr. Unscd. Notes	4.13	1/15/2037	EUR	271,000	296,316
Israel, Sr. Unscd. Notes, Ser. 30Y(d)	5.88	1/13/2056		750,000	702,201
Japan (30 Year Issue), Bonds, Ser. 87	2.80	6/20/2055	JPY	715,000,000	3,468,768
Kuwait, Sr. Unscd. Notes(b)	4.65	10/9/2035		825,000	781,991
Mexico, Sr. Unscd. Notes	6.13	2/9/2038		710,000	684,972
Mexico, Sr. Unscd. Notes	6.25	8/27/2037		200,000	196,500
Republic of Kenya, Sr. Unscd. Notes(b)	8.70	2/26/2039		275,000	269,468
Romania, Sr. Unscd. Notes(b)	6.00	9/24/2044	EUR	270,000	292,770
Saudi Arabia, Sr. Unscd. Notes(b)	5.88	1/12/2056		700,000	649,920
Ukraine, Sr. Unscd. Bonds(b),(f)	7.25	2/1/2032		375,000	308,716
United Kingdom Gilt, Bonds	4.38	7/31/2054	GBP	2,730,000	2,974,260
Total Foreign Governmental (cost $14,995,618)					14,329,575
Municipal Securities — .0%
Build New York City Resource Corp., Revenue Bonds (Equality Charter School Project) Ser. B (cost $125,000)	8.50	6/15/2031		125,000	124,657
U.S. Government Agencies Collateralized Mortgage Obligations — .4%
Federal Home Loan Mortgage Corp., REMIC, Ser. 5645, Cl. FE, (1 Month SOFRCOMPOUND +1.40%)(c),(g)	5.04	4/25/2056		846,672	836,464
Federal National Mortgage Association, REMIC, Ser. 2026-69, Cl. F, (1 Month SOFRCOMPOUND +4.35%)(c),(g)	7.99	8/25/2056		356,515	346,236
Total U.S. Government Agencies Collateralized Mortgage Obligations (cost $1,183,517)					1,182,700


U.S. Government Agencies Mortgage-Backed — 26.2%
Mortgage Pools — 22.3%
Federal Home Loan Mortgage Corp.:
2.00%, 12/1/2051(g)	12,608,123	10,022,068
2.50%, 4/1/2052-8/1/2052(g)	8,649,341	7,169,344
3.50%, 12/1/2048(g)	2,008,489	1,808,343
5.00%, 6/1/2053-1/1/2055(g)	6,718,018	6,570,112

Description	Principal Amount ($)(a)	Value ($)
U.S. Government Agencies Mortgage-Backed — 26.2% (continued)
Mortgage Pools — 22.3% (continued)
5.50%, 7/1/2040-6/1/2055(g)	8,397,062	8,418,647
6.00%, 9/1/2055(g)	1,767,500	1,796,850
Federal National Mortgage Association:
2.00%, 8/1/2041-4/1/2051(g)	7,395,728	6,066,824
2.50%, 3/1/2052(g)	5,255,024	4,373,546
3.00%, 1/1/2050-12/1/2051(g)	7,285,089	6,303,521
4.50%, 8/1/2053(g)	2,153,323	2,046,519
5.00%, 12/1/2052-5/1/2056(g)	3,005,423	2,940,579
5.50%, 8/1/2053-4/1/2056(g)	4,575,603	4,552,451
6.00%, 6/1/2054-3/1/2056(g)	2,391,431	2,437,261
Government National Mortgage Association II:
3.50%, 8/20/2055	2,194,530	1,920,573
4.00%, 2/20/2055-3/20/2055	2,851,830	2,578,174
		69,004,812
TBA Purchased Commitments — 3.9%
Federal National Mortgage Association:
3.50%, 9/15/2055(g),(h)	350,000	310,365
4.00%, 9/15/2055(g),(h)	750,000	684,434
4.50%, 9/15/2056(g),(h)	1,600,000	1,501,717
5.00%, 9/15/2040(g),(h)	3,000,000	2,985,546
5.50%, 9/15/2055(g),(h)	6,600,000	6,533,136
		12,015,198
Total U.S. Government Agencies Mortgage-Backed (cost $83,417,473)		81,020,010

