# EDGAR Filing Document

**Accession Number:** 0001849998
**File Stem:** 0001193125-26-020433
**Filing Date:** 2026-1
**Character Count:** 136219
**Document Hash:** df73e1370d13e606c43d5972bba47e52
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-020433.hdr.sgml**: 20260123

**ACCESSION NUMBER**: 0001193125-26-020433

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260123

**DATE AS OF CHANGE**: 20260123

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes ETF Trust
- **CENTRAL INDEX KEY:** 0001849998

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23730
- **FILM NUMBER:** 26553635

**BUSINESS ADDRESS:**
- **STREET 1:** 4000 ERICSSON DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086
- **BUSINESS PHONE:** 412-288-1900

**MAIL ADDRESS:**
- **STREET 1:** 4000 ERICSSON DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086

## Series and Classes Contracts Data

### Federated Hermes MDT Small Cap Core ETF (Series ID: S000085756)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000251151 | Federated Hermes MDT Small Cap Core ETF | FSCC            |

## Nport-Ex

Federated Hermes MDT Small Cap Core ETF

Portfolio of Investments

November 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS—99.4% |  |
|  | **Communication Services—1.8%** |  |
| 13891<br><sup>1</sup> <br>| AMC Networks, Inc. | &nbsp;&nbsp; $123908 |
| 26092<br><sup>1</sup> <br>| Bumble, Inc. | &nbsp;&nbsp; 92627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 609 | Cable One, Inc. | &nbsp;&nbsp; 71369 |
| &nbsp;&nbsp; 6167 | Cinemark Holdings, Inc. | &nbsp;&nbsp; 168852 |
| &nbsp;&nbsp; 1290 | Cogent Communications Holdings, Inc. | &nbsp;&nbsp; 24613 |
| 37732<br><sup>1</sup> <br>| Lumen Technologies, Inc. | &nbsp;&nbsp; 306007 |
| &nbsp;&nbsp; 4231<br><sup>1</sup> <br>| Sphere Entertainment Co. | &nbsp;&nbsp; 357900 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1145276 |
|  | **Consumer Discretionary—10.4%** |  |
| &nbsp;&nbsp; 2557<br><sup>1</sup> <br>| Abercrombie & Fitch Co., Class A | &nbsp;&nbsp; 250254 |
| 10118<br><sup>1</sup> <br>| Adient PLC | &nbsp;&nbsp; 196896 |
| &nbsp;&nbsp; 6261 | Advance Auto Parts, Inc. | &nbsp;&nbsp; 324821 |
| &nbsp;&nbsp; 3732<br><sup>1</sup> <br>| American Public Education, Inc. | &nbsp;&nbsp; 129930 |
| 21518<br><sup>1</sup> <br>| Bed Bath & Beyond, Inc. | &nbsp;&nbsp; 129538 |
| 40797 | Bloomin Brands, Inc. | &nbsp;&nbsp; 289659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 594<br><sup>1</sup> <br>| Brinker International, Inc. | &nbsp;&nbsp; 91351 |
| 28033 | Caleres, Inc. | &nbsp;&nbsp; 328266 |
| 16536<br><sup>1</sup> <br>| Capri Holdings Ltd. | &nbsp;&nbsp; 419518 |
| 54014<br><sup>1</sup> <br>| Chegg, Inc. | &nbsp;&nbsp; 52237 |
| &nbsp;&nbsp; 5593 | Clarus Corp. | &nbsp;&nbsp; 20023 |
| 23050<br><sup>1</sup> <br>| Coursera, Inc. | &nbsp;&nbsp; 183247 |
| &nbsp;&nbsp; 4691<br><sup>1</sup> <br>| Driven Brands Holdings, Inc. | &nbsp;&nbsp; 68536 |
| &nbsp;&nbsp; 8848<br><sup>1</sup> <br>| European Wax Center, Inc. | &nbsp;&nbsp; 34242 |
| 24535<br><sup>1</sup> <br>| EVgo, Inc. | &nbsp;&nbsp; 79493 |
| &nbsp;&nbsp; 4947<br><sup>1</sup> <br>| Frontdoor, Inc. | &nbsp;&nbsp; 266792 |
| 14695 | Garrett Motion, Inc. | &nbsp;&nbsp; 242908 |
| &nbsp;&nbsp; 8928<br><sup>1</sup> <br>| Helen of Troy Ltd. | &nbsp;&nbsp; 169186 |
| 11772 | Kohl's Corp. | &nbsp;&nbsp; 289473 |
| 81274 | Krispy Kreme, Inc. | &nbsp;&nbsp; 339725 |
| 18208<br><sup>1</sup> <br>| National Vision Holdings, Inc. | &nbsp;&nbsp; 525301 |
| 21871<br><sup>1</sup> <br>| PetMed Express, Inc. | &nbsp;&nbsp; 38274 |
| &nbsp;&nbsp; 3584 | Polaris, Inc., Class A | &nbsp;&nbsp; 237834 |
| &nbsp;&nbsp; 6569<br><sup>1</sup> <br>| Revolve Group, Inc. | &nbsp;&nbsp; 158773 |
| &nbsp;&nbsp; 4243<br><sup>1</sup> <br>| Rush Street Interactive, Inc. | &nbsp;&nbsp; 78241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 620<br><sup>1</sup> <br>| Shake Shack, Inc. | &nbsp;&nbsp; 54238 |
| 38399<br><sup>1</sup> <br>| Stoneridge, Inc. | &nbsp;&nbsp; 219258 |
| 14075 | Super Group SGHC Ltd. | &nbsp;&nbsp; 152432 |
| 48797<br><sup>1</sup> <br>| Sweetgreen, Inc. | &nbsp;&nbsp; 316693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 805 | Texas Roadhouse, Inc. | &nbsp;&nbsp; 141076 |
| 17765<br><sup>1</sup> <br>| ThredUp, Inc. | &nbsp;&nbsp; 133593 |
| 27410<br><sup>1</sup> <br>| Udemy, Inc. | &nbsp;&nbsp; 139243 |
| &nbsp;&nbsp; 4347<br><sup>1</sup> <br>| Universal Technical Institute, Inc. | &nbsp;&nbsp; 100068 |
| &nbsp;&nbsp; 4521<br><sup>1</sup> <br>| Victoria's Secret & Co. | &nbsp;&nbsp; 186853 |
| 16734 | Wolverine World Wide, Inc. | &nbsp;&nbsp; 271258 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 6659230 |
|  | **Consumer Staples—1.8%** |  |
| 20853<br><sup>1</sup> <br>| Hain Celestial Group, Inc. | &nbsp;&nbsp; 22938 |

---

**1**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS—continued |  |
|  | **Consumer Staples—continued** |  |
| &nbsp;&nbsp; 9632<br><sup>1</sup> <br>| Medifast, Inc. | &nbsp;&nbsp; $105663 |
| 30097 | MGP Ingredients, Inc. | &nbsp;&nbsp; 686512 |
| &nbsp;&nbsp; 9420 | Nu Skin Enterprises, Inc., Class A | &nbsp;&nbsp; 93164 |
| &nbsp;&nbsp; 1456 | Turning Point Brands, Inc. | &nbsp;&nbsp; 145833 |
| &nbsp;&nbsp; 1535<br><sup>1</sup> <br>| United Natural Foods, Inc. | &nbsp;&nbsp; 57271 |
| &nbsp;&nbsp; 1290<br><sup>1</sup> <br>| Vita Coco Co., Inc./The | &nbsp;&nbsp; 68899 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1180280 |
|  | **Energy—3.9%** |  |
| &nbsp;&nbsp; 2503 | Archrock, Inc. | &nbsp;&nbsp; 61424 |
| 12333 | Ardmore Shipping Corp. | &nbsp;&nbsp; 150832 |
| 14840<br><sup>1</sup> <br>| CNX Resources Corp. | &nbsp;&nbsp; 576385 |
| &nbsp;&nbsp; 6209<br><sup>1</sup> <br>| Comstock Resources, Inc. | &nbsp;&nbsp; 166774 |
| &nbsp;&nbsp; 7715 | Delek US Holdings, Inc. | &nbsp;&nbsp; 298339 |
| 16757<br><sup>1</sup> <br>| DMC Global, Inc. | &nbsp;&nbsp; 104061 |
| &nbsp;&nbsp; 1928 | Kinetik Holdings, Inc. | &nbsp;&nbsp; 66863 |
| &nbsp;&nbsp; 2771 | Magnolia Oil & Gas Corp. | &nbsp;&nbsp; 64121 |
| &nbsp;&nbsp; 1277<br><sup>1</sup> <br>| Nabors Industries Ltd. | &nbsp;&nbsp; 63684 |
| &nbsp;&nbsp; 9858<br><sup>1</sup> <br>| Oil States International, Inc. | &nbsp;&nbsp; 62105 |
| &nbsp;&nbsp; 1360 | PBF Energy, Inc. | &nbsp;&nbsp; 46893 |
| &nbsp;&nbsp; 9615 | Peabody Energy Corp. | &nbsp;&nbsp; 261913 |
| 28960<br><sup>1</sup> <br>| Talos Energy, Inc. | &nbsp;&nbsp; 331882 |
| &nbsp;&nbsp; 3937<br><sup>1</sup> <br>| Tidewater, Inc. | &nbsp;&nbsp; 212677 |
| &nbsp;&nbsp; 2185 | World Kinect Corp. | &nbsp;&nbsp; 50648 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 2518601 |
|  | **Financials—18.1%** |  |
| &nbsp;&nbsp; 7687 | Acadian Asset Management, Inc. | &nbsp;&nbsp; 344685 |
| 10258 | Amalgamated Financial Corp. | &nbsp;&nbsp; 301072 |
| 12182 | Artisan Partners Asset Management, Inc. | &nbsp;&nbsp; 505309 |
| &nbsp;&nbsp; 2075 | Banco Latinoamericano de Comercio Exterior SA, Class E | &nbsp;&nbsp; 93168 |
| 19540 | BankUnited, Inc. | &nbsp;&nbsp; 844323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 611 | Bread Financial Holdings, Inc. | &nbsp;&nbsp; 41383 |
| 46897 | BrightSpire Capital, Inc. | &nbsp;&nbsp; 263092 |
| 16213 | Byline Bancorp, Inc. | &nbsp;&nbsp; 452667 |
| &nbsp;&nbsp; 1883 | Capital Bancorp, Inc. | &nbsp;&nbsp; 52347 |
| 14898 | CNO Financial Group, Inc. | &nbsp;&nbsp; 609775 |
| &nbsp;&nbsp; 3085<br><sup>1</sup> <br>| Customers Bancorp, Inc. | &nbsp;&nbsp; 212557 |
| &nbsp;&nbsp; 2999 | Employers Holdings, Inc. | &nbsp;&nbsp; 119510 |
| 11975 | FB Financial Corp. | &nbsp;&nbsp; 668923 |
| &nbsp;&nbsp; 5123 | First Business Financial Services, Inc. | &nbsp;&nbsp; 267523 |
| 10035 | Fulton Financial Corp. | &nbsp;&nbsp; 182135 |
| 18674<br><sup>1</sup> <br>| Hamilton Insurance Group Ltd. | &nbsp;&nbsp; 509427 |
| &nbsp;&nbsp; 1529 | Hancock Whitney Corp. | &nbsp;&nbsp; 92642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 945 | HCI Group, Inc. | &nbsp;&nbsp; 167974 |
| &nbsp;&nbsp; 2330 | Hometrust Bancshares, Inc. | &nbsp;&nbsp; 95553 |
| &nbsp;&nbsp; 6465 | Jackson Financial, Inc. | &nbsp;&nbsp; 633635 |
| &nbsp;&nbsp; 3495<br><sup>1</sup> <br>| Lemonade, Inc. | &nbsp;&nbsp; 273029 |
| 18465<br><sup>1</sup> <br>| LendingClub Corp. | &nbsp;&nbsp; 334217 |
| &nbsp;&nbsp; 4081<br><sup>1</sup> <br>| LendingTree, Inc. | &nbsp;&nbsp; 232739 |
| &nbsp;&nbsp; 2124 | Mercantile Bank Corp. | &nbsp;&nbsp; 97662 |
| &nbsp;&nbsp; 3009 | Mercury General Corp. | &nbsp;&nbsp; 280198 |
| &nbsp;&nbsp; 2120<br><sup>1</sup> <br>| NCR Atleos Corp. | &nbsp;&nbsp; 78588 |
| &nbsp;&nbsp; 1217<br><sup>1</sup> <br>| NMI Holdings, Inc. | &nbsp;&nbsp; 46429 |

