United States Securities and Exchange Commission
Washington, D.C. 20549

Form N-CSRS
Certified Shareholder Report of Registered Management Investment Companies

811-23730
(Investment Company Act File Number)

Federated Hermes ETF Trust
(Exact Name of Registrant as Specified in Charter)

Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)

(412) 288-1900
(Registrant’s Telephone Number)

Peter J. Germain, Esquire
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)

Date of Fiscal Year End: 2026-12-31

Date of Reporting Period: Six months ended 2026-06-30

Item 1.

Reports to Stockholders

Federated Hermes MDT Market Neutral ETF

NYSE Arca | MKTN

Semi-Annual Shareholder Report - June 30, 2026

A Portfolio of Federated Hermes ETF Trust

This semi-annual shareholder report contains important information about the Federated Hermes MDT Market Neutral ETF (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as an annualized percentage of a $10,000 investment
Federated Hermes MDT Market Neutral ETF	$87	1.75%

Key Fund Statistics

Net Assets$106,824,862
Number of Investments394
Portfolio Turnover42%

Fund Holdings

Top Security Types (% of Net Assets)

Table Summary
Value	Value
Securities Sold Short	(74.3%)
Cash Equivalents	79.4%
Common Stocks	94.7%

Top Sectors (% of Total Securities Sold Short)

Table Summary
Value	Value
Utilities	1.2%
Energy	2.9%
Real Estate	2.9%
Communication Services	3.6%
Consumer Staples	3.9%
Materials	5.0%
Industrials	13.3%
Health Care	15.6%
Consumer Discretionary	16.2%
Financials	17.2%
Information Technology	18.2%

Semi-Annual Shareholder Report

Federated Hermes MDT Market Neutral ETF

Additional Information about the Fund

Additional information is available on the Fund’s website at FederatedHermes.com/us/FundInformation, including its:

• prospectus • financial information • holdings • proxy voting information

CUSIP 31423L875

Q457096-A (08/26)

Federated Securities Corp., Distributor

FederatedHermes.com/us

Item 2.

Code of Ethics

Not Applicable

Item 3.

Audit Committee Financial Expert

Not Applicable

Item 4.

Principal Accountant Fees and Services

Not Applicable

Item 5.

Audit Committee of Listed Registrants

Not Applicable

Item 6.

Schedule of Investments

(a) The registrant’s Schedule of Investments is included as part of the Financial Statements filed under Item 7 of this form.

(b) Not Applicable

Item 7.

Financial Statements and Financial Highlights for Open-End Management Companies

Semi-Annual Financial Statements
and Additional Information

June 30, 2026

NYSE Arca | MKTN

Federated Hermes MDT Market Neutral ETF

A Portfolio of Federated Hermes ETF Trust

Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee

CONTENTS

Portfolio of Investments	1
Financial Highlights	11
Statement of Assets and Liabilities	12
Statement of Operations	13
Statement of Changes in Net Assets	14
Notes to Financial Statements	15
Evaluation and Approval of Advisory Contract	20

Portfolio of Investments

June 30, 2026 (unaudited)

Shares			Value
		COMMON STOCKS—94.7%
		Communication Services—4.6%
11,506	1,2	CarGurus, Inc.	$ 392,240
6,488	1,2	Charter Communications, Inc.	922,659
349	1,2	Live Nation Entertainment, Inc.	63,905
13,883	1,2	Netflix, Inc.	991,246
15,203	1,2	Pinterest, Inc.	319,719
4,947	1,2	Reddit, Inc.	858,700
3,153	1	Sirius XM Holdings, Inc.	93,140
64,579	1,2	Trade Desk, Inc./The	1,167,588
7,008	1,2	TripAdvisor, Inc.	96,080
1,154	1,2	Yelp, Inc.	28,296
11,738	1,2	ZoomInfo Technologies, Inc.	34,392
		TOTAL	4,967,965
		Consumer Discretionary—14.9%
39,257	1	Advance Auto Parts, Inc.	2,442,571
863	1,2	Airbnb, Inc.	123,495
7,184	1,2	Amer Sports, Inc.	243,107
13,955	1,2	Capri Holdings Ltd.	259,144
2,409	1,2	Chewy, Inc.	47,337
18,151	1,2	Chipotle Mexican Grill, Inc.	617,134
10,069	1,2	Deckers Outdoor Corp.	999,751
7,748	1,2	Duolingo, Inc.	891,175
657	1	Expedia Group, Inc.	168,113
11,268	1,2	Five Below, Inc.	2,025,874
9,676	1	General Motors Co.	745,826
7,523	1,2	Life Time Group Holdings, Inc.	307,239
13,540	1,2	Lululemon Athletica, Inc.	1,545,997
1,738	1,2	On Holding AG	61,560
3,992	1	Polaris, Inc., Class A	273,212
1,182	1	PVH Corp.	87,775
1,180	1	Restaurant Brands International, Inc.	85,562
3,977	1,2	Revolve Group, Inc.	91,034
1,837	1,2	SharkNinja, Inc.	279,720
1,554	1	Steven Madden Ltd.	65,423
1,246	1,2	Ulta Beauty, Inc.	561,921
9,807	1,2	Under Armour, Inc., Class A	62,667
27,032	1	V.F. Corp.	450,894
30,127	1,2	Viking Holdings Ltd.	3,153,393
1,851	1	Yum! Brands, Inc.	295,901
		TOTAL	15,885,825
		Consumer Staples—3.0%
5,555	1,2	Bellring Brands, Inc.	71,882
1,624	1	Costco Wholesale Corp.	1,519,203
741	1,2	Dollar Tree, Inc.	89,624
24,867	1,2	Maplebear, Inc.	1,177,452
293	1	PepsiCo, Inc.	39,672
668	1,2	Post Holdings, Inc.	58,958
568	1	Spectrum Brands Holdings, Inc.	48,706
1,322	1,2	Sprouts Farmers Market, Inc.	111,815

Semi-Annual Financial Statements and Additional Information

Shares			Value
		COMMON STOCKS—continued
		Consumer Staples—continued
543	1	WalMart, Inc.	$ 61,500
		TOTAL	3,178,812
		Energy—3.1%
2,530	1	Cheniere Energy, Inc.	604,695
4,740	1	EOG Resources, Inc.	614,920
1,896	1	Halliburton Co.	64,369
4,822	1	Murphy Oil Corp.	157,004
2,575	1	Occidental Petroleum Corp.	125,068
1,824	1,2	Oceaneering International, Inc.	73,908
11,486	1	PBF Energy, Inc.	522,843
599	1	Phillips 66	101,261
3,644	1,2	Seadrill Ltd.	137,816
876	1	Targa Resources, Inc.	234,891
6,557	1,2	Tidewater, Inc.	436,893
1,309	1	Weatherford International PLC	106,684
2,307	1	Williams Cos., Inc.	171,502
		TOTAL	3,351,854
		Financials—15.5%
679	1	Allstate Corp.	161,561
1,715	1	Ameriprise Financial, Inc.	786,774
1,229	1,2	Arch Capital Group Ltd.	119,287
254	1	Assurant, Inc.	68,207
14,017	1	Bank of New York Mellon Corp.	2,026,998
78	1	Cboe Global Markets, Inc.	18,928
10,118	1	Charles Schwab Corp.	933,588
49,544	1,2	Fiserv, Inc.	2,430,133
464	1	Globe Life, Inc.	82,908
8,754	1,2	Happen, Inc.	181,558
5,484	1	Interactive Brokers Group, Inc., Class A	477,327
10,518	1	Jackson Financial, Inc.	1,076,938
1,603	1,2	LendingTree, Inc.	70,997
2,086	1	Live Oak Bancshares, Inc.	85,192
181	1	Morgan Stanley	37,836
4,317	1	Northern Trust Corp.	750,467
2,236	1,2	Oscar Health, Inc.	63,771
923	1	Principal Financial Group, Inc.	99,481
2,649	1	PROG Holdings, Inc.	123,470
747	1	Progressive Corp., OH	163,182
10,185	1	Prudential Financial, Inc.	1,099,267
1,301	1,2	Remitly Global, Inc.	29,156
10,586	1	State Street Corp.	1,795,386
15,473	2	StoneCo Ltd.	167,727
9,244	1	The Travelers Cos., Inc.	3,051,629
10,727	1,2	Toast, Inc.	298,425
5,111	1	Virtu Financial, Inc.	304,462
287	1,2	WEX, Inc.	40,493
		TOTAL	16,545,148
		Health Care—14.8%
10,345	1	AbbVie, Inc.	2,603,216
7,659	1,2	Align Technology, Inc.	1,291,767
1,660	1,2	Alnylam Pharmaceuticals, Inc.	499,710
986	1	Amgen, Inc.	357,050