	Coupon Rate (%)	Maturity Date
U.S. Treasury Securities — 13.6%
U.S. Treasury Bonds(d)	4.63	2/15/2046	2,594,000	2,399,450
U.S. Treasury Bonds(d)	4.75	2/15/2056	276,000	255,602
U.S. Treasury Bonds	5.00	5/15/2046	2,300,000	2,232,617
U.S. Treasury Inflation Indexed Bonds(i)	2.38	2/15/2055	2,415,000	2,246,810
U.S. Treasury Notes	3.75	5/15/2028	2,611,000	2,586,318
U.S. Treasury Notes	3.88	4/30/2031	17,886,000	17,429,767
U.S. Treasury Notes	4.13	7/31/2028	475,000	473,172
U.S. Treasury Notes	4.13	7/31/2031	14,550,000	14,307,879
Total U.S. Treasury Securities (cost $42,410,257)				41,931,615

	1-Day Yield (%)	Shares
Investment Companies — .3%
Registered Investment Companies — .3%
BNY Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares(j) (cost $1,121,128)	3.64	1,121,128	1,121,128

SCHEDULE OF INVESTMENTS (continued)

Description	1-Day Yield (%)	Shares	Value ($)
Investment of Cash Collateral for Securities Loaned — .7%
Registered Investment Companies — .7%
BNY Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares(j) (cost $2,053,110)	3.64	2,053,110	2,053,110
Total Investments (cost $325,001,095)		103.1%	318,291,971
Liabilities, Less Cash and Receivables		(3.1%)	(9,586,492)
Net Assets		100.0%	308,705,479

CLO—Collateralized Loan Obligation

EUR—Euro

GBP—British Pound

JPY—Japanese Yen

REMIC—Real Estate Mortgage Investment Conduit

SOFRCOMPOUND—Compounded Secured Overnight Financing Rate

TBA—To Be Announced

TSFR—Term Secured Overnight Financing Rate Reference Rates

(a)	Amount stated in U.S. Dollars unless otherwise noted above.
(b)	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 August 31, 2026, these securities amounted to $94,289,412 or 30.5% of net assets.
(c)	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.
(d)	Security, or portion thereof, on loan. At August 31, 2026, the value of the fund’s securities on loan was $25,346,955 and the value of the collateral was $26,267,138, consisting of cash collateral of $2,053,110 and U.S. Government & Agency securities valued at $24,214,028. In addition, the value of collateral may include pending sales that are also on loan.
(e)	Security is a perpetual security with no specified maturity date. Maturity date shown is next reset date of the security.
(f)	Step coupon bond. Security begins as a zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
(g)	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.
(h)	Purchased on a forward commitment basis.
(i)	Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
(j)	Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.

TBA Sale Commitments
Description	Principal Amount ($)	Value ($)
U.S. Government Agencies Mortgage-Backed — (.6%)
Federal National Mortgage Association:
2.50%, 9/15/2055(a),(b)	(1,050,000)	(856,654)
3.00%, 9/15/2055(a),(b)	(600,000)	(511,425)
5.50%, 9/15/2040(a),(b)	(500,000)	(504,903)
Total Sale Commitments (Proceeds $1,878,257)		(1,872,982)

(a)

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.

(b)

Sold on a delayed delivery basis.

Affiliated Issuers
Description	Value ($) 8/31/2025	Purchases ($)†	Sales ($)	Value ($) 8/31/2026	Dividends/ Distributions ($)
Registered Investment Companies - .3%††
BNY Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares - .3%	-	120,978,718	(119,857,590)	1,121,128	50,248
BNY Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - .0%	6,513,741	28,890,559	(35,404,300)	-	66,205
Investment of Cash Collateral for Securities Loaned - .7%††
BNY Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares - .7%	-	19,712,439	(17,659,329)	2,053,110	18,731†††
BNY Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - .0%	12,948,667	26,915,857	(39,864,524)	-	50,508†††
Total - 1.0%	19,462,408	196,497,573	(212,785,743)	3,174,238	185,692

†

Includes reinvested dividends/distributions.