---

**2**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS—continued |  |
|  | **Financials—continued** |  |
| &nbsp;&nbsp; 7412 | OFG Bancorp | &nbsp;&nbsp; $294479 |
| &nbsp;&nbsp; 2324<br><sup>1</sup> <br>| Palomar Holdings, Inc. | &nbsp;&nbsp; 288664 |
| &nbsp;&nbsp; 6218<br><sup>1</sup> <br>| Payoneer Global, Inc. | &nbsp;&nbsp; 35940 |
| &nbsp;&nbsp; 2369 | Peapack-Gladstone Financial Corp. | &nbsp;&nbsp; 63963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 581 | Preferred Bank Los Angeles, CA | &nbsp;&nbsp; 54852 |
| &nbsp;&nbsp; 3445 | RLI Corp. | &nbsp;&nbsp; 212419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 912<br><sup>1</sup> <br>| Root, Inc. | &nbsp;&nbsp; 73772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 784 | ServisFirst Bancshares, Inc. | &nbsp;&nbsp; 55766 |
| &nbsp;&nbsp; 3248 | Sierra Bancorp | &nbsp;&nbsp; 100883 |
| 13175<br><sup>1</sup> <br>| Siriuspoint Ltd. | &nbsp;&nbsp; 274040 |
| 13214<br><sup>1</sup> <br>| Skyward Specialty Insurance Group, Inc. | &nbsp;&nbsp; 646957 |
| &nbsp;&nbsp; 9625<br><sup>1</sup> <br>| StoneCo Ltd. | &nbsp;&nbsp; 162181 |
| &nbsp;&nbsp; 3148<br><sup>1</sup> <br>| Texas Capital Bancshares, Inc. | &nbsp;&nbsp; 283855 |
| &nbsp;&nbsp; 6820 | The Bank of NT Butterfield & Son Ltd. | &nbsp;&nbsp; 316721 |
| 12144 | Trustmark Corp. | &nbsp;&nbsp; 472402 |
| &nbsp;&nbsp; 1568 | UMB Financial Corp. | &nbsp;&nbsp; 174173 |
| &nbsp;&nbsp; 1636 | Universal Insurance Holdings, Inc. | &nbsp;&nbsp; 54201 |
| &nbsp;&nbsp; 2349 | Victory Capital Holdings, Inc. | &nbsp;&nbsp; 147729 |
| &nbsp;&nbsp; 4428 | Western New England Bancorp, Inc. | &nbsp;&nbsp; 54199 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp; 11567758 |
|  | **Health Care—18.9%** |  |
| 18848<br><sup>1</sup> <br>| 4D Molecular Therapeutics, Inc. | &nbsp;&nbsp; 219768 |
| &nbsp;&nbsp; 4876<br><sup>1</sup> <br>| ADMA Biologics, Inc. | &nbsp;&nbsp; 93522 |
| &nbsp;&nbsp; 1011<br><sup>1</sup> <br>| Agios Pharmaceuticals, Inc. | &nbsp;&nbsp; 29521 |
| 50009<br><sup>1</sup> <br>| Akebia Therapeutics, Inc. | &nbsp;&nbsp; 79014 |
| &nbsp;&nbsp; 7414<br><sup>1</sup> <br>| Alignment Healthcare, Inc. | &nbsp;&nbsp; 142423 |
| 16698<br><sup>1</sup> <br>| AMN Healthcare Services, Inc. | &nbsp;&nbsp; 278022 |
| &nbsp;&nbsp; 2038<br><sup>1</sup> <br>| Amphastar Pharmaceuticals, Inc. | &nbsp;&nbsp; 56453 |
| 20741<br><sup>1</sup> <br>| Amylyx Pharmaceuticals, Inc. | &nbsp;&nbsp; 310700 |
| 37451<br><sup>1</sup> <br>| Aquestive Therapeutics, Inc. | &nbsp;&nbsp; 231822 |
| 13224<br><sup>1</sup> <br>| Arcutis Biotherapeutics, Inc. | &nbsp;&nbsp; 405316 |
| 22530<br><sup>1</sup> <br>| Arvinas, Inc. | &nbsp;&nbsp; 283540 |
| &nbsp;&nbsp; 4298<br><sup>1</sup> <br>| Avadel Pharmaceuticals PLC | &nbsp;&nbsp; 92364 |
| &nbsp;&nbsp; 1315<br><sup>1</sup> <br>| Axsome Therapeutics, Inc. | &nbsp;&nbsp; 199222 |
| 10131<br><sup>1</sup> <br>| BioCryst Pharmaceuticals, Inc. | &nbsp;&nbsp; 72740 |
| &nbsp;&nbsp; 7158<br><sup>1</sup> <br>| Bridgebio Pharma, Inc. | &nbsp;&nbsp; 515447 |
| 14161<br><sup>1</sup> <br>| BrightSpring Health Services, Inc. | &nbsp;&nbsp; 512062 |
| 11541<br><sup>1</sup> <br>| Catalyst Pharmaceutical Partners, Inc. | &nbsp;&nbsp; 270175 |
| &nbsp;&nbsp; 1661<br><sup>1</sup> <br>| Cogent Biosciences, Inc. | &nbsp;&nbsp; 66805 |
| 11535<br><sup>1</sup> <br>| Emergent BioSolutions, Inc. | &nbsp;&nbsp; 128846 |
| 12247<br><sup>1</sup> <br>| EyePoint Pharmaceuticals, Inc. | &nbsp;&nbsp; 181623 |
| &nbsp;&nbsp; 5523<br><sup>1</sup> <br>| Guardant Health, Inc. | &nbsp;&nbsp; 598804 |
| &nbsp;&nbsp; 1057<br><sup>1</sup> <br>| Haemonetics Corp. | &nbsp;&nbsp; 85987 |
| &nbsp;&nbsp; 6365<br><sup>1</sup> <br>| Halozyme Therapeutics, Inc. | &nbsp;&nbsp; 454461 |
| &nbsp;&nbsp; 7064<br><sup>1</sup> <br>| Harmony Biosciences Holdings, Inc. | &nbsp;&nbsp; 249288 |
| 10883<br><sup>1</sup> <br>| Indivior PLC | &nbsp;&nbsp; 365669 |
| 18498<br><sup>1</sup> <br>| Inogen, Inc. | &nbsp;&nbsp; 130966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 462<br><sup>1</sup> <br>| Insmed, Inc. | &nbsp;&nbsp; 95990 |
| 12604<br><sup>1</sup> <br>| Intellia Therapeutics, Inc. | &nbsp;&nbsp; 113310 |
| &nbsp;&nbsp; 1773<br><sup>1</sup> <br>| iRhythm Technologies, Inc. | &nbsp;&nbsp; 333342 |
| &nbsp;&nbsp; 5373<br><sup>1</sup> <br>| Keros Therapeutics, Inc. | &nbsp;&nbsp; 93920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 523<br><sup>1</sup> <br>| Krystal Biotech, Inc. | &nbsp;&nbsp; 114014 |