Semi-Annual Financial Statements and Additional Information

Shares			Value
		COMMON STOCKS—continued
		Health Care—continued
2,380	1	Baxter International, Inc.	$ 50,742
6,569	1,2	BioMarin Pharmaceutical, Inc.	375,878
7,088	1,2	Bridgebio Pharma, Inc.	527,914
1,271	1	Cardinal Health, Inc.	301,939
2,405	1,2	Charles River Laboratories International, Inc.	545,430
19,476	2	Community Health Systems, Inc.	65,050
3,202	1	Dentsply Sirona, Inc.	33,973
3,998	1,2	Doximity, Inc.	82,918
9,785	1,2	Elanco Animal Health, Inc.	240,809
2,728	1,2	Fulgent Genetics, Inc.	55,979
4,416	1,2	Guardant Health, Inc.	662,532
2,571	1,2	Halozyme Therapeutics, Inc.	201,232
3,748	1	Humana, Inc.	1,488,781
3,651	1,2	Illumina, Inc.	641,955
2,542	1,2	Incyte Corp.	288,161
2,372	1,2	Insulet Corp.	361,137
1,537	1,2	Liquidia Corp.	122,545
24,807	1,2	Moderna, Inc.	1,737,234
10,666	1,2	NeoGenomics, Inc.	155,617
3,421	1,2	Omnicell, Inc.	142,040
1,871	1,2	Privia Health Group, Inc.	48,141
2,470	1	Regeneron Pharmaceuticals, Inc.	1,540,144
5,565	1,2	Sarepta Therapeutics, Inc.	100,003
5,617	1,2	Teladoc Health, Inc.	47,632
980	1	UnitedHealth Group, Inc.	407,317
4,430	1,2	Veeva Systems, Inc.	786,192
2,084	1,2	Waystar Holding Corp.	42,785
		TOTAL	15,805,823
		Industrials—13.7%
246	1	Allegion PLC	34,561
2,466	1	Allison Transmission Holdings, Inc.	278,017
3,803	1,2	APi Group Corp.	161,057
895	1	Apogee Enterprises, Inc.	40,937
2,254	1	Atmus Filtration Technologies, Inc.	114,931
921	1	Automatic Data Processing, Inc.	206,258
496	1,2	Bloom Energy Corp.	150,139
1,341	2	BlueLinx Holdings, Inc.	82,981
4,019	1	Booz Allen Hamilton Holding Corp.	243,833
16,565	1,2	Copart, Inc.	466,967
736	1,2	DXP Enterprises, Inc.	124,193
6,218	1	GE Aerospace	2,323,853
2,625	1	GE Vernova, Inc.	3,084,007
815	1,2	Generac Holdings, Inc.	238,640
216	1	General Dynamics Corp.	76,516
42	1	Huntington Ingalls Industries, Inc.	11,755
4,286	1,2	Intuitive Machines, Inc.	91,678
355	1	Johnson Controls International PLC	51,869
1,144	1	Leidos Holdings, Inc.	117,798
201	1	nVent Electric PLC	34,092
3,441	1	Paycom Software, Inc.	432,465
5,527	1	Pitney Bowes, Inc.	96,833
1,911	1,2	Proto Labs, Inc.	155,766

Semi-Annual Financial Statements and Additional Information

Shares			Value
		COMMON STOCKS—continued
		Industrials—continued
980	1	Robert Half, Inc.	$ 30,086
3,292	1	RTX Corp.	624,591
2,604	1,2	SkyWest, Inc.	258,655
10,617	1	Southwest Airlines Co.	545,926
1,106	1	Stanley Black & Decker, Inc.	104,097
934	1	Trane Technologies PLC	458,743
206	1,2	TransDigm, Inc.	274,400
9,826	1,2	Uber Technologies, Inc.	709,044
5,029	1,2	United Airlines Holdings, Inc.	683,894
12,604	1	Veralto Corp.	1,117,723
3,455	1	Vertiv Holdings Co.	1,156,803
		TOTAL	14,583,108
		Information Technology—20.3%
9,584	1	Accenture PLC	1,192,633
6,226	1,2	Adobe, Inc.	1,276,455
7,371	1	Amkor Technology, Inc.	635,601
171	1	Analog Devices, Inc.	67,916
426	1	Apple, Inc.	123,267
50	1,2	AppLovin Corp.	25,762
6,528	1,2	Arista Networks, Inc.	1,108,977
245	1,2	Astera Labs, Inc.	118,340
11,453	1,2	Atlassian Corp. PLC	890,929
2,469	1,2	Axcelis Technologies, Inc.	467,752
835	2	Braze, Inc.	18,111
6,959	1,2	Cipher Digital, Inc.	170,495
1,423	1	Clear Secure, Inc.	79,304
645	1	Cognizant Technology Solutions Corp.	24,981
2,957	1,2	Crowdstrike Holdings, Inc.	2,256,605
1,203	1	Dell Technologies, Inc.	519,046
3,552	1,2	DocuSign, Inc.	157,780
32,980	1,2	Enphase Energy, Inc.	1,623,935
1,429	2	EPAM Systems, Inc.	113,391
8,513	1,2	Fortinet, Inc.	1,307,767
8,948	1,2	Gartner, Inc., Class A	1,159,840
2,238	2	Gitlab, Inc.	68,326
1,002	2	Globant S.A.	28,998
5,148	1,2	GoDaddy, Inc.	436,962
1,208	2	HubSpot, Inc.	220,472
1,616	1,2	Hut 8 Corp.	186,559
7,553	1	Intuit, Inc.	1,971,333
123	1	Microsoft Corp.	45,881
6,013	1	NetApp, Inc.	930,572
2,359	1,2	Okta, Inc.	321,886
2,756	1,2	ON Semiconductor Corp.	260,552
127	1,2	Palo Alto Networks, Inc.	43,310
8,165		Pegasystems, Inc.	244,705
1,111	2	Procore Technologies, Inc.	45,129
4,006	2	Q2 Holdings, Inc.	192,689
698	2	Qualys, Inc.	95,968
1,202		RingCentral, Inc.	46,854
4,139	1	Skyworks Solutions, Inc.	280,624
287	1,2	Snowflake, Inc.	73,042