††

Effective January 9, 2026, due to the fund converting to an ETF, the cash vehicle and the cash collateral for securities lending was transferred from BNY

Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares to BNY Dreyfus Institutional Preferred Government Money

Market Fund, Institutional Shares.

†††

Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and

other payments to and from borrowers of securities.

Futures
Description	Number of Contracts	Expiration	Notional Value ($)	Market Value ($)	Unrealized Appreciation (Depreciation) ($)
Futures Long
2 Year U.S. Treasury Note	165	12/31/2026	33,936,221	33,863,673	(72,548)
5 Year U.S. Treasury Note	90	12/31/2026	9,551,651	9,513,281	(38,370)
Australian 10-Year Bond	77	9/15/2026	5,928,328(a)	5,905,306	(23,022)
Euro-OAT	88	9/8/2026	11,729,648(a)	11,673,991	(55,657)
Ultra U.S. Treasury Bond	166	12/21/2026	18,341,263	18,265,188	(76,075)
Futures Short
10 Year U.S. Treasury Note	11	12/21/2026	1,188,640	1,184,219	4,421
Euro-Bund	79	9/8/2026	11,368,483(a)	11,310,621	57,862
Ultra 10 Year U.S. Treasury Note	26	12/21/2026	2,850,256	2,844,969	5,287
Gross Unrealized Appreciation					67,570
Gross Unrealized Depreciation					(265,672)

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

Forward Foreign Currency Exchange Contracts
Counterparty/ Purchased Currency	Purchased Currency Amounts	Currency Sold	Sold Currency Amounts	Settlement Date	Unrealized Appreciation (Depreciation) ($)
Barclays Capital, Inc.
Euro	2,475,000	United States Dollar	2,887,672	9/4/2026	(12,390)
Japanese Yen	28,201,000	United States Dollar	176,331	9/4/2026	257
Goldman Sachs & Co. LLC
United States Dollar	3,851,184	Japanese Yen	602,096,000	9/4/2026	80,994
United States Dollar	2,979,308	British Pound	2,218,000	9/4/2026	(26,088)

SCHEDULE OF INVESTMENTS (continued)

Forward Foreign Currency Exchange Contracts (continued)
Counterparty/ Purchased Currency	Purchased Currency Amounts	Currency Sold	Sold Currency Amounts	Settlement Date	Unrealized Appreciation (Depreciation) ($)
Goldman Sachs & Co. LLC (continued)
United States Dollar	4,300,037	Euro	3,729,000	9/4/2026	(32,054)
United States Dollar	215,473	Euro	185,000	9/4/2026	553
Morgan Stanley & Co. LLC
Swedish Krona	1,332,000	United States Dollar	139,921	9/4/2026	(816)
United States Dollar	140,893	Swedish Krona	1,332,000	9/4/2026	1,788
Gross Unrealized Appreciation					83,592
Gross Unrealized Depreciation					(71,348)

Centrally Cleared Interest Rate Swaps
Received Reference Entity	Paid Reference Entity	Maturity Date	Notional Amount ($)	Market Value ($)	Upfront Payments/ Receipts ($)	Unrealized Appreciation (Depreciation) ($)
EUR - 12 Month Fixed at 3.08%	EUR - 6 Month EURIBOR at 2.56%	4/13/2036	5,807,741	(55,281)	—	(55,281)
SEK - 3 Month STIBOR at 2.06%	SEK - 12 Month Fixed at 3.02%	4/13/2036	5,283,133	33,188	—	33,188
GBP - 12 Month SONIA at 3.74%	GBP - 12 Month Fixed at 4.36%	6/30/2036	5,860,354	92,036	6,897	85,139
GBP - Fixed 3.29% at Maturity	GBP - UKRPI at Maturity	4/15/2056	2,472,866	(7,470)	—	(7,470)
EUR - Fixed 2.33% at Maturity	EUR - HICP at Maturity	7/23/2056	1,974,632	(9,516)	5,524	(15,040)
USD - CPURNSA at Maturity	USD - Fixed 2.35% at Maturity	7/23/2056	2,800,000	3,542	(5,311)	8,853
Gross Unrealized Appreciation						127,180
Gross Unrealized Depreciation						(77,791)