---

**3**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS—continued |  |
|  | **Health Care—continued** |  |
| &nbsp;&nbsp; 1414<br><sup>1</sup> <br>| Lantheus Holdings, Inc. | &nbsp;&nbsp; $83242 |
| 16238<br><sup>1</sup> <br>| Larimar Therapeutics, Inc. | &nbsp;&nbsp; 57482 |
| &nbsp;&nbsp; 1533 | LeMaitre Vascular, Inc. | &nbsp;&nbsp; 127162 |
| 10365<br><sup>1</sup> <br>| Liquidia Corp. | &nbsp;&nbsp; 338210 |
| &nbsp;&nbsp; 3828<br><sup>1</sup> <br>| Livanova PLC | &nbsp;&nbsp; 244265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 316<br><sup>1</sup> <br>| Madrigal Pharmaceuticals, Inc. | &nbsp;&nbsp; 188646 |
| &nbsp;&nbsp; 9424<br><sup>1</sup> <br>| Mirum Pharmaceuticals, Inc. | &nbsp;&nbsp; 688423 |
| 38469<br><sup>1</sup> <br>| Myriad Genetics, Inc. | &nbsp;&nbsp; 293518 |
| 33046<br><sup>1</sup> <br>| Neogen Corp. | &nbsp;&nbsp; 197615 |
| &nbsp;&nbsp; 9900<br><sup>1</sup> <br>| Omnicell, Inc. | &nbsp;&nbsp; 361449 |
| &nbsp;&nbsp; 1779<br><sup>1</sup> <br>| Pediatrix Medical Group, Inc. | &nbsp;&nbsp; 42856 |
| &nbsp;&nbsp; 1198 | Phibro Animal Health Corp. | &nbsp;&nbsp; 50172 |
| 33924<br><sup>1</sup> <br>| Prothena Corp. PLC | &nbsp;&nbsp; 364683 |
| &nbsp;&nbsp; 4407<br><sup>1</sup> <br>| Rhythm Pharmaceuticals, Inc. | &nbsp;&nbsp; 480760 |
| &nbsp;&nbsp; 8506 | Siga Technologies, Inc. | &nbsp;&nbsp; 51546 |
| &nbsp;&nbsp; 1495<br><sup>1</sup> <br>| Supernus Pharmaceuticals, Inc. | &nbsp;&nbsp; 68157 |
| 15114<br><sup>1</sup> <br>| Tactile Systems Technology, Inc. | &nbsp;&nbsp; 388581 |
| 10930<br><sup>1</sup> <br>| TruBridge, Inc. | &nbsp;&nbsp; 240023 |
| 13358<br><sup>1</sup> <br>| Vanda Pharmaceuticals, Inc. | &nbsp;&nbsp; 71599 |
| &nbsp;&nbsp; 4533<br><sup>1</sup> <br>| Varex Imaging Corp. | &nbsp;&nbsp; 52447 |
| &nbsp;&nbsp; 2203<br><sup>1</sup> <br>| Viridian Therapeutics, Inc. | &nbsp;&nbsp; 70408 |
| 15788<br><sup>1</sup> <br>| Waystar Holding Corp. | &nbsp;&nbsp; 582735 |
| 27423<br><sup>1</sup> <br>| Zentalis Pharmaceuticals, Inc. | &nbsp;&nbsp; 39215 |
| 11720<br><sup>1</sup> <br>| Zevra Therapeutics, Inc. | &nbsp;&nbsp; 98800 |
| &nbsp;&nbsp; 3936<br><sup>1</sup> <br>| Zymeworks, Inc. | &nbsp;&nbsp; 105130 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp; 12092260 |
|  | **Industrials—16.0%** |  |
| &nbsp;&nbsp; 5948<br><sup>1</sup> <br>| Allegiant Travel Co. | &nbsp;&nbsp; 452048 |
| &nbsp;&nbsp; 9125<br><sup>1</sup> <br>| Amprius Technologies, Inc. | &nbsp;&nbsp; 103295 |
| &nbsp;&nbsp; 1788 | Apogee Enterprises, Inc. | &nbsp;&nbsp; 65101 |
| &nbsp;&nbsp; 6521<br><sup>1</sup> <br>| Array Technologies, Inc. | &nbsp;&nbsp; 48973 |
| &nbsp;&nbsp; 3058 | Atkore, Inc. | &nbsp;&nbsp; 204733 |
| &nbsp;&nbsp; 3022 | Atmus Filtration Technologies, Inc. | &nbsp;&nbsp; 152943 |
| &nbsp;&nbsp; 4458<br><sup>1</sup> <br>| Bloom Energy Corp. | &nbsp;&nbsp; 486992 |
| &nbsp;&nbsp; 5537<br><sup>1</sup> <br>| Blue Bird Corp. | &nbsp;&nbsp; 289142 |
| 14443<br><sup>1</sup> <br>| BrightView Holdings, Inc. | &nbsp;&nbsp; 182271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 164 | Comfort Systems USA, Inc. | &nbsp;&nbsp; 160218 |
| &nbsp;&nbsp; 1323<br><sup>1</sup> <br>| Construction Partners, Inc. | &nbsp;&nbsp; 144207 |
| &nbsp;&nbsp; 6137<br><sup>1</sup> <br>| CoreCivic, Inc. | &nbsp;&nbsp; 110773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 826 | Emcor Group, Inc. | &nbsp;&nbsp; 508048 |
| &nbsp;&nbsp; 5802<br><sup>1</sup> <br>| Enovix Corp. | &nbsp;&nbsp; 45198 |
| &nbsp;&nbsp; 2557<br><sup>1</sup> <br>| Eos Energy Enterprises, Inc. | &nbsp;&nbsp; 38483 |
| &nbsp;&nbsp; 5558<br><sup>1</sup> <br>| Fluor Corp. | &nbsp;&nbsp; 238605 |
| 10611<br><sup>1</sup> <br>| Forrester Research, Inc. | &nbsp;&nbsp; 76293 |
| 13526<br><sup>1</sup> <br>| Fuelcell Energy, Inc. | &nbsp;&nbsp; 90759 |
| &nbsp;&nbsp; 7635<br><sup>1</sup> <br>| Geo Group, Inc. | &nbsp;&nbsp; 120328 |
| &nbsp;&nbsp; 2507 | Granite Construction, Inc. | &nbsp;&nbsp; 269578 |
| &nbsp;&nbsp; 2746 | Griffon Corp. | &nbsp;&nbsp; 205950 |
| &nbsp;&nbsp; 3851<br><sup>1</sup> <br>| Hurco Co., Inc. | &nbsp;&nbsp; 62386 |
| &nbsp;&nbsp; 1454<br><sup>1</sup> <br>| Huron Consulting Group, Inc. | &nbsp;&nbsp; 239343 |
| &nbsp;&nbsp; 3415 | Hyster-Yale, Inc. | &nbsp;&nbsp; 99308 |
| &nbsp;&nbsp; 2199 | ICF International, Inc. | &nbsp;&nbsp; 171610 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS—continued |  |
|  | **Industrials—continued** |  |
| &nbsp;&nbsp; 1136 | Insperity, Inc. | &nbsp;&nbsp; $40180 |
| 61915<br><sup>1</sup> <br>| JELD-WEN Holding, Inc. | &nbsp;&nbsp; 165313 |
| &nbsp;&nbsp; 3247<br><sup>1</sup> <br>| Joby Aviation, Inc. | &nbsp;&nbsp; 46854 |
| &nbsp;&nbsp; 3706 | Kelly Services, Inc., Class A | &nbsp;&nbsp; 32020 |
| &nbsp;&nbsp; 1291<br><sup>1</sup> <br>| Kratos Defense & Security Solutions | &nbsp;&nbsp; 98245 |
| &nbsp;&nbsp; 4255<br><sup>1</sup> <br>| Legalzoom.com, Inc. | &nbsp;&nbsp; 39699 |
| &nbsp;&nbsp; 7628 | Leonardo DRS, Inc. | &nbsp;&nbsp; 260649 |
| &nbsp;&nbsp; 8929<br><sup>1</sup> <br>| Manitowoc, Inc. | &nbsp;&nbsp; 100719 |
| 24116 | Mueller Water Products, Inc. | &nbsp;&nbsp; 584572 |
| &nbsp;&nbsp; 4840<br><sup>1</sup> <br>| NextPower, Inc. | &nbsp;&nbsp; 443441 |
| 12839 | Pitney Bowes, Inc. | &nbsp;&nbsp; 126593 |
| &nbsp;&nbsp; 1899 | Powell Industries, Inc. | &nbsp;&nbsp; 613795 |
| &nbsp;&nbsp; 8553 | Primoris Services Corp. | &nbsp;&nbsp; 1082468 |
| &nbsp;&nbsp; 1557<br><sup>1</sup> <br>| Resideo Technologies, Inc. | &nbsp;&nbsp; 51365 |
| &nbsp;&nbsp; 2814<br><sup>1</sup> <br>| Rocket Lab Corp. | &nbsp;&nbsp; 118582 |
| 11829<br><sup>1</sup> <br>| Shoals Technologies Group, Inc. | &nbsp;&nbsp; 99245 |
| &nbsp;&nbsp; 5039<br><sup>1</sup> <br>| SkyWest, Inc. | &nbsp;&nbsp; 511559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 620<br><sup>1</sup> <br>| Sterling Infrastructure, Inc. | &nbsp;&nbsp; 213472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 996 | Tennant Co. | &nbsp;&nbsp; 72837 |
| &nbsp;&nbsp; 1670 | TriNet Group, Inc. | &nbsp;&nbsp; 97862 |
| &nbsp;&nbsp; 7045<br><sup>1</sup> <br>| TrueBlue, Inc. | &nbsp;&nbsp; 34520 |
| 80036<br><sup>1</sup> <br>| TTEC Holdings, Inc. | &nbsp;&nbsp; 268921 |
| &nbsp;&nbsp; 2508<br><sup>1</sup> <br>| V2X, Inc. | &nbsp;&nbsp; 137564 |
| 18936 | Wabash National Corp. | &nbsp;&nbsp; 159820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 835 | Watts Industries, Inc., Class A | &nbsp;&nbsp; 230360 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp; 10197240 |
|  | **Information Technology—15.9%** |  |
| 18846<br><sup>1</sup> <br>| Adtran Holdings, Inc. | &nbsp;&nbsp; 149449 |
| &nbsp;&nbsp; 1337 | Advanced Energy Industries, Inc. | &nbsp;&nbsp; 282361 |
| &nbsp;&nbsp; 5946<br><sup>1</sup> <br>| Applied Digital Corp. | &nbsp;&nbsp; 161137 |
| &nbsp;&nbsp; 6644<br><sup>1</sup> <br>| Arteris, Inc. | &nbsp;&nbsp; 95275 |
| 10460<br><sup>1</sup> <br>| Asana, Inc | &nbsp;&nbsp; 134725 |
| &nbsp;&nbsp; 7382<br><sup>1</sup> <br>| ASGN, Inc. | &nbsp;&nbsp; 332264 |
| 18851<br><sup>1</sup> <br>| AvePoint, Inc. | &nbsp;&nbsp; 245063 |
| &nbsp;&nbsp; 5366<br><sup>1</sup> <br>| Axcelis Technologies, Inc. | &nbsp;&nbsp; 444144 |
| &nbsp;&nbsp; 2976<br><sup>1</sup> <br>| Bitdeer Technologies Group | &nbsp;&nbsp; 39908 |
| &nbsp;&nbsp; 3742<br><sup>1</sup> <br>| Blackline, Inc. | &nbsp;&nbsp; 213257 |
| &nbsp;&nbsp; 3660<br><sup>1</sup> <br>| Calix, Inc. | &nbsp;&nbsp; 202288 |
| &nbsp;&nbsp; 7958<br><sup>1</sup> <br>| Cipher Mining Technologies, Inc. | &nbsp;&nbsp; 161945 |
| &nbsp;&nbsp; 7365<br><sup>1</sup> <br>| Cleanspark, Inc. | &nbsp;&nbsp; 111211 |
| &nbsp;&nbsp; 5838 | Clear Secure, Inc. | &nbsp;&nbsp; 207249 |
| &nbsp;&nbsp; 2033<br><sup>1</sup> <br>| Cohu, Inc. | &nbsp;&nbsp; 49443 |
| &nbsp;&nbsp; 1935<br><sup>1</sup> <br>| Commvault Systems, Inc. | &nbsp;&nbsp; 238972 |
| 10596<br><sup>1</sup> <br>| Corsair Gaming, Inc. | &nbsp;&nbsp; 69086 |
| &nbsp;&nbsp; 6100<br><sup>1</sup> <br>| Credo Technology Group Holding Ltd. | &nbsp;&nbsp; 1083360 |
| &nbsp;&nbsp; 1713<br><sup>1</sup> <br>| D-Wave Quantum, Inc. | &nbsp;&nbsp; 38834 |
| 10171<br><sup>1</sup> <br>| Evolv Technologies Holdings, Inc. | &nbsp;&nbsp; 64993 |
| 15133<br><sup>1</sup> <br>| Extreme Networks, Inc. | &nbsp;&nbsp; 264827 |
| &nbsp;&nbsp; 3151<br><sup>1</sup> <br>| Five9, Inc. | &nbsp;&nbsp; 61728 |
| 15692<br><sup>1</sup> <br>| Freshworks, Inc. | &nbsp;&nbsp; 190501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 326 | InterDigital, Inc. | &nbsp;&nbsp; 116626 |
| &nbsp;&nbsp; 3197<br><sup>1</sup> <br>| IonQ, Inc. | &nbsp;&nbsp; 157612 |

