BNY Mellon Concentrated International ETF (BKCI)

CUSIP 09661T834
NAV $ 50.28 As of 12/03/24
CHG $ 0.40 (0.80 %)
MKT PRICE $50.38 As of 12/03/24
CHG $0.23 (0.46 %)
TOTAL EXPENSE RATIO

0.65%

Net

0.75%

Gross

Overview

Why invest in this Fund?

The fund's investment objective is long-term total return.
The fund may be appropriate for investors seeking investment opportunities in developed international companies with strong fundamentals and the potential for sustainable earnings growth.
Experienced investment team specializing in bottom-up, fundamental research looks to build a concentrated portfolio of high conviction investment ideas.
Exchange-traded fund (ETF) structure allows investors intra-day liquidity and the potential for tax-efficient investing.

INCEPTION DATE

12/06/21

NET ASSETS

$158,367,020 As of 12/03/24

NUMBER OF SHARES OUTSTANDING

3,150,001 As of 12/03/24

MARKET PRICE 52-WEEK HIGH

$54.46 As of 09/26/24

MARKET PRICE 52-WEEK LOW

$47.36 As of 01/17/24

TURNOVER RATIO TTM

4.86 As of 10/31/24

DISTRIBUTION FREQUENCY

Annually

Morningstar Category

Foreign Large Growth

Number of Holdings

29.00 As of 10/31/24

PRICE/EARNINGS RATIO

22.09 As of 10/31/24

PRICE/BOOK RATIO

3.98 As of 10/31/24

WEIGHTED AVERAGE MARKET CAP
(in millions)

$156 As of 10/31/24

SUB-ASSET CLASS

Global/International - Growth

EXCHANGE

NYSE-Arca

Yields and Expense Ratio

30-DAY SEC YIELD as of 12/03/24 SUBSIDIZED	UNSUBSIDIZED	DIVIDEND YIELD (ANNUALIZED) as of 10/31/24	CONTRACTUAL FEE WAIVER END DATE	PROSPECTUS FEE TABLE EXPENSE RATIO (%) as of 10/01/24 NET	GROSS
1.37	1.27	2.09	03/01/26	0.65	0.75

Yield fluctuates and past performance is no guarantee of future results.

The SEC 30-day Yield is calculated by dividing the net investment income per share earned during the period (calculated in accordance with regulatory guidelines) by the maximum offering price per share on the last day of the period.

Unsubsidized yield displays what the fund's 30-Day SEC Yield would have been had no fee waiver or expense reimbursement been in place during the period.

Gross Expenses is the total annual operating expense ratio for the fund, before any fee waivers or expense reimbursements. Net Expenses is the total annual operating expense ratio for the fund, after any applicable fee waivers or expense reimbursements. The Gross Expenses, or Net Expenses (if including fee waivers or expense reimbursements) is the actual fund expense ratio applicable to investors.

NAV - A fund's NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding.

Market Price - The market price is the most recent official closing price for the listed exchange.

Dividend Yield (Annualized) - The dividend yield is the ratio of the fund’s annual dividend compared to it’s share price.

Price/Earnings Ratio - Price-to-earnings (P/E) is the ratio of the market price of a firm’s common stock to its current (or predicted) earnings per share.

Price/Book Ratio - Price-to-book value (P/B) is a ratio used to compare a stock's market value with its book value. It is calculated by dividing the current closing price of the stock by the latest quarter’s book value (assets minus liabilities).

Weighted Avg Market Cap - Weighted average market cap is the average market capitalization of corporations in a fund or index, weighted by the percentage of the holding in the fund or index.

Portfolio Managers

Jane Henderson

Portfolio Manager, Walter Scott & Partners Limited

Managing Fund Since Inception

Joined Firm in 1995

Joined Industry in 1995
Roy Leckie

Portfolio Manager, Walter Scott & Partners Limited

Managing Fund Since Inception

Joined Firm in 1995

Joined Industry in 1995
Charlie Macquaker

Portfolio Manager, Walter Scott & Partners Limited

Managing Fund Since Inception

Joined Firm in 1991

Joined Industry in 1991
Fraser Fox, CFA

Investment Manager, Walter Scott & Partners Limited

Managing Fund Since 2022

Joined Firm in 2003

Joined Industry in 2003
Maxim Skorniakov, CFA

Investment Manager, Walter Scott & Partners Limited

Managing Fund Since 2022

Joined Firm in 2003

Joined Industry in 2003

Performance

Daily Statistics

As of 12/03/24 NAME	30-DAY MEDIAN BID/ASK SPREAD	PREVIOUS DAY VOLUME	20-DAY AVG VOLUME	PREMIUM/ DISCOUNT	YTD Total Return (NAV)
BNY Mellon Concentrated International ETF	0.16%	5,682	7,851	0.20%	2.58%

The performance data quoted represents past performance, which is no guarantee of future results.