CPURNSA—US CPI Urban Consumers NSA

EUR—Euro

EURIBOR—Euro Interbank Offered Rate

GBP—British Pound

HICP—Harmonised Indices of Consumer Prices

SEK—Swedish Krona

SONIA—Sterling Overnight Index Average

STIBOR—Stockholm Interbank Offered Rate

UKRPI—UK RPI All Items NSA

USD—United States Dollar

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES

August 31, 2026

	Cost	Value
Assets ($):
Investments in securities—See Schedule of Investments (including securities on loan, valued at $25,346,955)—Note 2(c):
Unaffiliated issuers	321,826,857	315,117,733
Affiliated issuers	3,174,238	3,174,238
Cash denominated in foreign currency	171,009	171,769
Cash collateral held by broker—Note 5		1,842,154
Dividends, interest and securities lending income receivable		2,624,650
Receivable for investment securities sold—TBA		1,878,257
Receivable for investment securities sold		288,676
Unrealized appreciation on forward foreign currency exchange contracts—Note 5		83,592
Receivable for futures variation margin—Note 5		10,738
		325,191,807
Liabilities ($):
Due to BNY Mellon ETF Investment Adviser, LLC—Note 4(b)		101,904
Payable for investment securities purchased—TBA		12,038,000
Liability for securities on loan—Note 2(c)		2,053,110
TBA sale commitments, at value (proceeds $1,878,257)—Note 5		1,872,982
Payable for investment securities purchased		311,860
Unrealized depreciation on forward foreign currency exchange contracts—Note 5		71,348
Reorganization expense payable—Note 1		11,360
Payable for swap variation margin—Note 5		11,193
Other accrued expenses		14,571
		16,486,328
Net Assets ($)		308,705,479
Composition of Net Assets ($):
Paid-in capital		345,313,692
Total distributable earnings (loss)		(36,608,213 )
Net Assets ($)		308,705,479
Shares Outstanding
Shares outstanding no par value (unlimited shares authorized)		12,618,043
Net Asset Value Per Share ($)		24.47
Market Price Per Share ($)		24.52

See notes to financial statements.

STATEMENT OF OPERATIONS

Year Ended August 31, 2026(a)


Investment Income ($):
Income:
Interest	18,277,222
Dividends:
Unaffiliated issuers	243
Affiliated issuers	116,453
Affiliated income net of rebates from securities lending—Note 2(c)	69,239
Total Income	18,463,157
Expenses:
Management fee—Note 4(a)	1,409,990
Administration fee—Note 4(a)	209,730
Reorganization expense—Note 1	115,542
Registration fees	40,274
Trustees’ fees and expenses—Note 4(c)	20,497
Professional fees	20,177
Chief Compliance Officer fees—Note 4(b)	10,780
Prospectus and shareholders’ reports	6,523
Shareholder servicing costs—Note 4(b)	4,936
Shareholder and regulatory reports service fees—Note 4(b)	3,850
Custodian fees—Note 4(b)	1,173
Loan commitment fees—Note 3	971
Miscellaneous	2,511
Total Expenses	1,846,954
Net Investment Income	16,616,203
Realized and Unrealized Gain (Loss) on Investments—Note 5 ($):
Net realized gain (loss) on investments and foreign currency transactions	(6,139,241 )
Net realized gain (loss) on TBA sale commitments	32,214
Net realized gain (loss) on futures	(1,199,469 )
Net realized gain (loss) on forward foreign currency exchange contracts	108,995
Net realized gain (loss) on swap agreements	30,210
Net Realized Gain (Loss)	(7,167,291 )
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions	(704,254 )
Net change in unrealized appreciation (depreciation) on TBA sale commitments	5,275
Net change in unrealized appreciation (depreciation) on futures	(198,102 )
Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts	12,244
Net change in unrealized appreciation (depreciation) on swap agreements	49,389
Net Change in Unrealized Appreciation (Depreciation)	(835,448 )
Net Realized and Unrealized Gain (Loss) on Investments	(8,002,739 )
Net Increase in Net Assets Resulting from Operations	8,613,464