---

**5**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS—continued |  |
|  | **Information Technology—continued** |  |
| &nbsp;&nbsp; 7398<br><sup>1</sup> <br>| Life360, Inc. | &nbsp;&nbsp; $588955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 731<br><sup>1</sup> <br>| LiveRamp Holdings, Inc. | &nbsp;&nbsp; 21089 |
| 10181<br><sup>1</sup> <br>| MaxLinear, Inc. | &nbsp;&nbsp; 158518 |
| 52195 | Methode Electronics, Inc., Class A | &nbsp;&nbsp; 395638 |
| &nbsp;&nbsp; 3688 | Napco Security Technologies, Inc. | &nbsp;&nbsp; 148995 |
| &nbsp;&nbsp; 4543<br><sup>1</sup> <br>| NetScout Systems, Inc. | &nbsp;&nbsp; 122116 |
| &nbsp;&nbsp; 5267<br><sup>1</sup> <br>| nLight, Inc. | &nbsp;&nbsp; 185556 |
| 26323<br><sup>1</sup> <br>| ON24, Inc. | &nbsp;&nbsp; 148988 |
| 11747<br><sup>1</sup> <br>| Pagaya Technologies Ltd. | &nbsp;&nbsp; 293088 |
| &nbsp;&nbsp; 4240<br><sup>1</sup> <br>| Pagerduty, Inc. | &nbsp;&nbsp; 50880 |
| &nbsp;&nbsp; 6469 | Power Integrations, Inc. | &nbsp;&nbsp; 217358 |
| &nbsp;&nbsp; 2695<br><sup>1</sup> <br>| Qualys, Inc. | &nbsp;&nbsp; 379591 |
| 30644<br><sup>1</sup> <br>| Rackspace Technology, Inc. | &nbsp;&nbsp; 32483 |
| &nbsp;&nbsp; 4489<br><sup>1</sup> <br>| Rigetti Computing, Inc. | &nbsp;&nbsp; 114784 |
| 14059<br><sup>1</sup> <br>| SkyWater Technology, Inc. | &nbsp;&nbsp; 216368 |
| 42195<br><sup>1</sup> <br>| Sprinklr, Inc. | &nbsp;&nbsp; 305070 |
| 14012<br><sup>1</sup> <br>| Sprout Social, Inc. | &nbsp;&nbsp; 139700 |
| &nbsp;&nbsp; 5866<br><sup>1</sup> <br>| SPS Commerce, Inc. | &nbsp;&nbsp; 488755 |
| &nbsp;&nbsp; 6601<br><sup>1</sup> <br>| Tenable Holdings, Inc. | &nbsp;&nbsp; 175058 |
| 31070<br><sup>1</sup> <br>| Unisys Corp. | &nbsp;&nbsp; 83268 |
| &nbsp;&nbsp; 3540<br><sup>1</sup> <br>| Varonis Systems, Inc. | &nbsp;&nbsp; 117068 |
| &nbsp;&nbsp; 2828<br><sup>1</sup> <br>| Viant Technology, Inc. | &nbsp;&nbsp; 30005 |
| &nbsp;&nbsp; 9063<br><sup>1</sup> <br>| ViaSat, Inc. | &nbsp;&nbsp; 311133 |
| &nbsp;&nbsp; 6992<br><sup>1</sup> <br>| Weave Communications, Inc. | &nbsp;&nbsp; 44609 |
| 32137<br><sup>1</sup> <br>| Yext, Inc. | &nbsp;&nbsp; 270593 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp; 10155924 |
|  | **Materials—3.1%** |  |
| &nbsp;&nbsp; 9701<br><sup>1</sup> <br>| Aspen Aerogels, Inc. | &nbsp;&nbsp; 31237 |
| &nbsp;&nbsp; 2963<br><sup>1</sup> <br>| Clearwater Paper Corp. | &nbsp;&nbsp; 53897 |
| 13561<br><sup>1</sup> <br>| Coeur Mining, Inc. | &nbsp;&nbsp; 234198 |
| &nbsp;&nbsp; 2617 | Commercial Metals Corp. | &nbsp;&nbsp; 166912 |
| &nbsp;&nbsp; 8733<br><sup>1</sup> <br>| Compass Minerals International, Inc. | &nbsp;&nbsp; 165840 |
| &nbsp;&nbsp; 1750 | Koppers Holdings, Inc. | &nbsp;&nbsp; 51923 |
| &nbsp;&nbsp; 8479 | Mativ Holdings, Inc. | &nbsp;&nbsp; 105903 |
| &nbsp;&nbsp; 9997<br><sup>1</sup> <br>| Perimeter Solutions, Inc. | &nbsp;&nbsp; 278716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 146<br><sup>1</sup> <br>| PureCycle Technologies, Inc. | &nbsp;&nbsp; 1285 |
| 27764<br><sup>1</sup> <br>| SSR Mining, Inc. | &nbsp;&nbsp; 646346 |
| 35085 | SunCoke Energy, Inc. | &nbsp;&nbsp; 228754 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1965011 |
|  | **Real Estate—6.4%** |  |
| &nbsp;&nbsp; 5008 | Alexander and Baldwin, Inc. | &nbsp;&nbsp; 78275 |
| 30357 | American Healthcare REIT, Inc. | &nbsp;&nbsp; 1541529 |
| 86512 | Brandywine Realty Trust | &nbsp;&nbsp; 296736 |
| 28927<br><sup>1</sup> <br>| Cushman & Wakefield Ltd. | &nbsp;&nbsp; 484527 |
| &nbsp;&nbsp; 5445 | Essential Properties Realty Trust, Inc. | &nbsp;&nbsp; 172389 |
| &nbsp;&nbsp; 4382 | Independence Realty Trust, Inc. | &nbsp;&nbsp; 75151 |
| 29876 | Newmark Group, Inc. | &nbsp;&nbsp; 519245 |
| 10600 | Outfront Media, Inc. | &nbsp;&nbsp; 249418 |
| 26012<br><sup>1</sup> <br>| Real Brokerage, Inc./The | &nbsp;&nbsp; 103268 |
| 11261 | RMR Group, Inc./The | &nbsp;&nbsp; 171730 |
| &nbsp;&nbsp; 3206 | SL Green Realty Corp. | &nbsp;&nbsp; 151099 |
| &nbsp;&nbsp; 4623 | Tanger, Inc. | &nbsp;&nbsp; 155240 |

---

**6**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS—continued |  |
|  | **Real Estate—continued** |  |
| &nbsp;&nbsp; 4430 | Whitestone Project | &nbsp;&nbsp; $58875 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 4057482 |
|  | **Utilities—3.1%** |  |
| &nbsp;&nbsp; 1569 | Avista Corp. | &nbsp;&nbsp; 64925 |
| &nbsp;&nbsp; 1019 | Black Hills Corp. | &nbsp;&nbsp; 75192 |
| &nbsp;&nbsp; 8712 | Brookfield Infrastructure Corp. | &nbsp;&nbsp; 397703 |
| &nbsp;&nbsp; 3372 | California Water Service Group | &nbsp;&nbsp; 152988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 322 | Chesapeake Utilities Corp. | &nbsp;&nbsp; 44777 |
| &nbsp;&nbsp; 1133 | H2O America | &nbsp;&nbsp; 52605 |
| &nbsp;&nbsp; 2526<br><sup>1</sup> <br>| Hawaiian Electric Industries, Inc. | &nbsp;&nbsp; 29706 |
| &nbsp;&nbsp; 1059<br><sup>1</sup> <br>| Oklo, Inc. | &nbsp;&nbsp; 96771 |
| &nbsp;&nbsp; 2116 | ONE Gas, Inc. | &nbsp;&nbsp; 177194 |
| &nbsp;&nbsp; 5205 | Otter Tail Corp. | &nbsp;&nbsp; 427851 |
| &nbsp;&nbsp; 8507 | Portland General Electric Co. | &nbsp;&nbsp; 432326 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1952038 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—99.4% <br>(IDENTIFIED COST $59,779,259)<br>| &nbsp;&nbsp; 63491100 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—0.6%<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369838 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS—100% | &nbsp;&nbsp; $63860938 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1 *Non-income-producing security.* <br> 2 *Assets, other than investments in securities, less liabilities.*

Note: The categories of investments are shown as a percentage of net assets at November 30, 2025.

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

■ For securities that are fair valued in accordance with procedures established by and under the general supervision of Federated MDTA LLC (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 Investment Company Act of 1940, as amended, 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

**7**

------

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 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.

The Adviser has adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. 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.

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.

As of November 30, 2025, all investments of the Fund utilized Level 1 inputs in valuing the Fund's assets carried at fair value.

The following acronym(s) are used throughout this portfolio: <br> REIT —Real Estate Investment Trust

**8**

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Federated Hermes ETF Trust

- **b. Investment Company Act file number:** 811-23730

- **c. CIK number of Registrant:** 0001849998

- **d. LEI of Registrant:** 2549000FKW49U2D1SG36

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** Federated Hermes Funds

  - **City:** Warrendale

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 15086-7561

  - **Telephone number:** 800-341-7400

**Item A.2. Information about the Series.**

- **a. Name of Series:** Federated Hermes MDT Small Cap Core ETF

- **b. EDGAR series identifier (if any):** S000085756

- **c. LEI of Series:** 254900MFHKAF2Q0WXB31

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $63878973.89

**Total Liabilities:** $18035.46

**Net Assets:** $63860938.43

**Cash Not Reported:** $353371.24

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000251151 | 1.58%                | 1.22%                | 0.84%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $150182.09               | $313184.10                                 |
| Month 2  | $695674.83               | $-25541.09                                 |
| Month 3  | $168871.15               | $389652.88                                 |