30-Day Median Bid-Ask Spread - Gives investors the midpoint within the spread between an ETF’s selling price and buying price. It is calculated over the last 30 days in 10 second intervals by dividing the difference between the bid (sell price) and offer (buy price) by the midpoint of the National Best Bid Offer (NBBO) and identifying the median of those values.

20-Day Avg Volume - 20-Day Average Volume is the sum of last 20 days of trading volume divided by 20 days.

Premium / Discount - The amount the fund is trading above or below the reported NAV expressed as a percentage of the NAV. When the fund's market price is greater than the fund's NAV, it is said to be trading at a "Premium" and the percentage is expressed as a positive number. When the fund's market price is less than the fund's NAV, it is said to be trading at a "Discount" and the percentage is expressed as a negative number.

Total Returns

Click here for NAV Returns

Month End

MARKET PRICE

			Average Annual As of 11/30/24
Name	3 MO 11/30/24	YTD 11/30/24	1 YR	3 YRS	5 YRS	10 YRS	Since Inception
BNY Mellon Concentrated International ETF BKCI	-7.29	1.46	6.21	-	-	-	0.28

Quarter End

MARKET PRICE

			Average Annual As of 09/30/24
Name	3 MO 09/30/24	YTD 09/30/24	1 YR	3 YRS	5 YRS	10 YRS	Since Inception
BNY Mellon Concentrated International ETF BKCI	5.69	9.20	24.45	-	-	-	2.95
MSCI EAFE® Index	7.26	12.99	24.77	5.48	8.20	5.71	-

The performance data quoted represents past performance, which is no guarantee of future results. Share price, yield and investment return fluctuate and an investor's shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted.

Market Price performance is calculated using the most recent NYSE Arca Official Closing Price. Market Price returns do not represent investors’ returns had they traded shares at other times.

The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Investors cannot invest directly in any index.

Growth of $10,000 Investment

Past performance is no guarantee of future results.

Historical NAV and Market Price

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Historical Premium/Discount

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Premium and Discount Summary Table

As of 12/03/24	Calendar Year 2023	Q1 2024	Q2 2024	Q3 2024
Days Traded at Premium	208	51	35	45
Days Traded at Discount	47	11	28	19

The table shows the number of trading days in which the fund traded at a premium or discount to its closing NAV. Past results are not indicative of future results.

Premium/Discount

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Fees & Expenses

Prospectus Fee Table Expense Ratios

Fees as stated in the prospectus Fee Description	Total Expense Ratio (%)
Management Fee	0.75%
Other Expenses	0.00%
Total Expenses	0.75%
Expenses Reimbursed	0.10%
Net Expenses	0.65%

The Total Expenses is the actual fund expense ratio applicable to investors.

BNY Mellon ETF Investment Adviser, LLC has contractually agreed, until at least March 1, 2026, to assume the direct expenses of the fund so that the fund's total annual operating expenses (including acquired fund fees and expenses (if any)) (excluding payments under the fund's 12b-1 plan (if any), interest expenses, taxes, brokerage commissions, costs of holding shareholder meetings, fees and expenses associated with any securities lending program adopted by the fund, and litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of the fund's business) do not exceed 0.65% of the fund's average daily net assets. Prior to March 1, 2026, this expense limitation agreement may only be terminated by the fund's board. On or after March 1, 2026, BNY Mellon ETF Investment Adviser, LLC may terminate this expense limitation agreement at any time.

Portfolio

Portfolio Manager/Sub-Investment Adviser

The fund's investment adviser is BNY Mellon ETF Investment Adviser, LLC, and the fund's sub-adviser is Walter Scott, an affiliate of the Adviser. Investment decisions for the fund have been made since the fund's inception in November 2021 by Walter Scott's Investment Team, which is overseen by Walter Scott's Investment Management Committee (IMC). Those on the Investment Team with the most significant responsibility for the day-to-day management of the fund are the individuals comprising the firm's Investment Executive: Roy Leckie, a director of Walter Scott and co-chair of the IMC; Charlie Macquaker, a director of Walter Scott and co-chair of the IMC; Jane Henderson, Managing Director of Walter Scott; Fraser Fox, an investment manager; and Maxim Skorniakov, an investment manager.

Top Holdings

Download Total Holdings

As of 12/04/24

Holdings	% Portfolio Weight
TAIWAN SEMICONDUCTOR-SP A	5.13
AMADEUS IT GROUP SA	5.13
COMPASS GROUP PLC	5.08
ALIMENTATION COUCHE-TARD	4.88
SAP SE	4.79
NOVO NORDISK A/S-B	4.49
AIA GROUP LTD	3.81
ASML HOLDING NV	3.72
EXPERIAN PLC	3.65
LVMH MOET HENNESSY LOUIS	3.46
AIR LIQUIDE SA	3.46
CANADIAN NATL RAILWAY CO	3.43
TOTALENERGIES SE	3.39
KEYENCE CORP	3.37
HOYA CORP	3.20
MERCK KGAA	3.17
CAPITALAND ASCENDAS REIT	3.09
CLP HOLDINGS LTD	3.00
SHIN-ETSU CHEMICAL CO LTD	2.96
SGS SA-REG	2.94
ADIDAS AG	2.94
CSL LTD	2.90
L'OREAL	2.88
UNIVERSAL MUSIC GROUP NV	2.78
KONE OYJ-B	2.67
COLOPLAST-B	2.67
ROCHE HOLDING AG-GENUSSCH	2.55
DAIKIN INDUSTRIES LTD	1.96
SMC CORP	1.74
DREYFUS INSTITUTIONAL PRE	0.61
Net Current Assets	0.12
JAPANESE YEN	0.02
EURO	0.00
POUND STERLING	0.00