(a)	After the close of business on January 9, 2026, BNY Mellon Corporate Bond Fund (the “Predecessor Fund”) was reorganized into BNY Mellon Core Plus ETF. The amounts disclosed include those of the Predecessor Fund. See Note 1 for additional information on the reorganization.

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended August 31,
	2026(a),(b),(c)	2025(a)
Operations ($):
Net investment income	16,616,203	16,564,581
Net realized gain (loss) on investments	(7,167,291)	(1,825,942)
Net change in unrealized appreciation (depreciation) on investments	(835,448)	6,978,690
Net Increase (Decrease) in Net Assets Resulting from Operations	8,613,464	21,717,329
Distributions ($):
Distributions to shareholders:
ETF shares	(7,549,820)	-
Class M	(6,148,362)	(17,027,555)
Investor Shares	(120,560)	(215,081)
Total Distributions	(13,818,742)	(17,242,636)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
ETF shares	14,827,049	-
Class M	31,094,718	89,826,710
Investor Shares	1,908,884	9,051,208
Net assets received in connection with reorganization—Note 1	380,417,475	-
Distributions reinvested:
Class M	1,114,822	3,898,738
Investor Shares	108,660	177,643
Cost of shares redeemed:
ETF shares	(78,932,226)	-
Class M	(443,049,275)	(105,756,621)
Investor Shares	(9,003,297)	(5,997,472)
Transaction fees—Note 6	177,515	-
Increase (Decrease) in Net Assets from Beneficial Interest Transactions	(101,335,675)	(8,799,794)
Total Increase (Decrease) in Net Assets	(106,540,953)	(4,325,101)
Net Assets ($):
Beginning of Period	415,246,432	419,571,533
End of Period	308,705,479	415,246,432

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Year Ended August 31,
	2026(a),(b),(c)	2025(a)
Capital Share Transactions (Shares):
ETF shares
Shares sold	600,000	-
Shares issued in connection with reorganization—Note 1	15,178,043	-
Shares redeemed	(3,160,000)	-
Net Increase (Decrease) in Shares Outstanding	12,618,043	-
Class M(d),(e)
Shares sold	1,238,586	3,658,243
Shares issued for distributions reinvested	44,513	158,645
Shares redeemed	(17,675,128)	(4,315,814)
Net Increase (Decrease) in Shares Outstanding	(16,392,029)	(498,926)
Investor Shares(d)
Shares sold	151,362	734,588
Shares issued for distributions reinvested	8,651	14,407
Shares redeemed	(717,110)	(489,260)
Net Increase (Decrease) in Shares Outstanding	(557,097)	259,735

(a)	The fund commenced offering ETF shares after the close of business January 9, 2026. The amounts disclosed include those of the Predecessor Fund. See Note 1 for additional information on the reorganization.
(b)	On December 26, 2025, the Predecessor Fund redesignated Investor Shares into Class M shares.
(c)	As of the close of business on January 9, 2026, pursuant to an Agreement and Plan of Reorganization (the “Agreement”) previously approved by the Predecessor Fund’s Board of Trustees (the “Predecessor Board”), all of the assets, subject to the liabilities, of the Predecessor Fund, a series of BNY Mellon Funds Trust, were transferred to the fund in a tax free exchange for ETF shares. Shareholders of Class M shares of the Predecessor Fund received ETF shares of the fund.
(d)	During the period ended August 31, 2026, 525,226 Investor Shares representing $6,583,481 were exchanged for 263,467 Class M shares and during the period ended August 31, 2025, 188,947 Class M shares representing $4,623,506 were exchanged for 376,903 Investor Shares.
(e)	After the close of business January 2, 2026, the Predecessor Fund Class M shares underwent a one for two reverse stock split. Share amounts presented here have been retroactively adjusted to reflect this split. See Note 1 for additional information on the reverse stock split.