### Schedule of Portfolio Investments

| Name                           | Title                                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Asana Inc                      | Asana Inc                                     | CUSIP: 04342Y104<br>LEI: 254900X7UAJNMLPLZ510 | Long             | EC               | CORP              | US        |     10460 | NS      | $134724.80    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Bladex                         | Banco Latinoamericano de Comercio Exterior SA | CUSIP: 000000000<br>LEI: 549300CN3134K4LC0651 | Long             | EC               | CORP              | PA        |      2075 | NS      | $93167.50     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinker International Inc      | Brinker International Inc                     | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |       594 | NS      | $91351.26     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| FuelCell Energy Inc            | FuelCell Energy Inc                           | CUSIP: 35952H700<br>LEI: 549300SRU8020X1X9J22 | Long             | EC               | CORP              | US        |     13526 | NS      | $90759.46     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Technical Institute  | Universal Technical Institute Inc             | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |      4347 | NS      | $100067.94    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumen Technologies Inc         | Lumen Technologies Inc                        | CUSIP: 550241103<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | EC               | CORP              | US        |     37732 | NS      | $306006.52    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ICF International Inc          | ICF International Inc                         | CUSIP: 44925C103<br>LEI: 5493003KYFDDC5B3WY64 | Long             | EC               | CORP              | US        |      2199 | NS      | $171609.96    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Street Interactive Inc    | Rush Street Interactive Inc                   | CUSIP: 782011100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4243 | NS      | $78240.92     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Nu Skin Enterprises Inc        | Nu Skin Enterprises Inc                       | CUSIP: 67018T105<br>LEI: 54930050DETB6CP71D38 | Long             | EC               | CORP              | US        |      9420 | NS      | $93163.80     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SL Green Realty Corp           | SL Green Realty Corp                          | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |      3206 | NS      | $151098.78    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| United Natural Foods Inc       | United Natural Foods Inc                      | CUSIP: 911163103<br>LEI: 549300GKGW6WPZ282D40 | Long             | EC               | CORP              | US        |      1535 | NS      | $57270.85     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corp                    | Avista Corp                                   | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |      1569 | NS      | $64925.22     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Credo Technology Group Holding | Credo Technology Group Holding Ltd            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6100 | NS      | $1083360.00   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Zentalis Pharmaceuticals Inc   | Zentalis Pharmaceuticals Inc                  | CUSIP: 98943L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27423 | NS      | $39214.89     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Communications Holdings | Cogent Communications Holdings Inc            | CUSIP: 19239V302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1290 | NS      | $24613.20     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MGP Ingredients Inc            | MGP Ingredients Inc                           | CUSIP: 55303J106<br>LEI: 2549006OMHFVZ4MS8538 | Long             | EC               | CORP              | US        |     30097 | NS      | $686512.57    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| V2X Inc                        | V2X Inc                                       | CUSIP: 92242T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2508 | NS      | $137563.80    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Sierra Bancorp                 | Sierra Bancorp                                | CUSIP: 82620P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3248 | NS      | $100882.88    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantheus Holdings Inc          | Lantheus Holdings Inc                         | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |      1414 | NS      | $83242.18     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Brandywine Realty Trust        | Brandywine Realty Trust                       | CUSIP: 105368203<br>LEI: 5UZ46ZCYUFYYAC0DS831 | Long             | EC               | CORP              | US        |     86512 | NS      | $296736.16    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Infrastructure Corp | Brookfield Infrastructure Corp                | CUSIP: 11276H106<br>LEI: 254900YTMKBFJAKUBO55 | Long             | EC               | CORP              | US        |      8712 | NS      | $397702.80    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| California Water Service Group | California Water Service Group                | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               | CORP              | US        |      3372 | NS      | $152987.64    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| First Business Financial Servi | First Business Financial Services Inc         | CUSIP: 319390100<br>LEI: 549300BXKLW2T50TKU95 | Long             | EC               | CORP              | US        |      5123 | NS      | $267523.06    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Enovix Corp                    | Enovix Corp                                   | CUSIP: 293594107<br>LEI: 549300EC7NZGWORHYJ53 | Long             | EC               | CORP              | US        |      5802 | NS      | $45197.58     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Co   | Portland General Electric Co                  | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |      8507 | NS      | $432325.74    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Oil States International Inc   | Oil States International Inc                  | CUSIP: 678026105<br>LEI: 5493004TF4KQJGMYL777 | Long             | EC               | CORP              | US        |      9858 | NS      | $62105.40     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadian Asset Management Inc   | Brightsphere Investment Group Inc             | CUSIP: 10948W103<br>LEI: 5493004FTLQNQTBOP608 | Long             | EC               | CORP              | US        |      7687 | NS      | $344685.08    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Payoneer Global Inc            | Payoneer Global Inc                           | CUSIP: 70451X104<br>LEI: 984500491C64C70FF033 | Long             | EC               | CORP              | US        |      6218 | NS      | $35940.04     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| FB Financial Corp              | FB Financial Corp                             | CUSIP: 30257X104<br>LEI: 5493000B2LD2C2A6C435 | Long             | EC               | CORP              | US        |     11975 | NS      | $668923.50    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Phibro Animal Health Corp      | Phibro Animal Health Corp                     | CUSIP: 71742Q106<br>LEI: 549300U24SP4AF2JUX52 | Long             | EC               | CORP              | US        |      1198 | NS      | $50172.24     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Kelly Services Inc             | Kelly Services Inc                            | CUSIP: 488152208<br>LEI: 25490035B2ZPL6RM1974 | Long             | EC               | CORP              | US        |      3706 | NS      | $32019.84     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Amylyx Pharmaceuticals Inc     | Amylyx Pharmaceuticals Inc                    | CUSIP: 03237H101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20741 | NS      | $310700.18    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolve Group Inc              | Revolve Group Inc                             | CUSIP: 76156B107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6569 | NS      | $158772.73    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Victory Capital Holdings Inc   | Victory Capital Holdings Inc                  | CUSIP: 92645B103<br>LEI: 549300BN5LH2CIPPHS71 | Long             | EC               | CORP              | US        |      2349 | NS      | $147728.61    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Victoria's Secret & Co         | Victoria's Secret & Co                        | CUSIP: 926400102<br>LEI: 5493006T3O70U3UWVF17 | Long             | EC               | CORP              | US        |      4521 | NS      | $186852.93    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Capital Bancshares Inc   | Texas Capital Bancshares Inc                  | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               | CORP              | US        |      3148 | NS      | $283855.16    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| DMC Global Inc                 | DMC Global Inc                                | CUSIP: 23291C103<br>LEI: 549300CBDXD1Z5MRNG02 | Long             | EC               | CORP              | US        |     16757 | NS      | $104060.97    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Mativ Holdings Inc             | Mativ Holdings Inc                            | CUSIP: 808541106<br>LEI: 549300Z1FU4IDULG1R21 | Long             | EC               | CORP              | US        |      8479 | NS      | $105902.71    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Biosciences Inc         | Cogent Biosciences Inc                        | CUSIP: 19240Q201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1661 | NS      | $66805.42     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Utilities Corp      | Chesapeake Utilities Corp                     | CUSIP: 165303108<br>LEI: 254900WW0FDCKAOCKE74 | Long             | EC               | CORP              | US        |       322 | NS      | $44777.32     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health Inc            | Guardant Health Inc                           | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |      5523 | NS      | $598803.66    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Ardmore Shipping Corp          | Ardmore Shipping Corp                         | CUSIP: 000000000<br>LEI: 549300J8HD7K6BHD8O28 | Long             | EC               | CORP              | IE        |     12333 | NS      | $150832.59    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| EVgo Inc                       | EVgo Inc                                      | CUSIP: 30052F100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24535 | NS      | $79493.40     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Rackspace Technology Inc       | Rackspace Technology Inc                      | CUSIP: 750102105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30644 | NS      | $32482.64     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Whitestone REIT                | Whitestone REIT                               | CUSIP: 966084204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4430 | NS      | $58874.70     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SIGA Technologies Inc          | SIGA Technologies Inc                         | CUSIP: 826917106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8506 | NS      | $51546.36     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| TruBridge Inc                  | Computer Programs and Systems Inc             | CUSIP: 205306103<br>LEI: 5493005Q6CJC78TGL805 | Long             | EC               | CORP              | US        |     10930 | NS      | $240022.80    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Turning Point Brands Inc       | Turning Point Brands Inc                      | CUSIP: 90041L105<br>LEI: 549300IYG00QF0VVP302 | Long             | EC               | CORP              | US        |      1456 | NS      | $145832.96    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| BrightView Holdings Inc        | BrightView Holdings Inc                       | CUSIP: 10948C107<br>LEI: 549300F8QN8YHVI7L866 | Long             | EC               | CORP              | US        |     14443 | NS      | $182270.66    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| nLight Inc                     | nLight Inc                                    | CUSIP: 65487K100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5267 | NS      | $185556.41    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CoreCivic Inc                  | CoreCivic Inc                                 | CUSIP: 21871N101<br>LEI: 529900JFA3K6PTLT8B15 | Long             | EC               | CORP              | US        |      6137 | NS      | $110772.85    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Waystar Holding Corp           | Waystar Holding Corp                          | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15788 | NS      | $582735.08    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Methode Electronics Inc        | Methode Electronics Inc                       | CUSIP: 591520200<br>LEI: 529900VM413LGLUS3F07 | Long             | EC               | CORP              | US        |     52195 | NS      | $395638.10    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Bird Corp                 | Blue Bird Corp                                | CUSIP: 095306106<br>LEI: 5493004ZXJUUWQ65ER59 | Long             | EC               | CORP              | US        |      5537 | NS      | $289142.14    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Polaris Inc                    | Polaris Inc                                   | CUSIP: 731068102<br>LEI: 549300QJSN8UVWN1EI78 | Long             | EC               | CORP              | US        |      3584 | NS      | $237834.24    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Root Inc/OH                    | Root Inc/OH                                   | CUSIP: 77664L207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       912 | NS      | $73771.68     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Oklo Inc                       | Oklo Inc                                      | CUSIP: 02156V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1059 | NS      | $96771.42     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Byline Bancorp Inc             | Byline Bancorp Inc                            | CUSIP: 124411109<br>LEI: 549300W7ODP4YL2H4823 | Long             | EC               | CORP              | US        |     16213 | NS      | $452666.96    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| AMC Networks Inc               | AMC Networks Inc                              | CUSIP: 00164V103<br>LEI: 549300VGG9K75226LR46 | Long             | EC               | CORP              | US        |     13891 | NS      | $123907.72    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Auto Parts Inc         | Advance Auto Parts Inc                        | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |      6261 | NS      | $324820.68    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Pitney Bowes Inc               | Pitney Bowes Inc                              | CUSIP: 724479100<br>LEI: 549300N2O26NW4ST6W55 | Long             | EC               | CORP              | US        |     12839 | NS      | $126592.54    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| BrightSpire Capital Inc        | BrightSpire Capital Inc                       | CUSIP: 10949T109<br>LEI: 549300BOIFLLMVU37752 | Long             | EC               | CORP              | US        |     46897 | NS      | $263092.17    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Prothena Corp PLC              | Prothena Corp PLC                             | CUSIP: 000000000<br>LEI: 5299009ZXQ8NIIJ8OL30 | Long             | EC               | CORP              | IE        |     33924 | NS      | $364683.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Napco Security Technologies In | Napco Security Technologies Inc               | CUSIP: 630402105<br>LEI: 529900KV21J4YY9YST76 | Long             | EC               | CORP              | US        |      3688 | NS      | $148995.20    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ASGN Inc                       | ASGN Inc                                      | CUSIP: 00191U102<br>LEI: LZBNYYCBUKY537072438 | Long             | EC               | CORP              | US        |      7382 | NS      | $332263.82    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Powell Industries Inc          | Powell Industries Inc                         | CUSIP: 739128106<br>LEI: 549300V08RO7MX2UBN26 | Long             | EC               | CORP              | US        |      1899 | NS      | $613794.78    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| PagerDuty Inc                  | PagerDuty Inc                                 | CUSIP: 69553P100<br>LEI: 549300U1SB749EDAGH21 | Long             | EC               | CORP              | US        |      4240 | NS      | $50880.