The BNY Mellon Municipal Short Duration ETF is an actively managed exchange-traded fund focused on fixed income securities. It seeks to maximize current income exempt from U.S. federal income tax while prioritizing the preservation of capital. The fund normally invests at least 80% of its net assets in municipal bonds issued by states, territories, possessions of the United States, and the District of Columbia, which provide tax-exempt income. These bonds typically carry investment-grade ratings (Baa3/BBB- or higher), though up to 10% may be allocated to below-investment-grade securities for enhanced yield. With an average effective portfolio maturity not exceeding five years and duration limited to three years, it emphasizes short-duration holdings to mitigate interest rate sensitivity. Managed by BNY Mellon Investment Adviser, Inc., the ETF employs fundamental credit analysis and active sector rotation across general obligation, revenue, and pre-refunded bonds to capitalize on relative value opportunities. Featuring a low expense ratio of 0.35%, it distributes dividends annually and plays a key role in tax-efficient, low-volatility income strategies within the municipal bond market.