See notes to financial statements.

FINANCIAL HIGHLIGHTS

	Year Ended August 31,
	2026(a)	2025(a)	2024(a)	2023(a)	2022(a)
Per Share Data ($):(b)
Net asset value, beginning of period	24.90	24.62	23.28	23.48	27.60
Investment Operations:
Net investment income(c)	1.19	1.00	.96	.86	.80
Net realized and unrealized gain (loss) on investments	(.66 )	.32	1.34	(.16 )	(3.92 )
Total from Investment Operations	.53	1.32	2.30	.70	(3.12 )
Distributions:
Dividends from net investment income	(.97 )	(1.04 )	(.96 )	(.90 )	(.86 )
Dividends from net realized gain on investments	-	-	-	-	(.14 )
Total Distributions	(.97 )	(1.04 )	(.96 )	(.90 )	(1.00 )
Transaction fees(c)	.01	-	-	-	-
Net asset value, end of period	24.47	24.90	24.62	23.28	23.48
Market value, end of period	24.52	N/A	N/A	N/A	N/A
Total Return (%)	2.16	5.51	10.12	3.06	(11.58 )
Market Price Total Return (%)	2.36	N/A	N/A	N/A	N/A
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.52 (d)	.60	.60	.58	.56
Ratio of net expenses to average net assets	.52 (d)	.60 (e)	.60 (e)	.58 (e)	.56
Ratio of net investment income to average net assets	4.72 (d)	4.09 (e)	4.02 (e)	3.76 (e)	3.15
Portfolio Turnover Rate	190.66 (f)	14.14	24.27	11.99	25.87
Net Assets, end of period ($ x 1,000)	308,705	408,288	415,902	416,864	564,925

(a)	After the close of business January 2, 2026, the Predecessor Fund Class M shares underwent a one for two reverse stock split. The per share data presented here has been retroactively adjusted to reflect this split. See Note 1 for additional information on the reverse stock split.
(b)	The fund commenced offering ETF shares after the close of business January 9, 2026. The amounts disclosed include those of the Predecessor Fund. See Note 1 for additional information on the reorganization.
(c)	Based on average shares outstanding.
(d)	Amount does not include the expenses of the underlying funds.
(e)	Amount inclusive of reduction in fees due to earnings credits.
(f)	Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—

Organization:

BNY Mellon Core Plus ETF (the “fund”) is a separate diversified series of BNY Mellon ETF Trust II (the “Trust”), which is registered as a Massachusetts business trust under the Investment Company Act of 1940, as amended (the “Act”), as an open-end 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 total return consistent with preservation of capital. 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.

As of the close of business on January 9, 2026, pursuant to the Agreement previously approved by the Predecessor Board, all of the assets, subject to the liabilities, of the Predecessor Fund, a series of BNY Mellon Funds Trust, were transferred to the fund in a tax free exchange for ETF shares. Shareholders of Class M shares of the Predecessor Fund received ETF shares of the fund in each case in an amount equal to the aggregate net asset value of their investment in the Predecessor Fund at the time of the exchange. On December 26, 2025, the Predecessor Fund redesignated Investor shares into Class M shares. The net asset value of the fund’s shares on the close of business on January 9, 2026, at the time of the reorganization was $25.06 for Class M shares, and a total of 15,178,043 Class M shares, representing net assets of $380,417,475 (including $3,884,934 net depreciation on investments) issued to shareholders of the Predecessor Fund in the exchange. The fund is the accounting survivor of the Predecessor Fund and the Predecessor Fund’s historical performance is presented for periods through January 9, 2026. As of the end of the reporting period, total reorganization costs attributable to the reorganization paid by the Predecessor Fund were $115,542, of which $11,360 is an open liability as of August 31, 2026.