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Helen of Troy Ltd              | Helen of Troy Ltd                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8928 | NS      | $169185.60    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ServisFirst Bancshares Inc     | ServisFirst Bancshares Inc                    | CUSIP: 81768T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       784 | NS      | $55765.92     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Apogee Enterprises Inc         | Apogee Enterprises Inc                        | CUSIP: 037598109<br>LEI: 549300579S7QW8V4IJ60 | Long             | EC               | CORP              | US        |      1788 | NS      | $65101.08     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| D-Wave Quantum Inc             | D-Wave Quantum Inc                            | CUSIP: 26740W109<br>LEI: 5493001U37G4PRD4GW95 | Long             | EC               | CORP              | US        |      1713 | NS      | $38833.71     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc        | Comfort Systems USA Inc                       | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |       164 | NS      | $160218.16    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoals Technologies Group Inc  | Shoals Technologies Group Inc                 | CUSIP: 82489W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11829 | NS      | $99245.31     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| MaxLinear Inc                  | MaxLinear Inc                                 | CUSIP: 57776J100<br>LEI: 549300EMOI0SM2IY4F64 | Long             | EC               | CORP              | US        |     10181 | NS      | $158518.17    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Inogen Inc                     | Inogen Inc                                    | CUSIP: 45780L104<br>LEI: 549300J8WJIVTOJ8IH97 | Long             | EC               | CORP              | US        |     18498 | NS      | $130965.84    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Clear Secure Inc               | Clear Secure Inc                              | CUSIP: 18467V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5838 | NS      | $207249.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Infrastructure Inc    | Sterling Infrastructure Inc                   | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |       620 | NS      | $213472.20    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc            | Texas Roadhouse Inc                           | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |       805 | NS      | $141076.25    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Yext Inc                       | Yext Inc                                      | CUSIP: 98585N106<br>LEI: 5299008ZQSBBVH7K0589 | Long             | EC               | CORP              | US        |     32137 | NS      | $270593.54    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Array Technologies Inc         | Array Technologies Inc                        | CUSIP: 04271T100<br>LEI: 549300JM5FECYJQ85V37 | Long             | EC               | CORP              | US        |      6521 | NS      | $48972.71     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Calix Inc                      | Calix Inc                                     | CUSIP: 13100M509<br>LEI: 5299002RQRZ4SXSCSJ58 | Long             | EC               | CORP              | US        |      3660 | NS      | $202288.20    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Minerals International | Compass Minerals International Inc            | CUSIP: 20451N101<br>LEI: 2549008X9G8XP7YJGC47 | Long             | EC               | CORP              | US        |      8733 | NS      | $165839.67    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| LeMaitre Vascular Inc          | LeMaitre Vascular Inc                         | CUSIP: 525558201<br>LEI: 549300FZUBUB7MHY8R17 | Long             | EC               | CORP              | US        |      1533 | NS      | $127162.35    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries Inc | Advanced Energy Industries Inc                | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |      1337 | NS      | $282361.03    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Legalzoom.com Inc              | Legalzoom.com Inc                             | CUSIP: 52466B103<br>LEI: 5493000L8EBF74Y9JZ48 | Long             | EC               | CORP              | US        |      4255 | NS      | $39699.15     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group Inc        | CNO Financial Group Inc                       | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |     14898 | NS      | $609775.14    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Akebia Therapeutics Inc        | Akebia Therapeutics Inc                       | CUSIP: 00972D105<br>LEI: 549300CBQEHMKEEGNX42 | Long             | EC               | CORP              | US        |     50009 | NS      | $79014.22     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Liquidia Corp                  | Liquidia Corp                                 | CUSIP: 53635D202<br>LEI: 549300O826O5VQJTG707 | Long             | EC               | CORP              | US        |     10365 | NS      | $338209.95    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR Atleos Corp                | NCR Atleos Corp                               | CUSIP: 63001N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2120 | NS      | $78588.40     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyster-Yale Inc                | Hyster-Yale Materials Handling Inc            | CUSIP: 449172105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3415 | NS      | $99308.20     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| LendingTree Inc                | LendingTree Inc                               | CUSIP: 52603B107<br>LEI: 549300ISY5YHUJZTON08 | Long             | EC               | CORP              | US        |      4081 | NS      | $232739.43    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontdoor Inc                  | Frontdoor Inc                                 | CUSIP: 35905A109<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | EC               | CORP              | US        |      4947 | NS      | $266791.71    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprinklr Inc                   | Sprinklr Inc                                  | CUSIP: 85208T107<br>LEI: 254900AR04RJ2BQO5S78 | Long             | EC               | CORP              | US        |     42195 | NS      | $305069.85    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of NT Butterfield & Son L | Bank of NT Butterfield & Son Ltd/The          | CUSIP: 000000000<br>LEI: 549300V8RVM0EMTDPF28 | Long             | EC               | CORP              | BM        |      6820 | NS      | $316720.80    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Paper Corp          | Clearwater Paper Corp                         | CUSIP: 18538R103<br>LEI: 549300HCVV19GXN4P292 | Long             | EC               | CORP              | US        |      2963 | NS      | $53896.97     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinetik Holdings Inc           | Kinetik Holdings Inc                          | CUSIP: 02215L209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1928 | NS      | $66863.04     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Tidewater Inc                  | Tidewater Inc                                 | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |      3937 | NS      | $212676.74    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Fulton Financial Corp          | Fulton Financial Corp                         | CUSIP: 360271100<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | EC               | CORP              | US        |     10035 | NS      | $182135.25    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| BankUnited Inc                 | BankUnited Inc                                | CUSIP: 06652K103<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | EC               | CORP              | US        |     19540 | NS      | $844323.40    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Koppers Holdings Inc           | Koppers Holdings Inc                          | CUSIP: 50060P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1750 | NS      | $51922.50     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield Ltd        | Cushman & Wakefield Ltd                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28927 | NS      | $484527.25    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolv Technologies Holdings In | Evolv Technologies Holdings Inc               | CUSIP: 30049H102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10171 | NS      | $64992.69     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Medifast Inc                   | Medifast Inc                                  | CUSIP: 58470H101<br>LEI: 5299000YHQJ21T5KKI80 | Long             | EC               | CORP              | US        |      9632 | NS      | $105663.04    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Digital Corp           | Applied Digital Corp                          | CUSIP: 038169207<br>LEI: 2549004NE2B6RYXINZ02 | Long             | EC               | CORP              | US        |      5946 | NS      | $161136.60    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Trustmark Corp                 | Trustmark Corp                                | CUSIP: 898402102<br>LEI: 5493000HPQ4D2RZ79739 | Long             | EC               | CORP              | US        |     12144 | NS      | $472401.60    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanda Pharmaceuticals Inc      | Vanda Pharmaceuticals Inc                     | CUSIP: 921659108<br>LEI: 529900AY8VOOQBKJ0O70 | Long             | EC               | CORP              | US        |     13358 | NS      | $71598.88     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| LivaNova PLC                   | LivaNova PLC                                  | CUSIP: 000000000<br>LEI: 2138001K2FX6SHK2B339 | Long             | EC               | CORP              | GB        |      3828 | NS      | $244264.68    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Independence Realty Trust Inc  | Independence Realty Trust Inc                 | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               | CORP              | US        |      4382 | NS      | $75151.30     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| LiveRamp Holdings Inc          | LiveRamp Holdings Inc                         | CUSIP: 53815P108<br>LEI: 254900GXS75LG1X7RF88 | Long             | EC               | CORP              | US        |       731 | NS      | $21089.35     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital Bancorp Inc            | Capital Bancorp Inc                           | CUSIP: 139737100<br>LEI: 549300LQKYGWQ7VP0C75 | Long             | EC               | CORP              | US        |      1883 | NS      | $52347.40     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Granite Construction Inc       | Granite Construction Inc                      | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               | CORP              | US        |      2507 | NS      | $269577.71    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| TriNet Group Inc               | TriNet Group Inc                              | CUSIP: 896288107<br>LEI: 5299003FJVBETSFKE990 | Long             | EC               | CORP              | US        |      1670 | NS      | $97862.00     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Pagaya Technologies Ltd        | Pagaya Technologies Ltd                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11747 | NS      | $293087.65    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualys Inc                     | Qualys Inc                                    | CUSIP: 74758T303<br>LEI: 549300EMBXYOW9W1XA17 | Long             | EC               | CORP              | US        |      2695 | NS      | $379590.75    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegiant Travel Co            | Allegiant Travel Co                           | CUSIP: 01748X102<br>LEI: 549300JM9OZXOHWL2K18 | Long             | EC               | CORP              | US        |      5948 | NS      | $452048.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| SSR Mining Inc                 | SSR Mining Inc                                | CUSIP: 784730103<br>LEI: 549300JD2KR7AB9DYJ38 | Long             | EC               | CORP              | US        |     27764 | NS      | $646345.92    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc         | Power Integrations Inc                        | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |      6469 | NS      | $217358.40    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc               | NMI Holdings Inc                              | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |      1217 | NS      | $46428.55     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Axcelis Technologies Inc       | Axcelis Technologies Inc                      | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |      5366 | NS      | $444143.82    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Western New England Bancorp In | Western New England Bancorp Inc               | CUSIP: 958892101<br>LEI: 549300Y8QE4EI2LP6B42 | Long             | EC               | CORP              | US        |      4428 | NS      | $54198.72     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Huron Consulting Group Inc     | Huron Consulting Group Inc                    | CUSIP: 447462102<br>LEI: 549300NGVB9H6TKTLE36 | Long             | EC               | CORP              | US        |      1454 | NS      | $239342.94    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Caleres Inc                    | Caleres Inc                                   | CUSIP: 129500104<br>LEI: JFU6RQQJ8Z1CPOLBXQ18 | Long             | EC               | CORP              | US        |     28033 | NS      | $328266.43    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Madrigal Pharmaceuticals Inc   | Madrigal Pharmaceuticals Inc                  | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               | CORP              | US        |       316 | NS      | $188645.68    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Viant Technology Inc           | Viant Technology Inc                          | CUSIP: 92557A101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2828 | NS      | $30005.08     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Life360 Inc                    | Life360 Inc                                   | CUSIP: 532206109<br>LEI: 254900VO9VDOQBQAHF07 | Long             | EC               | CORP              | US        |      7398 | NS      | $588954.78    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings Inc           | Palomar Holdings Inc                          | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |      2324 | NS      | $288664.04    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Group SGHC Ltd           | Super Group SGHC Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GG        |     14075 | NS      | $152432.25    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Indivior PLC                   | Indivior PLC                                  | CUSIP: 000000000<br>LEI: 213800V3NCQTY7IED471 | Long             | EC               | CORP              | GB        |     10883 | NS      | $365668.80    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Corsair Gaming Inc             | Corsair Gaming Inc                            | CUSIP: 22041X102<br>LEI: 549300Y7YT18L8G0H525 | Long             | EC               | CORP              | US        |     10596 | NS      | $69085.92     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SunCoke Energy Inc             | SunCoke Energy Inc                            | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               | CORP              | US        |     35085 | NS      | $228754.20    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Krystal Biotech Inc            | Krystal Biotech Inc                           | CUSIP: 501147102<br>LEI: 549300YONUY68210OE41 | Long             | EC               | CORP              | US        |       523 | NS      | $114014.