Semi-Annual Financial Statements and Additional Information

Shares			Value
		COMMON STOCKS—continued
		Information Technology—continued
1,193	1,2	Synaptics, Inc.	$ 148,206
1,216	1	TD SYNNEX Corp.	325,085
1,481	1	Teradyne, Inc.	716,567
17,588	1,2	Terawulf, Inc.	434,424
601	1,2	Tyler Technologies, Inc.	175,768
6,069	2	UiPath, Inc.	65,970
237	1	Western Digital Corp.	151,377
3,995	1,2	Workday, Inc.	489,068
501	1,2	Zebra Technologies Corp., Class A	131,893
2,415	1,2	Zoom Communications, Inc.	208,439
		TOTAL	21,679,546
		Materials—2.6%
2,031	1	Albemarle Corp.	274,246
5,741	1	Alcoa Corp.	299,336
24,993	1	Celanese Corp.	1,149,678
4,286	1	FMC Corp.	49,289
8,102	1	Newmont Corp.	756,727
597	1	Nucor Corp.	132,982
734	1	Steel Dynamics, Inc.	168,423
		TOTAL	2,830,681
		Real Estate—1.9%
17,169	1	American Healthcare REIT, Inc.	895,363
1,088	1,2	CBRE Group, Inc.	146,543
690	1	Iron Mountain, Inc.	87,154
10,614	1	Kilroy Realty Corp.	397,707
5,791	1	SL Green Realty Corp.	299,800
2,246	1	Vornado Realty Trust LP	88,268
3,323	1,2	Zillow Group, Inc.	104,242
		TOTAL	2,019,077
		Utilities—0.3%
291	1	Consolidated Edison Co.	32,193
1,066	1	Duke Energy Corp.	134,934
2,087	1	Exelon Corp.	97,296
335	1	Southern Co.	32,063
282	1	Vistra Corp.	44,734
		TOTAL	341,220
		TOTAL COMMON STOCKS (IDENTIFIED COST $96,437,173)	101,189,059
		INVESTMENT COMPANY—79.4%
84,739,670		Federated Hermes Government Obligations Fund, Premier Shares, 3.55%3 (IDENTIFIED COST $84,739,670)	84,739,670
		TOTAL INVESTMENT IN SECURITIES—174.1% (IDENTIFIED COST $181,176,843)4	185,928,729
		OTHER ASSETS AND LIABILITIES - NET—(74.1)%5	(79,103,867)
		NET ASSETS—100%	$106,824,862

SECURITIES SOLD SHORT—(74.3)%

Shares			Value
		Communication Services—(2.7)%
1,545	2	AST SpaceMobile, Inc.	$ 137,289
4,789		Comcast Corp., Class A	117,570
2,587	2	Echostar Holding Corp.	262,580

Semi-Annual Financial Statements and Additional Information

Shares			Value
		Communication Services—continued
11,651	2	Magnite, Inc.	$ 221,136
357		Omnicom Group, Inc.	26,000
21,294	2	ROBLOX Corp.	1,157,968
820	2	Spotify Technology S.A.	376,487
2,723		TKO Group Holdings, Inc.	548,167
		TOTAL	2,847,197
		Consumer Discretionary—(12.0)%
416	2	Aptiv PLC	25,534
8,203	2	CarMax, Inc.	433,857
5,328	2	Carvana Co.	350,689
21,174	2	Cava Group, Inc.	1,661,736
2,659		Churchill Downs, Inc.	238,353
6,007		D. R. Horton, Inc.	978,420
4,900	2	Dave & Buster’s Entertainment, Inc.	55,860
401		Dick’s Sporting Goods, Inc.	90,951
934	2	DoorDash, Inc.	172,351
25,360	2	DraftKings, Inc.	640,594
10,335	2	Driven Brands Holdings, Inc.	144,070
3,533	2	Floor & Decor Holdings, Inc.	209,719
24,919	2	Flutter Entertainment PLC	2,545,974
2,266	2	Fox Factory Holding Corp.	38,397
15,064	2	GameStop Corp.	332,613
3,499		Garmin Ltd.	831,152
1,146		G-III Apparel Group Ltd.	38,632
372	2	Grand Canyon Education, Inc.	53,237
161		Home Depot, Inc.	56,781
568		Lennar Corp., Class A	51,398
535		Lithia Motors, Inc.	155,412
2,745		LKQ Corp.	72,276
2,400		Lowe’s Cos., Inc.	529,176
15,754	2	Norwegian Cruise Line Holdings Ltd.	332,567
8,485	2	Planet Fitness, Inc.	442,662
482	2	RH	79,400
174		Ross Stores, Inc.	37,036
848		Royal Caribbean Cruises Ltd.	269,265
1,726	2	Six Flags Entertainment Corp.	36,764
7,987		Starbucks Corp.	816,192
7,575	2	Stride, Inc.	653,268
2,832		Wingstop, Inc.	491,097
		TOTAL	12,865,433
		Consumer Staples—(2.9)%
23,115	2	Celsius Holdings, Inc.	676,807
5,915	2	elf Beauty, Inc.	437,710
30,802		Lamb Weston Holdings, Inc.	1,330,031
1,880	2	Performance Food Group Co.	210,165
18,544		Primo Brands Corp.	453,215
		TOTAL	3,107,928
		Energy—(2.1)%
3,979		Baker Hughes a GE Co. LLC	220,835
7,767		Diamondback Energy, Inc.	1,365,283
454		Ovintiv, Inc.	23,903
13,751		SLB Ltd.	639,284

Semi-Annual Financial Statements and Additional Information

Shares			Value
		Energy—continued
606		Viper Energy, Inc.	$ 25,694
		TOTAL	2,274,999
		Financials—(12.8)%
975		Aon PLC	323,398
20,286		Ares Management Corp.	2,258,035
2,517	2	Berkshire Hathaway, Inc., Class B	1,259,482
5,309		Blackstone, Inc.	624,710
1,281	2	Block, Inc.	97,356
9,847		Brookfield Asset Management Ltd.	441,638
26,991		Brown & Brown	1,731,473
4,954		Capital One Financial Co.	993,871
786		Citigroup, Inc.	110,009
1,776	2	Coinbase Global, Inc.	259,633
5		Erie Indemnity Co.	1,199
1,654		Glacier Bancorp, Inc.	85,313
27,015		KKR & Co., Inc.	2,479,437
105		LPL Financial Holdings, Inc.	29,576
11,301	2	Robinhood Markets, Inc.	1,133,264
1,045		SEI Investments Co.	91,657
6,381	2	Shift4 Payments, Inc.	310,372
1,491	2	StoneX Group, Inc.	176,683
742		T. Rowe Price Group, Inc.	84,358
8,259		Truist Financial Corp.	411,463
18,846	2	Upstart Holdings, Inc.	667,714
981		Western Alliance Bancorp	80,638
		TOTAL	13,651,279
		Health Care—(11.6)%
5,562	2	10X Genomics, Inc.	213,247
1,251		Abbott Laboratories	113,516
1,114	2	Acadia Healthcare Co., Inc.	32,896
3,603	2	Arrowhead Pharmaceuticals, Inc.	293,681
249	2	Axsome Therapeutics, Inc.	60,948
9,492		Becton Dickinson & Co.	1,436,424
3,185	2	Biohaven Ltd.	47,393
8,354	2	Caris Life Sciences, Inc.	148,868
6,115	2	Cytokinetics, Inc.	520,937
4,410		Danaher Corp.	840,017
265		Encompass Health Corp.	26,786
4,110	2	HealthEquity, Inc.	371,215
28,077	2	Hims & Hers Health, Inc.	973,430
706	2	Immunovant, Inc.	27,202
326	2	Inspire Medical Systems, Inc.	14,543
700	2	Madrigal Pharmaceuticals, Inc.	375,865
913		Merck & Co., Inc.	117,321
1,993	2	PTC Therapeutics, Inc.	162,569
1,476	2	Repligen Corp.	201,385
2,819	2	Scholar Rock Holding Corp.	155,045
16,156	2	Summit Therapeutics, Inc.	235,393
20,155	2	Tempus AI, Inc.	1,167,579
1,804		Thermo Fisher Scientific, Inc.	904,453
3,538	2	TransMedics Group, Inc.	234,994
13,160	2	Ultragenyx Pharmaceutical, Inc.	439,412
25,399	2	Vaxcyte, Inc.	1,476,444

