BNY Mellon Concentrated International ETF

BNY Mellon Concentrated International ETF (BKCI) is an actively managed fund. It typically holds 25 to 30 stocks of companies in developed markets outside the US, chosen by Walter Scott & Partners, a BNY Mellon affiliate. That narrow, stock-by-stock approach sets it apart from broad international index funds. So does the cost: 0.65% a year, against an average of 0.10% for similar funds.

• Over the year to Oct 27, 2026, BKCI returned +2.4%, 7th of 7 among similar funds.
• Its worst full calendar year was 2022 (-20.3%); its best was 2023 (+20.3%).
• The deepest fall in its price history was 31% (Jan 4, 2022 to Sep 27, 2022), recovered by Mar 7, 2024.

As of Jul 31, 2026, the fund held 27 securities; the ten largest made up 47.93% of assets.

• Over the three months to Jul 31, 2026, investors withdrew a net $5.3M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +3.29%, +0.66%, -0.64%.

BKCI does not track an index. Its sub-adviser, Walter Scott & Partners, picks stocks one company at a time, building the portfolio from the bottom up. It first screens reported company financials. Companies that pass get a deeper review. Walter Scott recasts each company's income statement, flow of funds and balance sheet in cash terms to judge whether the business can pay for its own growth. It then studies the company's products, costs, pricing and competitors. To judge price, it uses measures such as the price-to-earnings ratio compared with growth, price-to-cash, price-to-book and dividend yield.

The fund typically owns 25 to 30 companies. As of July 31, 2026, it held 27, and its top 10 made up about 48% of assets. Country and sector weights are a by-product of the stock picks, not targets. A stock may be sold when its price reaches the manager's estimate of fair value or its business weakens. Positions that grow too large may be trimmed. Turnover was 9.86% a year, which means little trading.

The fund is "non-diversified," so it can put more money into single companies than a diversified fund can. It focuses on MSCI EAFE countries plus Canada but may put up to 20% in emerging markets. Its currency exposure is not hedged, so a rising or falling dollar affects returns.

• BKCI charges 0.65% a year, versus an average of 0.1% for the similar funds below (7th of 7, cheapest first).
• Of that, 0.75% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.1% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $66 in the first year and $921 over 10 years (assuming a 5% annual return).

With about 27 stocks, a non-diversified structure and returns behind its benchmark, BKCI is better suited to a small slice next to broader holdings than to the center of a portfolio.

BKCI could add a focused group of large non-US companies to a portfolio built mostly on US stocks. It launched in December 2021, so it has no record from the 2008 or 2020 crashes. In the 2022 bear market it fell 31%, from January 4 to September 27, 2022. It then took about 17 months to regain its old peak, getting there on March 7, 2024. Its worst calendar year was 2022, at -18.79%. A retiree who had to sell shares that year would have sold at a loss. Income is modest: the trailing yield was 1.35% as of October 27, 2026, paid once a year. In the SEC's $10,000 example, costs add up to $921 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).