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| HomeTrust Bancshares Inc       | HomeTrust Bancshares Inc                      | CUSIP: 437872104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2330 | NS      | $95553.30     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| World Kinect Corp              | World Kinect Corp                             | CUSIP: 981475106<br>LEI: D3W7PCXCBRQLL17DZ313 | Long             | EC               | CORP              | US        |      2185 | NS      | $50648.30     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Kohl's Corp                    | Kohl's Corp                                   | CUSIP: 500255104<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | EC               | CORP              | US        |     11772 | NS      | $289473.48    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgebio Pharma Inc           | Bridgebio Pharma Inc                          | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |      7158 | NS      | $515447.58    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Sphere Entertainment Co        | Sphere Entertainment Co                       | CUSIP: 55826T102<br>LEI: 254900ZW4JWKYRZZ9A91 | Long             | EC               | CORP              | US        |      4231 | NS      | $357900.29    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Delek US Holdings Inc          | Delek US Holdings Inc                         | CUSIP: 24665A103<br>LEI: 5493003O53JMENV1N385 | Long             | EC               | CORP              | US        |      7715 | NS      | $298339.05    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Leonardo DRS Inc               | Leonardo DRS Inc                              | CUSIP: 52661A108<br>LEI: 549300HMMEWVG3PPQU18 | Long             | EC               | CORP              | US        |      7628 | NS      | $260648.76    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS Commerce Inc               | SPS Commerce Inc                              | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |      5866 | NS      | $488755.12    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Larimar Therapeutics Inc       | Larimar Therapeutics Inc                      | CUSIP: 517125100<br>LEI: 529900NCBZHTTJV6HX73 | Long             | EC               | CORP              | US        |     16238 | NS      | $57482.52     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Coursera Inc                   | Coursera Inc                                  | CUSIP: 22266M104<br>LEI: 984500573CA1QB7DAC30 | Long             | EC               | CORP              | US        |     23050 | NS      | $183247.50    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Aspen Aerogels Inc             | Aspen Aerogels Inc                            | CUSIP: 04523Y105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9701 | NS      | $31237.22     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HCI Group Inc                  | HCI Group Inc                                 | CUSIP: 40416E103<br>LEI: 549300CZF7EZJH0MPH74 | Long             | EC               | CORP              | US        |       945 | NS      | $167973.75    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Metals Co           | Commercial Metals Co                          | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |      2617 | NS      | $166912.26    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneCo Ltd                    | StoneCo Ltd                                   | CUSIP: 000000000<br>LEI: 549300O1A9LEF0XZCR35 | Long             | EC               | CORP              | BR        |      9625 | NS      | $162181.25    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| GEO Group Inc/The              | GEO Group Inc/The                             | CUSIP: 36162J106<br>LEI: 54930024XOXET7NQVZ63 | Long             | EC               | CORP              | US        |      7635 | NS      | $120327.60    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleanspark Inc                 | Cleanspark Inc                                | CUSIP: 18452B209<br>LEI: 254900VO7KBRJQDGY810 | Long             | EC               | CORP              | US        |      7365 | NS      | $111211.50    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Eos Energy Enterprises Inc     | Eos Energy Enterprises Inc                    | CUSIP: 29415C101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2557 | NS      | $38482.85     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohu Inc                       | Cohu Inc                                      | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |      2033 | NS      | $49442.56     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CNX Resources Corp             | CNX Resources Corp                            | CUSIP: 12653C108<br>LEI: 549300JK3KH8PWM3B226 | Long             | EC               | CORP              | US        |     14840 | NS      | $576385.60    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Vita Coco Co Inc/The           | Vita Coco Co Inc/The                          | CUSIP: 92846Q107<br>LEI: 54930020WXOAWHR85Y25 | Long             | EC               | CORP              | US        |      1290 | NS      | $68898.90     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Biosciences Holdings I | Harmony Biosciences Holdings Inc              | CUSIP: 413197104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7064 | NS      | $249288.56    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Hancock Whitney Corp           | Hancock Whitney Corp                          | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               | CORP              | US        |      1529 | NS      | $92642.11     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphastar Pharmaceuticals Inc  | Amphastar Pharmaceuticals Inc                 | CUSIP: 03209R103<br>LEI: 54930055TH0ZLSAQMJ38 | Long             | EC               | CORP              | US        |      2038 | NS      | $56452.60     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Weave Communications Inc       | Weave Communications Inc                      | CUSIP: 94724R108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6992 | NS      | $44608.96     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| SkyWest Inc                    | SkyWest Inc                                   | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |      5039 | NS      | $511559.28    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Avadel Pharmaceuticals PLC     | Avadel Pharmaceuticals PLC                    | CUSIP: 000000000<br>LEI: 549300E27PTSG2RHC762 | Long             | EC               | CORP              | IE        |      4298 | NS      | $92364.02     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Aquestive Therapeutics Inc     | Aquestive Therapeutics Inc                    | CUSIP: 03843E104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37451 | NS      | $231821.69    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| TrueBlue Inc                   | TrueBlue Inc                                  | CUSIP: 89785X101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7045 | NS      | $34520.50     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Insurance Group Ltd   | Hamilton Insurance Group Ltd                  | CUSIP: 000000000<br>LEI: 549300W92BN1FIEXG871 | Long             | EC               | CORP              | BM        |     18674 | NS      | $509426.72    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| BioCryst Pharmaceuticals Inc   | BioCryst Pharmaceuticals Inc                  | CUSIP: 09058V103<br>LEI: 549300Z0INP1Z5NP6J59 | Long             | EC               | CORP              | US        |     10131 | NS      | $72740.58     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Amalgamated Financial Corp     | Amalgamated Financial Corp                    | CUSIP: 022671101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10258 | NS      | $301072.30    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Peabody Energy Corp            | Peabody Energy Corp                           | CUSIP: 704551100<br>LEI: EJCO258LNNVSKAR2JX59 | Long             | EC               | CORP              | US        |      9615 | NS      | $261912.60    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems Inc          | CommVault Systems Inc                         | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |      1935 | NS      | $238972.50    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Tennant Co                     | Tennant Co                                    | CUSIP: 880345103<br>LEI: JYAIRLT8DVP6DP8UT336 | Long             | EC               | CORP              | US        |       996 | NS      | $72837.48     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Amprius Technologies Inc       | Amprius Technologies Inc                      | CUSIP: 03214Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9125 | NS      | $103295.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Arteris Inc                    | Arteris Inc                                   | CUSIP: 04302A104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6644 | NS      | $95274.96     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Lemonade Inc                   | Lemonade Inc                                  | CUSIP: 52567D107<br>LEI: 5493009BKR06OXXU6853 | Long             | EC               | CORP              | US        |      3495 | NS      | $273029.40    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Five9 Inc                      | Five9 Inc                                     | CUSIP: 338307101<br>LEI: 254900MXP6EWY0SFFR59 | Long             | EC               | CORP              | US        |      3151 | NS      | $61728.09     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Insperity Inc                  | Insperity Inc                                 | CUSIP: 45778Q107<br>LEI: 5299000Q0KW7HY5DB751 | Long             | EC               | CORP              | US        |      1136 | NS      | $40180.32     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Financial Inc          | Jackson Financial Inc                         | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |      6465 | NS      | $633634.65    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Perimeter Solutions Inc        | Perimeter Solutions Inc                       | CUSIP: 71385M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9997 | NS      | $278716.36    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp             | UMB Financial Corp                            | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |      1568 | NS      | $174173.44    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| RMR Group Inc/The              | RMR Group Inc/The                             | CUSIP: 74967R106<br>LEI: 549300JP4L34E48UJM16 | Long             | EC               | CORP              | US        |     11261 | NS      | $171730.25    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Chegg Inc                      | Chegg Inc                                     | CUSIP: 163092109<br>LEI: 549300AKX7O8JG0O3G77 | Long             | EC               | CORP              | US        |     54014 | NS      | $52236.94     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Wabash National Corp           | Wabash National Corp                          | CUSIP: 929566107<br>LEI: 5299004ZAWHQZI5XO485 | Long             | EC               | CORP              | US        |     18936 | NS      | $159819.84    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Joby Aviation Inc              | Joby Aviation Inc                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3247 | NS      | $46854.21     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ADTRAN Holdings Inc            | ADTRAN Holdings Inc                           | CUSIP: 00486H105<br>LEI: 549300VV36J86CRRWF77 | Long             | EC               | CORP              | US        |     18846 | NS      | $149448.78    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| PetMed Express Inc             | PetMed Express Inc                            | CUSIP: 716382106<br>LEI: 529900PGHW5ASJ1AZL48 | Long             | EC               | CORP              | US        |     21871 | NS      | $38274.25     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Water Products Inc     | Mueller Water Products Inc                    | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |     24116 | NS      | $584571.84    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury General Corp           | Mercury General Corp                          | CUSIP: 589400100<br>LEI: 5493001Q9EXPCEL4W527 | Long             | EC               | CORP              | US        |      3009 | NS      | $280198.08    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexander & Baldwin Inc        | Alexander & Baldwin Inc                       | CUSIP: 014491104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5008 | NS      | $78275.04     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Employers Holdings Inc         | Employers Holdings Inc                        | CUSIP: 292218104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2999 | NS      | $119510.15    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Peapack-Gladstone Financial Co | Peapack Gladstone Financial Corp              | CUSIP: 704699107<br>LEI: 549300G8DN2UK8K0ET30 | Long             | EC               | CORP              | US        |      2369 | NS      | $63963.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Cinemark Holdings Inc          | Cinemark Holdings Inc                         | CUSIP: 17243V102<br>LEI: 549300LL2QMPTYIE0K55 | Long             | EC               | CORP              | US        |      6167 | NS      | $168852.46    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Shake Shack Inc                | Shake Shack Inc                               | CUSIP: 819047101<br>LEI: 529900J74GJAHYP80N79 | Long             | EC               | CORP              | US        |       620 | NS      | $54237.60     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| iRhythm Technologies Inc       | iRhythm Technologies Inc                      | CUSIP: 450056106<br>LEI: 549300FJI72RJGDQS384 | Long             | EC               | CORP              | US        |      1773 | NS      | $333341.73    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Rhythm Pharmaceuticals Inc     | Rhythm Pharmaceuticals Inc                    | CUSIP: 76243J105<br>LEI: 529900JPNWXQ8DPLA551 | Long             | EC               | CORP              | US        |      4407 | NS      | $480759.63    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackLine Inc                  | BlackLine Inc                                 | CUSIP: 09239B109<br>LEI: 529900P9N7PK9LV5EK56 | Long             | EC               | CORP              | US        |      3742 | NS      | $213256.58    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Wolverine World Wide Inc       | Wolverine World Wide Inc                      | CUSIP: 978097103<br>LEI: 549300OVC7PK14LQ8D87 | Long             | EC               | CORP              | US        |     16734 | NS      | $271258.14    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| LendingClub Corp               | LendingClub Corp                              | CUSIP: 52603A208<br>LEI: 549300YC50YO7Y1OJR92 | Long             | EC               | CORP              | US        |     18465 | NS      | $334216.50    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Clarus Corp                    | Clarus Corp                                   | CUSIP: 18270P109<br>LEI: 549300PKSLI6PT0ULL72 | Long             | EC               | CORP              | US        |      5593 | NS      | $20022.94     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Nabors Industries Ltd          | Nabors Industries Ltd                         | CUSIP: 000000000<br>LEI: 5493008TXYN3II3PU369 | Long             | EC               | CORP              | US        |      1277 | NS      | $63683.99     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Nextpower Inc                  | NEXTracker Inc                                | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4840 | NS      | $443440.80    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR Group Inc                | EMCOR Group Inc                               | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |       826 | NS      | $508047.82    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| National Vision Holdings Inc   | National Vision Holdings Inc                  | CUSIP: 63845R107<br>LEI: 549300JHURCBLI5ROA42 | Long             | EC               | CORP              | US        |     18208 | NS      | $525300.80    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| ON24 Inc                       | ON24 Inc                                      | CUSIP: 68339B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26323 | NS      | $148988.18    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmus Filtration Technologies  | Atmus Filtration Technologies Inc             | CUSIP: 04956D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3022 | NS      | $152943.42    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Krispy Kreme Inc               | Krispy Kreme Inc                              | CUSIP: 50101L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     81274 | NS      | $339725.32    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Viasat Inc                     | Viasat Inc                                    | CUSIP: 92552V100<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | EC               | CORP              | US        |      9063 | NS      | $311132.79    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| AMN Healthcare Services Inc    | AMN Healthcare Services Inc                   | CUSIP: 001744101<br>LEI: 529900W3ARRTCNFH2I39 | Long             | EC               | CORP              | US        |     16698 | NS      | $278021.70    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| European Wax Center Inc        | European Wax Center Inc                       | CUSIP: 29882P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8848 | NS      | $34241.76     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| EyePoint Pharmaceuticals Inc   | EyePoint Pharmaceuticals Inc                  | CUSIP: 30233G209<br>LEI: 549300QE1RU34T50MR69 | Long             | EC               | CORP              | US        |     12247 | NS      | $181623.01    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Udemy Inc                      | Udemy Inc                                     | CUSIP: 902685106<br>LEI: 2549000T304QU9SAM180 | Long             | EC               | CORP              | US        |     27410 | NS      | $139242.80    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Otter Tail Corp                | Otter Tail Corp                               | CUSIP: 689648103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5205 | NS      | $427851.