Semi-Annual Financial Statements and Additional Information

Shares			Value
		Health Care—continued
3,464	2	Viking Therapeutics, Inc.	$ 135,131
3,449	2	Waters Corp.	1,293,513
525		West Pharmaceutical Services, Inc.	188,475
1,953		Zimmer Biomet Holdings, Inc.	168,134
		TOTAL	12,376,816
		Industrials—(9.9)%
207		3M Co.	33,515
5,132		Aaon, Inc.	651,045
3,968	2	Aerovironment, Inc.	654,998
1,319	2	Ameresco, Inc.	36,404
2,670	2	Avis Budget Group, Inc.	394,706
1,144	2	Axon Enterprise, Inc.	641,338
983	2	Builders Firstsource, Inc.	87,959
315		Carpenter Technology Corp.	194,305
8,433		Carrier Global Corp.	618,561
1,113	2	CBIZ, Inc.	35,705
13,118		Concentrix Corp.	293,909
1,449	2	Core & Main, Inc.	69,914
612		Deere & Co.	388,210
214	2	FTI Consulting, Inc.	31,888
6,810	2	GXO Logistics, Inc.	345,267
161		Herc Holdings, Inc.	23,078
6,815		Ingersoll-Rand, Inc.	558,762
325	2	Kirby Corp.	44,190
8,691		Knight-Swift Transportation Holdings, Inc.	676,768
1,448	2	Mercury Systems, Inc.	177,134
385		Old Dominion Freight Lines, Inc.	83,391
4,918		PACCAR, Inc.	590,750
19,034	2	QXO, Inc.	328,908
3,576	2	Saia, Inc.	1,506,068
10,091		Verisk Analytics, Inc.	1,811,637
868	2	Vicor Corp.	329,649
		TOTAL	10,608,059
		Information Technology—(13.5)%
9,363	2	Allegro MicroSystems, Inc.	651,852
3,058		Amphenol Corp., Class A	539,187
1,433	2	Appian Corp.	32,816
884	2	Applied Optoelectronics, Inc.	130,973
2,955	2	Circle Internet Group, Inc.	185,072
8,766	2	CloudFlare, Inc.	2,150,124
1,304		Corning, Inc.	333,081
1,023	2	Credo Technology Group Holding Ltd.	278,205
7,266	2	D-Wave Quantum, Inc.	174,311
2,829		Entegris, Inc.	508,824
2,377	2	First Solar, Inc.	560,877
1,338		Globalfoundries, Inc.	110,265
155		IBM Corp.	43,587
2,408	2	Impinj, Inc.	344,898
10,560	2	IonQ, Inc.	562,426
2,074		Marvell Technology, Inc.	617,824
532		Microchip Technology, Inc.	48,518
4,591	2	nCino, Inc.	75,063
880	2	Par Technology Corp.	15,330

Semi-Annual Financial Statements and Additional Information

Shares			Value
		Information Technology—continued
359		Salesforce, Inc.	$ 56,241
370	2	Sitime Corp.	275,857
8,174	2	Sprout Social, Inc.	61,714
5,924	2	Strategy, Inc., Class A	514,973
12,292	2	Super Micro Computer, Inc.	360,524
5,395	2	Synopsys, Inc.	2,406,548
1,334		Ubiquiti Networks, Inc.	712,396
6,633	2	Unity Software, Inc.	189,571
44,539	2	Zeta Global Holdings Corp.	876,527
11,439	2	Zscaler, Inc.	1,614,615
		TOTAL	14,432,199
		Materials—(3.7)%
5,120		Air Products & Chemicals, Inc.	1,501,082
11,397		Dow, Inc.	311,822
5,824		Freeport-McMoRan, Inc.	366,271
21,766		International Paper Co.	829,285
2,469		James Hardie Industries PLC	64,638
901		LyondellBasell Industries N.V.	47,438
10,256	2	MP Materials Corp.	574,438
3,103		Smurfit WestRock PLC	143,545
1,636		Westlake Corp.	119,428
		TOTAL	3,957,947
		Real Estate—(2.2)%
22,776		Alexandria Real Estate Equities, Inc.	1,203,711
5,496		Extra Space Storage, Inc.	798,569
12,700		Healthcare Realty Trust, Inc.	256,159
2,888		Weyerhaeuser Co.	69,139
		TOTAL	2,327,578
		Utilities—(0.9)%
2,034		Brookfield Renewable Corp.	75,502
3,228		Constellation Energy Corp.	801,738
469	2	Oklo, Inc.	24,543
376		Southwest Gas Holdings, Inc.	33,344
		TOTAL	935,127
		Total Securities Sold Short (PROCEEDS $80,451,373)	$79,384,562

An affiliated company is a company in which the Fund, alone or in combination with other Federated Hermes funds, has ownership of at least 5% of the voting shares. Transactions with affiliated companies during the period ended June 30, 2026, were as follows:

Affiliated	Value as of 12/31/2025	Purchases at Cost*	Proceeds from Sales*	Change in Unrealized Appreciation/ (Depreciation)*	Net Realized Gain/ (Loss)*	Value as of 6/30/2026	Shares Held as of 6/30/2026	Dividend Income*
Consumer Discretionary:
Advance Auto Parts, Inc.**	$413,672	$1,552,779	$(103,729)	$587,575	$(7,726)	$2,442,571	39,257	$11,429

*	A portion of the amount shown may have been recorded when the Fund no longer had ownership of at least 5% of the voting shares.
**	At June 30, 2026, the Fund no longer has ownership of at least 5% of the voting shares.

Semi-Annual Financial Statements and Additional Information

Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended June 30, 2026, were as follows:

	Federated Hermes Government Obligations Fund, Premier Shares
Value as of 12/31/2025	$25,133,439
Purchases at Cost	$100,200,684
Proceeds from Sales	$(40,594,453)
Change in Unrealized Appreciation/Depreciation	$—
Net Realized Gain/(Loss)	$—
Value as of 6/30/2026	$84,739,670
Shares Held as of 6/30/2026	84,739,670
Dividend Income	$1,155,176

1	All or a portion of these securities have been pledged as collateral for open short positions.
2	Non-income-producing security.
3	7-day net yield.
4	Also represents cost of investments for federal tax purposes.
5	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. A significant portion of this balance is the result of short sale transactions as of June 30, 2026.

Note: The categories of investments are shown as a percentage of net assets at June 30, 2026.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

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 an indication of the risk associated with investing in those securities.

At June 30, 2026, all investments of the Fund utilized Level 1 inputs in valuing the Fund’s assets carried at fair value.

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

Financial Highlights

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 6/30/2026	Period Ended 12/31/20251
Net Asset Value, Beginning of Period	$25.66	$24.87
Income From Investment Operations:
Net investment income (loss)2	0.31	0.18
Net realized and unrealized gain (loss)	(0.04)	0.68
TOTAL FROM INVESTMENT OPERATIONS	0.27	0.86
Less Distributions:
Distributions from net investment income	—	(0.07)
Net Asset Value, End of Period	$25.93	$25.66
Total Return3	1.05%	3.44%
Ratios to Average Net Assets:
Net expenses4	1.75%5	1.91%5
Net expenses excluding dividends and other expenses related to short sales	0.86%5	0.95%5
Net investment income	2.41%5	2.58%5
Expense waiver/reimbursement6	0.22%5	0.20%5
Supplemental Data:
Net assets, end of period (000 omitted)	$106,825	$26,683
Portfolio turnover7	42%	59%

1	Reflects operations for the period from September 25, 2025 (commencement of operations) to December 31, 2025.
2	Per share numbers have been calculated using the average shares method.
3	Based on net asset value. Total returns for periods of less than one year are not annualized.
4	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
5	Computed on an annualized basis.
6	This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest.
7	Securities that mature are considered sales for purposes of this calculation.