% Portfolio Weight is calculated using the closing market price of each security from the prior business day.

Holdings are subject to change. The holdings listed should not be considered recommendations to buy or sell a security.

Asset Allocation

Stats & Risks

Main Risks

ETFs trade like stocks, are subject to investment risk, including possible loss of principal.
Equities are subject to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees. Small and midsized company stocks tend to be more volatile and less liquid than larger company stocks as these companies are less established and have more volatile earnings histories. Investing in foreign denominated and/or domiciled securities involves special risks, including changes in currency exchange rates, political, economic, and social instability, limited company information, differing auditing and legal standards, and less market liquidity. These risks generally are greater with emerging market countries.
The fund is non-diversified, which means that the fund may invest a relatively high percentage of its assets in a limited number of issuers. Therefore, the fund's performance may be more vulnerable to changes in the market value of a single issuer or group of issuers and more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.
Although fund shares are listed for trading on an exchange and may be listed or traded on other U.S. and non-U.S. stock exchanges as well, there can be no assurance that an active trading market for such fund shares will develop or be maintained. Trading in fund shares may be halted due to market conditions or for reasons that, in the view of the listing exchange, make trading in fund shares inadvisable. In addition, trading in fund shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange circuit breaker rules. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of the fund will continue to be met or will remain unchanged or that fund shares will trade with any volume, or at all, on any stock exchange.
Please refer to the prospectus for a more complete discussion of the fund's main risks.

Distributions

Dividend Schedule

Declared

Annually

Distributed

Annually

Paid

Annually

Fiscal Year End

Oct 31

(Values Listed In $)EX DATE	RECORD DATE	PAYABLE DATE	DIVIDEND INCOME	SHORT-TERM CAPITAL GAIN	LONG-TERM CAPITAL GAIN	RETURN OF CAPITAL	TOTAL DISTRIBUTION
12/27/23	12/28/23	01/03/24	0.3593	0.0000	0.0000	0.0000	0.3593

(Values Listed In $)EX DATE	RECORD DATE	PAYABLE DATE	DIVIDEND INCOME	SHORT-TERM CAPITAL GAIN	LONG-TERM CAPITAL GAIN	RETURN OF CAPITAL	TOTAL DISTRIBUTION
12/28/22	12/29/22	01/04/23	0.1878	0.0000	0.0000	0.0000	0.1878

Literature

PRODUCT INFORMATION

Key:

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BNY ETF Profile Sheet	Download	Share
Walter Scott Celebrating 40 Years	Download	Share
Walter Scott – Single Philosophy, Three Ways to Access	Download	Share

Investors should consider the investment objectives, risks, charges, and expenses of the fund carefully before investing. Download a prospectus, or summary prospectus, if available, that contains that and other information about the fund, and read it carefully before investing.

ETF shares are listed on an exchange, and shares are generally purchased and sold in the secondary market at market price. At times, the market price may be a premium or discount to the ETF's per share NAV. In addition, ETFs are subject to the risk that an active trading market for an ETF's shares may not develop or be maintained. Buying or selling ETF shares on an exchange may require the payment of brokerage commissions. Any applicable brokerage commissions will reduce returns.

ETFs trade like stocks, are subject to investment risk, including possible loss of principal. Equities are subject to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees. The risks of investing in this ETF typically reflect the risks associated with the types of instruments in which the ETF invests. Diversification cannot assure a profit or protect against loss.

The fund will issue (or redeem) fund shares to certain institutional investors known as “Authorized Participants” (typically market makers or other broker-dealers) only in large blocks of fund shares known as “Creation Units.” BNY Mellon Securities Corporation (“BNYMSC”), a subsidiary of the BNY Mellon, serves as distributor of the fund. BNYMSC does not distribute fund shares in less than Creation Units, nor does it maintain a secondary market in fund shares. BNYMSC may enter into selected agreements with Authorized Participants for the sale of Creation Units of Creation Units of fund shares.

Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular investment, strategy, investment manager or account arrangement and should not serve as a primary basis for investment decisions.

Please consult a legal, tax or investment professional in order to determine whether an investment product or service is appropriate for a particular situation.

BNY Mellon Concentrated International ETF (BKCI)

Why invest in this Fund?