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

Statement of Assets and Liabilities

June 30, 2026 (unaudited)

Assets:
Investment in securities, at value including $84,739,670 of investments in affiliated holdings* (identified cost $181,176,843, including $84,739,670 of identified cost in affiliated holdings)	$185,928,729
Income receivable	30,594
Income receivable from affiliated holdings	240,548
Interest receivable on short positions	189,771
Total Assets	186,389,642
Liabilities:
Securities sold short, at value (proceeds $80,451,373)	79,384,562
Dividends payable on short positions	27,439
Payable to bank	82,248
Payable for investment adviser fee (Note 5)	70,531
Total Liabilities	79,564,780
Net assets for 4,120,000 shares outstanding	$106,824,862
Net Assets Consist of:
Paid-in capital	$105,041,849
Total distributable earnings (loss)	1,783,013
Net Assets	$106,824,862
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$106,824,862 ÷ 4,120,000 shares outstanding, no par value, unlimited shares authorized	$25.93

*	See information listed after the Fund’s Portfolio of Investments.

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

Statement of Operations

Six Months Ended June 30, 2026 (unaudited)

Investment Income:
Dividends (including $1,166,605 received from affiliated holdings* and net of foreign taxes withheld of $189)	$1,495,226
Interest	134,312
TOTAL INCOME	1,629,538
Expenses:
Investment adviser fee (Note 5)	423,185
Share registration costs	1,635
Expenses related to short positions	347,157
TOTAL EXPENSES	771,977
Waiver/reimbursement of investment adviser fee (Note 5)	(86,564)
Net expenses	685,413
Net investment income	944,125
Realized and Unrealized Gain (Loss) on Investments, and Short Sales:
Net realized loss on investments (including net realized loss of $(7,726) on sales of investments in affiliated holdings*)	(1,874,641)
Net realized gain on in-kind redemptions	1,462,076
Net realized loss on short sales	(3,946,749)
Net change in unrealized appreciation of investments (including net change in unrealized depreciation of $587,575 on investments in affiliated holdings*)	4,352,317
Net change in unrealized appreciation of securities sold short	510,441
Net realized and unrealized gain (loss) on investments and short sales	503,444
Change in net assets resulting from operations	$1,447,569

*	See information listed after the Fund’s Portfolio of Investments.

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 6/30/2026	Period Ended 12/31/20251
Increase (Decrease) in Net Assets
Operations:
Net investment income	$944,125	$66,575
Net realized gain (loss)	(4,359,314)	(618,950)
Net change in unrealized appreciation/depreciation	4,862,758	955,939
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	1,447,569	403,564
Distributions to Shareholders	—	(68,120)
Share Transactions:
Proceeds from sale of shares	97,742,620	31,499,934
Cost of shares redeemed	(19,048,205)	(5,152,500)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	78,694,415	26,347,434
Change in net assets	80,141,984	26,682,878
Net Assets:
Beginning of period	26,682,878	—
End of period	$106,824,862	$26,682,878

1	Reflects operations for the period from September 25, 2025 (commencement of operations) to December 31, 2025.

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

Notes to Financial Statements

June 30, 2026 (unaudited)

1. ORGANIZATION

Federated Hermes ETF Trust (the “Trust”) was organized as a Delaware statutory trust on August 23, 2011 and is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 12 portfolios. The financial statements included herein are only those of Federated Hermes MDT Market Neutral ETF (the “Fund”). The Fund’s investment objective is to provide long-term capital appreciation while limiting exposure to general stock market risk.

Individual shares of the Fund are listed for trading on a national securities exchange during the trading day. The Fund’s primary listing exchange is NYSE Arca. Shares can be bought and sold throughout the trading day like shares of other publicly traded companies, and when you buy or sell the Fund’s shares in the secondary market, you will pay or receive the market price. However, there can be no guarantee that an active trading market will develop or be maintained, or that the Fund shares listing will continue or remain unchanged.

Shares of the Fund may only be acquired through the Fund’s distributor and redeemed directly with the Fund by or through Authorized Participants in large blocks called Creation Units or multiples thereof. Authorized Participants are registered clearing agents that enter into an agreement with the Fund’s distributor to transact in Creation Units. Purchases and redemptions of Creation Units will take place in-kind and/or for cash at the discretion of the Fund. The determination of whether purchases and redemptions of Creation Units will be for cash or in-kind depends primarily on the regulatory requirements and settlement mechanisms relevant to the Fund’s portfolio holdings and the Fund is not limited to engaging in in-kind transactions to any particular market circumstances.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles (GAAP).

Investment Valuation

In calculating its net asset value (NAV), the Fund generally values investments as follows:

■

Equity securities or ETFs listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.

■

Shares of mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.

■

Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and ask quotations.

■

Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by Federated MDTA LLC (the “Adviser”).

■

For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.

If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser’s valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser’s valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different. The trading prices of the Fund’s shares listed on its exchange may differ from the Fund’s NAV and will normally be affected by market forces, such as supply and demand, economic conditions, the market value of the Fund’s disclosed portfolio holdings and other factors. As a result, trading prices may be lower, higher or the same as the Fund’s NAV; and investors may pay more than NAV when buying shares and receive less than NAV when selling shares through the exchange.

Fair Valuation and Significant Events Procedures

Pursuant to Rule 2a-5 under the Act, the Fund’s Board of Trustees (the “Trustees”) has designated the Adviser as the Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees’ oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser’s fair value determinations.

The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based

Semi-Annual Financial Statements and Additional Information

on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser’s fair valuation and significant events procedures as part of the Fund’s compliance program and will review any changes made to the procedures.

Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.

The Adviser has also adopted procedures requiring an investment to be priced at its fair value whenever the Valuation Committee determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:

■

With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;

■

Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;

■

Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry.

For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Valuation Committee will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Adviser. The Trustees periodically review fair valuations made in response to significant events.

Repurchase Agreements

The Fund may invest in repurchase agreements for short-term liquidity purposes. It is the policy of the Fund to require the other party to a repurchase agreement to transfer to the Fund’s custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Fund holds a “securities entitlement” and exercises “control” as those terms are defined in the Uniform Commercial Code. Certain repurchase agreements may be structured as loans secured by a security interest or lien on the eligible securities. The Fund has established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

The insolvency of the other party or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Fund to receive less than the full repurchase price. Under the terms of the repurchase agreement, any amounts received by the Fund in excess of the repurchase price and related transaction costs must be remitted to the other party.

The Fund may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian or sub-custodian for investment companies and other clients advised by the Fund’s Adviser and its affiliates. The Fund will participate on a pro rata basis with the other investment companies and clients in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.

Investment Income, Gains and Losses, Expenses and Distributions

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Foreign dividends are recorded on the ex-dividend date or when the Fund is informed of the ex-dividend date. Distributions of net investment income and capital gains, if any, are declared and paid at least annually. Non-cash dividends included in dividend income, if any, are recorded at fair value. Amortization/accretion of premium and discount is included in investment income. The detail of the total fund expense waiver and reimbursement of $86,564 is disclosed in Note 5.

Federal Taxes

It is the Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986 and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended June 30, 2026, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of June 30, 2026, tax year 2025 remains subject to examination by the Fund’s major tax jurisdictions, which include the United States of America and the State of Delaware.

Semi-Annual Financial Statements and Additional Information

When-Issued and Delayed-Delivery Transactions

The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

Short Sales

In a short sale, the Fund sells a security it does not own in anticipation of a decline in the fair market value of the security. When the Fund sells a security short, it must borrow the security in order to deliver it at the completion of the sale. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of the short sale.

The Fund has an obligation to replace the borrowed security (e.g., to purchase the security at a future date and deliver it to the lender of the security). While the security is borrowed, the proceeds from the sale are deposited with the lender (“Prime Broker”). The Fund may incur two types of expenses from short sales: borrowing expenses and dividend expenses. Borrowing expenses may occur because the Fund may be obligated to pay fees to the Prime Broker on borrowed securities. This fee is normally based upon the market value of the borrowed security and is dependent upon the availability of the security. Dividend expenses may occur because the Fund has to pay the Prime Broker the equivalent of any dividends earned on the borrowed security.

For the six months ended June 30, 2026, the net realized gain (loss) and the net change in unrealized appreciation/(depreciation) on short sales was $(3,946,749) and $510,441, respectively.

Restricted Securities

The Fund may purchase securities which are considered restricted. Restricted securities are securities that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer’s expense, either upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. The Fund will not incur any registration costs upon such resales. The Fund’s restricted securities, like other securities, are priced in accordance with procedures established by and under the general supervision of the Adviser.

Other

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from those estimated. The Fund applies investment company accounting and reporting guidance.

3. SHARES OF BENEFICIAL INTEREST

The following table summarizes share activity with respect to purchases and redemptions of Creation Units:

	Six Months Ended 6/30/2026	Period Ended 12/31/20251
Shares sold	3,820,000	1,240,004
Shares issued to shareholders in payment of distributions declared	—	—
Shares redeemed	(740,000)	(200,004)
NET CHANGE RESULTING FROM FUND SHARE TRANSACTIONS	3,080,000	1,040,000

1	Reflects operations for the period from September 25, 2025 (commencement of operations) to December 31, 2025.

4. FEDERAL TAX INFORMATION

At June 30, 2026, the cost of investments for federal tax purposes was $181,176,843. The net unrealized appreciation of all investments, including securities sold short for federal tax purposes was $5,818,697. This consists of unrealized appreciation from investments for those securities having an excess of value over cost of $6,809,881 and unrealized depreciation from investments for those securities having an excess of cost over value of $991,184.

At December 31, 2025, for federal income tax purposes, the Fund had $1,371 in straddle loss deferrals.

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 1.08% of the Fund’s average daily net assets. Under the advisory agreement, the Adviser has contractually agreed to pay all operating expenses of the Fund under a unitary fee structure, except (i) interest and taxes (including, but not limited to, income, excise, transaction, transfer and withholding taxes) and registration fees and expenses; (ii) expenses of the Fund incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions and short sale dividend or interest expense; (iii) expenses incurred in connection with any distribution plan adopted by the Trust in compliance with Rule 12b-1 under the Act, including distribution fees; (iv) Acquired Fund Fees and Expenses; (v) litigation expenses; (vi) proxy-related expenses; (vii) tax reclaim recovery expenses; and (viii) any expenses determined to be extraordinary expenses. Subject to the terms described in the Expense Limitation

Semi-Annual Financial Statements and Additional Information

note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund’s expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the six months ended June 30, 2026, the Adviser voluntarily waived $63,708 of its fee. The Adviser has agreed to reimburse the Fund for certain investment adviser fees as a result of transactions in other affiliated investment companies. For the six months ended June 30, 2026, the Adviser reimbursed $22,856.

Administrative Fee

Federated Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. The Adviser, not the Fund, pays FAS.

Distribution Services Fee

The Fund has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses of up to 0.25% of average daily net assets, annually, to compensate FSC. Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee.

For the six months ended June 30, 2026, the Fund did not incur a distribution services fee; however, it may begin to incur this fee upon approval of the Trustees.

Expense Limitation

The Adviser and certain of its affiliates (which may include FAS or FSC) have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Effective March 1, 2026, total annual fund operating expenses (as shown in the financial highlights, excluding dividends and other expenses related to short sales, interest expense, taxes, litigation expenses, extraordinary expenses and proxy-related expenses, if any) paid by the Fund (after the voluntary waivers and/or reimbursements) will not exceed 0.83% (the “Fee Limit”) up to but not including the later of (the “Termination Date”): (a) March 1, 2027; or (b) the date of the Fund’s next effective Prospectus. Prior to March 1, 2026, the Fee Limit for the Fund was 0.95%. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the approval of the Fund’s Trustees.

Directors’/Trustees’ and Miscellaneous Fees

Certain Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies.

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government securities, short-term obligations and in-kind transactions, for the six months ended June 30, 2026, were as follows:

Purchases	$103,499,606
Sales	$20,755,414

Additionally, there were sales of $8,373,455 in connection with in-kind sales of the Fund’s Shares of Creation Units.

7. INTERFUND LENDING

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of June 30, 2026, there were no outstanding loans. During the six months ended June 30, 2026, the program was not utilized.

8. Operating Segments

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. A management committee of the Adviser acts as the CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the strategic asset allocation is determined based on the investment objective of the Fund and executed by the Fund’s portfolio management team. The financial information in the form of the Fund’s portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions) which is reviewed by the CODM to assess the Fund’s performance in comparison to the Fund’s benchmarks and to make resource allocation decisions for the Fund’s single segment is consistent with the information presented in these financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as “total assets” and significant segment expenses are listed on the accompanying Statement of Operations.

9. INDEMNIFICATIONS

Under the Fund’s organizational documents, its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence or reckless disregard of their duties to the Fund). In addition, in the normal course of business, the Fund provides certain indemnifications under arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered

Semi-Annual Financial Statements and Additional Information

into by the Fund under which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to the arrangement, provided the third party’s actions are not deemed to have breached an agreed-upon standard of care (such as willful misfeasance, bad faith, gross negligence or reckless disregard of their duties under the contract). The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly, expects the risk of loss to be remote.

Semi-Annual Financial Statements and Additional Information

Evaluation and Approval of Advisory Contract–August 2025

Federated Hermes MDT Market Neutral ETF (the “Fund”)

At its meetings in August 2025 (the “August Meetings”), the Fund’s Board of Trustees (the “Board”), including those Trustees who are not “interested persons” of the Fund (the “Independent Trustees”), as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), reviewed and unanimously approved for an initial two-year term a proposed investment advisory contract (the “Contract”) between the Fund and Federated MDTA LLC (the “Adviser”). The Board’s determination to approve the Contract reflects the exercise of its business judgment regarding whether to authorize the creation and offering of this new investment vehicle, as proposed by Federated Hermes, Inc. (together with its affiliates, “Federated Hermes”), and is based on information requested by the Board and provided by Federated Hermes, as well as Federated Hermes’ recommendation to go forward with development of the Fund. The information, factors and conclusions that formed the basis for the Board’s approval are summarized below.

Information Received and Review Process

At the request of the Independent Trustees, the Fund’s Chief Compliance Officer (the “CCO”) furnished to the Board in advance of its August Meetings an independent written report regarding data related to the Fund’s proposed management fee (the “CCO Management Fee Report”). The Board considered the CCO Management Fee Report, along with other information, in evaluating the reasonableness of the Fund’s proposed management fee and in determining to approve the Contract.

In addition to the materials that comprise and accompany the CCO Management Fee Report, the Board considered the materials and presentations provided by Federated Hermes and the CCO’s independent written report in connection with the Board’s annual approval of the continuation of the advisory and subadvisory contracts for the other funds advised by the Adviser and its affiliates (collectively, the “Federated Hermes Funds”) at its May 2025 meetings, as well as during the various meetings of the Board over the course of the year leading up to the August Meetings. The Board also considered such additional matters as the Independent Trustees deemed reasonably necessary to evaluate the Contract.

The Board’s consideration of the Contract included review of materials and information covering the following matters, among others: (1) a copy of the Contract; (2) the nature, quality and extent of the advisory and other services to be provided to the Fund by the Adviser and its affiliates; (3) Federated Hermes’ business and operations; (4) the Adviser’s investment philosophy, personnel and processes; (5) the Fund’s proposed investment objective and strategies; (6) the Fund’s anticipated fees and expenses, including the proposed management fee and the overall estimated expense structure of the Fund - in absolute terms and relative to an appropriate group of peer funds, with due regard for contractual or voluntary expense limitations; (7) the financial condition of Federated Hermes; (8) the Adviser’s projected profitability with respect to managing the Fund; (9) anticipated distribution and sales activity for the Fund; and (10) the use and allocation of brokerage commissions to be derived from trading the Fund’s portfolio securities (if any). The Board also considered the likely preferences and expectations of anticipated Fund shareholders.

The Board also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered funds in evaluating the Contract. Using these judicial decisions as a guide, the Board considered several factors it deemed relevant to an adviser’s fiduciary duty with respect to its receipt of compensation from a fund, including: (1) the nature and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the fund, its benchmark, and comparable funds; (2) the adviser’s cost of providing the services and the profitability to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize “economies of scale” as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its shareholders or the family of funds; (4) any “fall-out” benefits that may accrue to the adviser because of its relationship with the fund, including research services received from brokers that execute fund trades and any fees paid to affiliates of the adviser for services rendered to the fund; (5) comparative fees and expenses, including a comparison of management fees paid to the adviser with those paid by similar funds managed by the same adviser or other advisers as well as management fees charged to institutional and other advisory clients of the same adviser for what might be viewed as like services; and (6) the extent of care, conscientiousness and independence with which the fund’s board members perform their duties and their expertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the adviser’s services and fees. The Board considered that the Securities and Exchange Commission (“SEC”) disclosure requirements regarding the basis for a fund board’s approval of the fund’s investment advisory contract generally align with the factors listed above. The Board was guided by these factors in its evaluation of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board recognized that certain of the factors listed above (relating to such matters as anticipated Fund performance and any indirect benefits

that may accrue to Federated Hermes as a result of the Adviser’s proposed relationship with the Fund) are essentially impossible to apply before the Fund has experienced any meaningful operating history. The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Federated Hermes Funds and working with Federated Hermes on matters relating to the oversight of the Federated Hermes Funds.

In determining to approve the Contract, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the Contract was based on a comprehensive consideration of all information provided to the Board. The Board recognized that its evaluation process is evolutionary and that the factors considered and the emphasis placed on relevant factors may change in recognition of changing circumstances in the registered fund marketplace. The Independent Trustees were assisted throughout the evaluation process by independent legal counsel. In connection with their deliberations at the August Meetings, the Independent Trustees met separately in executive session with their independent legal counsel and without management present to review the relevant materials and consider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes also met with the Independent Trustees and their independent legal counsel to discuss the materials and presentations furnished to the Board at the August Meetings.

Nature, Extent and Quality of Services

The Board considered the nature, extent and quality of the services to be provided to the Fund by the Adviser and the resources of Federated Hermes to be dedicated to the Fund. In this regard, the Board evaluated, among other things, the proposed terms of the Contract and the full range of services to be provided to the Fund by Federated Hermes. The Board considered the Adviser’s personnel, investment philosophy and process, investment research capabilities and resources, trade operations capabilities, experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team that will be primarily responsible for the day-to-day management of the Fund and evaluated Federated Hermes’ ability and experience in attracting and retaining qualified personnel to service the proposed Fund. The Board considered the Adviser’s trade execution experience and capabilities. The Board also considered the Adviser’s anticipated ability to deliver competitive investment performance for the Fund when compared to the Fund’s Peer Group (as defined below).

In addition, the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational enhancements that are designed to benefit the Federated Hermes Funds. The Board also considered its past experience with the Adviser with respect to the services it provides to other Federated Hermes Funds. The Board considered that Federated Hermes had been advising exchange-traded funds (“ETFs”) since 2021 and that the Adviser had extensive experience advising actively managed mutual funds, including a mutual fund with a similar investment strategy as the one proposed for the Fund. The Board considered the quality of Federated Hermes’ communications with the Board and responsiveness to Board inquiries and requests made from time to time with respect to the Federated Hermes Funds. The Board also considered that Federated Hermes is responsible for providing the Federated Hermes Funds’ officers.

The Board considered the special attributes of the Fund as an ETF relative to a traditional mutual fund and the benefits that are expected to be realized from an investment in the Fund, rather than a traditional mutual fund. The Board also considered the resources devoted by Federated Hermes in developing and maintaining an infrastructure necessary to support the on-going operations of the Fund.

The Board received and evaluated information regarding Federated Hermes’ regulatory and compliance environment. The Board considered Federated Hermes’ compliance program and compliance history and reports from the CCO about Federated Hermes’ compliance with applicable laws and regulations, including responses to regulatory developments and any compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes’ support of the Federated Hermes Funds’ compliance control structure and the compliance-related resources that would be devoted by Federated Hermes in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act, including Federated Hermes’ commitment to respond to rulemaking and other regulatory initiatives of the SEC. The Board considered Federated Hermes’ approach to internal audits and risk management with respect to the Federated Hermes Funds and its day-to-day oversight of the Federated Hermes Funds’ compliance with their investment objectives and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led, and continue to lead, to an increase in the scope of Federated Hermes’ oversight in this regard.

In addition, the Board noted Federated Hermes’ commitment to maintaining high quality systems and expending substantial resources to prepare for and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service providers operate.

The Board considered Federated Hermes’ efforts to provide shareholders in the Federated Hermes Funds with a comprehensive array of funds with different investment objectives, policies and strategies. The Board considered the expenses that Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in sponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted the benefits to shareholders of being part of the family of Federated Hermes Funds.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Fund by the Adviser.

Fund Investment Performance

The Board noted that the Fund is newly formed and has no prior performance history. The Board considered the investment performance of the Adviser and its portfolio management team, including, for purposes of considering the investment skill and experience of the Fund’s proposed portfolio managers, the investment performance of Federated Hermes MDT Market Neutral Fund, a mutual fund which is also advised by the Adviser and has a similar investment strategy as the one proposed for the Fund (the “MDT Market Neutral Fund”). The Board also considered information comparing the MDT Market Neutral Fund’s performance to its benchmark. The Board also received additional information about the broad range of the portfolio management team’s investment experience and the team’s investment philosophy and process.

Based on these considerations, the Board concluded that it was satisfied that the Adviser has the capability of providing satisfactory investment performance for the Fund.

Fund Expenses

The Board considered the proposed management fee and overall proposed expense structure of the Fund and the comparative fee and expense information that had been provided in connection with the August Meetings. In this regard, the Board was presented with, and considered, information regarding the proposed contractual management fee rate, proposed net management fee rate, and anticipated total expense ratio relative to the MDT Market Neutral Fund’s gross and net management fee rate; and actively managed ETFs within the Morningstar category of peer funds that can be considered to be Equity Market Neutral or Long/Short Equity ETFs (the “Peer Group”).

The Board noted the CCO’s statement that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the reasonableness of the Fund’s fees. The Board considered the CCO’s statement, in evaluating such comparisons, that in some cases there may be differences in the funds’ objectives or investment management techniques, or the costs to implement the funds, even within the same Peer Group. In this connection, the Board considered that the proposed quantitative focus of the management of the Fund may make fee and expense comparisons particularly difficult. The Board also noted information about structural, operational and other differences between ETFs and traditional mutual funds, including differences in the marketplace in which each type of product must compete.

While mindful that courts have cautioned against giving too much weight to comparative information concerning fees charged to funds by other advisers, the use of comparisons between the Fund and its Peer Group assisted the Board in its evaluation of the Fund’s proposed fees and expenses. The Board focused on comparisons with other registered funds more heavily than non-registered fund products or services because such comparisons are believed to be more relevant. The Board considered that other registered funds are the products most like the Fund, in that they are readily available to Fund shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, anticipated to be chosen and maintained by the Fund’s anticipated shareholders. The Board noted that the range of such other registered funds’ fees and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund will compete. The Board also considered competition in the general ETF marketplace and the impact of market pressures on the price levels for actively managed ETFs such as the Fund.

Consistent with general ETF practice, the Board noted the Fund’s “unitary” fee structure, under which the Adviser would, in addition to providing investment management services, arrange for transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Fund to operate. The Board considered that, other than the management fee, the Adviser would pay all operating expenses of the Fund, except for: (i) interest, taxes (including, but not limited to, income, excise, transaction, transfer and withholding taxes) and registration fees and expenses; (ii) expenses of the Fund incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions and short sale dividend or interest expense; (iii) expenses incurred in connection with any distribution plan adopted by Federated Hermes ETF Trust in compliance with Rule 12b-1 under the 1940 Act, including distribution fees; (iv) acquired fund fees and expenses; (v) litigation expenses; (vi) proxy-related expenses; (vii) tax reclaim recovery expenses; and (viii) any expenses determined to be extraordinary expenses.

Based on these considerations, the Board concluded that the proposed fees and anticipated total expense ratio of the Fund, in conjunction with other matters considered, are reasonable in light of the services to be provided.

Profitability

The Board received and considered profitability information relating to the Fund. The Board considered that detailed cost allocation reports had not yet been projected for the Fund. The Board considered the CCO’s statement that, while these cost allocation reports apply consistent allocation processes, the inherent difficulties in allocating costs on a fund-by-fund basis continue to cause the CCO to question the precision of the process and to conclude that such reports may be unreliable because a single change in an allocation estimate may dramatically alter the resulting estimate of cost and/or profitability of a Federated Hermes Fund and may produce unintended consequences. The Board considered that the Fund was new to Federated Hermes and noted the CCO’s statement that any projected cost allocation and/or profit margin does not represent the full or actual cost of operating a Federated Hermes Fund and makes only rough estimates of the cost to launch a Federated Hermes Fund.

The Board also considered that the CCO reviewed information compiled by Federated Hermes and furnished to the Board comparing its profitability information to other publicly-held fund management companies, including information regarding profitability trends over time. The Board considered that the CCO noted that Federated Hermes regularly undertakes to establish new Federated Hermes Funds and maintains a number of other smaller Federated Hermes Funds that, while expected to grow to a greater size, nevertheless require substantial investment and waiver or assumption of fees and other expenses in order to deliver them to the marketplace.

The Board considered the CCO’s statement that, based on such profitability information, Federated Hermes’ profit margins did not appear to be excessive. The Board also considered the CCO’s statement that Federated Hermes appeared financially sound, with the resources available to fulfill its obligations under the Contract.

Economies of Scale

The Board received and considered information about the notion of possible realization of “economies of scale” as a fund grows larger, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. The Board considered that any reduction in fixed costs associated with the management of the Fund would benefit the Adviser due to the unitary fee structure of the Fund, but that the unitary fee would protect shareholders from a rise in operating costs and/or a decline in Fund assets and is a transparent means of informing the Fund’s shareholders of the fees associated with the Fund. In addition, the Board considered that fee waivers and expense reimbursements are another means for potential economies of scale to be shared with shareholders. The Board noted the fee waiver arrangement proposed for the Fund. The Board also considered that Federated Hermes has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as: portfolio management, investment research and trading operations; shareholder services; compliance; business continuity, cybersecurity and information security programs; internal audit and risk management functions; and technology, systems capabilities and use of data. The Board noted that Federated Hermes’ investments in these areas are extensive and are designed to provide enhanced or expanded services to the Federated Hermes Funds and their shareholders. The Board considered that the benefits of these investments are likely to be shared with the family of Federated Hermes Funds as a whole.

In connection with the Board’s governance of other Federated Hermes Funds, the Board regularly receives and considers information furnished by Federated Hermes regarding adviser-paid fees (commonly referred to as “revenue sharing” payments). The Board considered that Federated Hermes believes that this information is relevant to consider whether Federated Hermes had an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, but should not be considered when evaluating the reasonableness of management fees. The Board also noted the absence of any applicable regulatory or industry guidelines on economies of scale, which is compounded by the lack of any uniform methodology or pattern with respect to structuring fund management fees with breakpoints that serve to reduce the fees as a fund attains a certain size. The Board noted that, as part of its future annual review of the Contract, it will review asset growth in the Fund, whether economies of scale that can be reasonably identified have been achieved, and the extent to which such economies of scale may be shared with Fund shareholders.

Other Benefits

The Board considered information regarding the compensation and other ancillary (or “fall-out”) benefits that Federated Hermes derived from its relationships with the Federated Hermes Funds. The Board considered that Federated Hermes may derive a benefit to its reputation as an adviser to the Fund, which may help in attracting other clients and investment personnel. In connection with the Board’s governance of other Federated Hermes Funds, the Board noted that, in addition to receiving advisory fees under the Federated Hermes Funds’ investment advisory contracts, Federated Hermes’ affiliates also receive fees for providing other services to the Federated Hermes Funds under separate service contracts, including for serving as the Federated Hermes Funds’ administrator and distributor. In this regard, the Board considered that certain

of Federated Hermes’ affiliates provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing the benefits, if any, that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds.

Conclusions

The Board considered the CCO’s presentation and statements and the information accompanying the CCO Management Fee Report.

On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the Contract. The Board based its determination to approve the Contract on the totality of the circumstances and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations identified

above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them to be determinative.

Semi-Annual Financial Statements and Additional Information

Funds are not bank deposits or obligations, are not guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Investment in funds involves investment risk, including the possible loss of principal.

This information is authorized for distribution to prospective investors only when preceded or accompanied by the Fund’s Prospectus, which contains facts concerning its objective and policies, management fees, expenses and other information.

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain documents to each household in which more than one shareholder of the Fund(s) resides (so-called “householding”), as permitted by applicable rules. The Fund’s “householding” program covers its/their Prospectus and Statement of Additional Information, and supplements to each, as well as Semi-Annual and Annual Shareholder Reports and any Proxies or information statements. Shareholders must give their written consent to participate in the “householding” program. The Fund is also permitted to treat a shareholder as having given consent (“implied consent”) if (i) shareholders with the same last name, or believed to be members of the same family, reside at the same street address or receive mail at the same post office box, (ii) the Fund gives notice of its intent to “household” at least sixty (60) days before it begins “householding” and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire to “opt out” of “householding.” Shareholders who have granted written consent, or have been deemed to have granted implied consent, can revoke that consent and opt out of “householding” at any time: shareholders who purchased shares through an intermediary should contact their representative; other shareholders may call the Fund at 1-800-341-7400, Option #4.

Federated Hermes MDT Market Neutral ETF

Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

CUSIP 31423L875

Q457096 (8/26)

Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Federated Hermes MDT Market Neutral ETF: Not Applicable.

Item 9.

Proxy Disclosures for Open-End Management Investment Companies.

Federated Hermes MDT Market Neutral ETF: Not Applicable.

Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Federated Hermes MDT Market Neutral ETF: The Fund’s disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.

Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract.

Federated Hermes MDT Market Neutral ETF: The Fund’s Evaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this form.

Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not Applicable

Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable

Item 14.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable

Item 15.

Submission of Matters to a Vote of Security Holders.

No Changes to Report

Item 16.

Controls and Procedures.

(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable

Item 18.

Recovery of Erroneously Awarded Compensation

(a) Not Applicable

(b) Not Applicable

Item 19.

Exhibits

(a)(1) Not Applicable.

(a)(2) Not Applicable.

(a)(3) Certifications of Principal Executive Officer and Principal Financial Officer.

(a)(4) Not Applicable.

(a)(5) Not Applicable.

(b) Certifications pursuant to 18 U.S.C. Section 1350.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: Federated Hermes ETF Trust

By: /s/ Jeremy D. Boughton
Jeremy D. Boughton, Principal Financial Officer

Date: August 24, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ J. Christopher Donahue
J. Christopher Donahue, Principal Executive Officer

Date: August 24, 2026

By: /s/ Jeremy D. Boughton
Jeremy D. Boughton, Principal Financial Officer

Date: August 24, 2026