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Stoneridge Inc                 | Stoneridge Inc                                | CUSIP: 86183P102<br>LEI: PNBCIH9LE7WI83VJIF08 | Long             | EC               | CORP              | US        |     38399 | NS      | $219258.29    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Freshworks Inc                 | Freshworks Inc                                | CUSIP: 358054104<br>LEI: 254900ULRGCUEIK0K191 | Long             | EC               | CORP              | US        |     15692 | NS      | $190500.88    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenable Holdings Inc           | Tenable Holdings Inc                          | CUSIP: 88025T102<br>LEI: 5493004S5OMPESF0EF83 | Long             | EC               | CORP              | US        |      6601 | NS      | $175058.52    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Alignment Healthcare Inc       | Alignment Healthcare Inc                      | CUSIP: 01625V104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7414 | NS      | $142422.94    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| NetScout Systems Inc           | NetScout Systems Inc                          | CUSIP: 64115T104<br>LEI: 5493005HZXZ3SPNVCV76 | Long             | EC               | CORP              | US        |      4543 | NS      | $122115.84    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Unisys Corp                    | Unisys Corp                                   | CUSIP: 909214306<br>LEI: 549300T21W22FIJJOW08 | Long             | EC               | CORP              | US        |     31070 | NS      | $83267.60     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Bed Bath & Beyond Inc          | Beyond Inc                                    | CUSIP: 690370101<br>LEI: 549300ACR0DL9U7EI710 | Long             | EC               | CORP              | US        |     21518 | NS      | $129538.36    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| IonQ Inc                       | IonQ Inc                                      | CUSIP: 46222L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3197 | NS      | $157612.10    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| H2O America                    | SJW Group                                     | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1133 | NS      | $52605.19     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalyst Pharmaceuticals Inc   | Catalyst Pharmaceuticals Inc                  | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               | CORP              | US        |     11541 | NS      | $270174.81    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Tr | Essential Properties Realty Trust Inc         | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |      5445 | NS      | $172388.70    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ADMA Biologics Inc             | ADMA Biologics Inc                            | CUSIP: 000899104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4876 | NS      | $93521.68     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Hills Corp               | Black Hills Corp                              | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |      1019 | NS      | $75192.01     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Talos Energy Inc               | Talos Energy Inc                              | CUSIP: 87484T108<br>LEI: 549300OKFHZ84SFJFT95 | Long             | EC               | CORP              | US        |     28960 | NS      | $331881.60    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solu | Kratos Defense & Security Solutions Inc       | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |      1291 | NS      | $98245.10     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corp        | Magnolia Oil & Gas Corp                       | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2771 | NS      | $64120.94     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocket Lab Corp                | Rocket Lab Corp                               | CUSIP: 773121108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2814 | NS      | $118581.96    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SiriusPoint Ltd                | SiriusPoint Ltd                               | CUSIP: 000000000<br>LEI: 549300OGXFI85N3YZZ51 | Long             | EC               | CORP              | BM        |     13175 | NS      | $274040.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| PureCycle Technologies Inc     | PureCycle Technologies Inc                    | CUSIP: 74623V103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       146 | NS      | $1284.80      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Insurance Holdings I | Universal Insurance Holdings Inc              | CUSIP: 91359V107<br>LEI: 529900GGAZ6WVUCWQM46 | Long             | EC               | CORP              | US        |      1636 | NS      | $54200.68     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Zymeworks Inc                  | Zymeworks Inc                                 | CUSIP: 98985Y108<br>LEI: 894500AHOYAGYLYZJL67 | Long             | EC               | CORP              | US        |      3936 | NS      | $105130.56    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| American Public Education Inc  | American Public Education Inc                 | CUSIP: 02913V103<br>LEI: 254900GZNX6TJQGM4S17 | Long             | EC               | CORP              | US        |      3732 | NS      | $129929.58    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Viridian Therapeutics Inc      | Viridian Therapeutics Inc                     | CUSIP: 92790C104<br>LEI: 549300C775BNYF550E70 | Long             | EC               | CORP              | US        |      2203 | NS      | $70407.88     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Neogen Corp                    | Neogen Corp                                   | CUSIP: 640491106<br>LEI: 549300HJT9FC36N4UW43 | Long             | EC               | CORP              | US        |     33046 | NS      | $197615.08    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| RLI Corp                       | RLI Corp                                      | CUSIP: 749607107<br>LEI: 529900AMTJE5ECN9PS55 | Long             | EC               | CORP              | US        |      3445 | NS      | $212418.70    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Agios Pharmaceuticals Inc      | Agios Pharmaceuticals Inc                     | CUSIP: 00847X104<br>LEI: 529900ONJHY8EOGYT555 | Long             | EC               | CORP              | US        |      1011 | NS      | $29521.20     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirum Pharmaceuticals Inc      | Mirum Pharmaceuticals Inc                     | CUSIP: 604749101<br>LEI: 254900YZKR40F7F27K81 | Long             | EC               | CORP              | US        |      9424 | NS      | $688423.20    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Adient PLC                     | Adient PLC                                    | CUSIP: 000000000<br>LEI: 5493002QLDY8O75RTR78 | Long             | EC               | CORP              | US        |     10118 | NS      | $196896.28    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Capri Holdings Ltd             | Capri Holdings Ltd                            | CUSIP: 000000000<br>LEI: 549300LPG8W0H1OX3A26 | Long             | EC               | CORP              | GB        |     16536 | NS      | $419518.32    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Bread Financial Holdings Inc   | Bread Financial Holdings Inc                  | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               | CORP              | US        |       611 | NS      | $41383.03     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Customers Bancorp Inc          | Customers Bancorp Inc                         | CUSIP: 23204G100<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |      3085 | NS      | $212556.50    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicell Inc                   | Omnicell Inc                                  | CUSIP: 68213N109<br>LEI: 5493008RH0GTKHHPZI77 | Long             | EC               | CORP              | US        |      9900 | NS      | $361449.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| PBF Energy Inc                 | PBF Energy Inc                                | CUSIP: 69318G106<br>LEI: 2549003PBEDCSZMZIY02 | Long             | EC               | CORP              | US        |      1360 | NS      | $46892.80     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloomin' Brands Inc            | Bloomin' Brands Inc                           | CUSIP: 094235108<br>LEI: E1UJ2GO305B5FXGV7N04 | Long             | EC               | CORP              | US        |     40797 | NS      | $289658.70    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                     | Insmed Inc                                    | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |       462 | NS      | $95989.74     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Tactile Systems Technology Inc | Tactile Systems Technology Inc                | CUSIP: 87357P100<br>LEI: 54930069VDTITHOTKJ98 | Long             | EC               | CORP              | US        |     15114 | NS      | $388580.94    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Preferred Bank/Los Angeles CA  | Preferred Bank/Los Angeles CA                 | CUSIP: 740367404<br>LEI: 5493007K6HGI9G0ECX16 | Long             | EC               | CORP              | US        |       581 | NS      | $54852.21     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| AvePoint Inc                   | AvePoint Inc                                  | CUSIP: 053604104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18851 | NS      | $245063.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Bitdeer Technologies Group     | Bitdeer Technologies Group                    | CUSIP: 000000000<br>LEI: 2549007M2KGWVJ9XFP20 | Long             | EC               | CORP              | SG        |      2976 | NS      | $39908.16     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcutis Biotherapeutics Inc    | Arcutis Biotherapeutics Inc                   | CUSIP: 03969K108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13224 | NS      | $405315.60    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies Inc       | Resideo Technologies Inc                      | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |      1557 | NS      | $51365.43     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Hain Celestial Group Inc/The   | Hain Celestial Group Inc/The                  | CUSIP: 405217100<br>LEI: 5493000S8QXWHLIXDP75 | Long             | EC               | CORP              | US        |     20853 | NS      | $22938.30     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Atkore Inc                     | Atkore Inc                                    | CUSIP: 047649108<br>LEI: 52990002TI38AM4RPV48 | Long             | EC               | CORP              | US        |      3058 | NS      | $204733.10    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| OFG Bancorp                    | OFG Bancorp                                   | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | PR        |      7412 | NS      | $294478.76    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Hurco Cos Inc                  | Hurco Cos Inc                                 | CUSIP: 447324104<br>LEI: XSC5XDOTBYOBQPOG2O82 | Long             | EC               | CORP              | US        |      3851 | NS      | $62386.20     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Watts Water Technologies Inc   | Watts Water Technologies Inc                  | CUSIP: 942749102<br>LEI: 549300REJOO94ERQN318 | Long             | EC               | CORP              | US        |       835 | NS      | $230359.80    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawaiian Electric Industries I | Hawaiian Electric Industries Inc              | CUSIP: 419870100<br>LEI: JJ8FWOCWCV22X7GUPJ23 | Long             | EC               | CORP              | US        |      2526 | NS      | $29705.76     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Archrock Inc                   | Archrock Inc                                  | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |      2503 | NS      | $61423.62     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Sweetgreen Inc                 | Sweetgreen Inc                                | CUSIP: 87043Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48797 | NS      | $316692.53    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Inc                     | Tanger Factory Outlet Centers Inc             | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               | CORP              | US        |      4623 | NS      | $155240.34    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Varex Imaging Corp             | Varex Imaging Corp                            | CUSIP: 92214X106<br>LEI: 549300CWYWPVCT8E9W67 | Long             | EC               | CORP              | US        |      4533 | NS      | $52446.81     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Arvinas Inc                    | Arvinas Inc                                   | CUSIP: 04335A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22530 | NS      | $283540.05    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| 4D Molecular Therapeutics Inc  | 4D Molecular Therapeutics Inc                 | CUSIP: 35104E100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18848 | NS      | $219767.68    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| JELD-WEN Holding Inc           | JELD-WEN Holding Inc                          | CUSIP: 47580P103<br>LEI: 529900AXX7CT9GZSCS30 | Long             | EC               | CORP              | US        |     61915 | NS      | $165313.05    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Coeur Mining Inc               | Coeur Mining Inc                              | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |     13561 | NS      | $234198.47    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| BrightSpring Health Services I | BrightSpring Health Services Inc              | CUSIP: 10950A106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14161 | NS      | $512061.76    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercantile Bank Corp           | Mercantile Bank Corp                          | CUSIP: 587376104<br>LEI: P16VZZCKTJ5IONL6XE37 | Long             | EC               | CORP              | US        |      2124 | NS      | $97661.52     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Real Brokerage Inc/The         | Real Brokerage Inc/The                        | CUSIP: 75585H206<br>LEI: 254900X7DGVQ8SUIC387 | Long             | EC               | CORP              | US        |     26012 | NS      | $103267.64    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Driven Brands Holdings Inc     | Driven Brands Holdings Inc                    | CUSIP: 26210V102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4691 | NS      | $68535.51     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc   | American Healthcare REIT Inc                  | CUSIP: 398182303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30357 | NS      | $1541528.46   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloom Energy Corp              | Bloom Energy Corp                             | CUSIP: 093712107<br>LEI: 549300XB5J9BFW5JXV97 | Long             | EC               | CORP              | US        |      4458 | NS      | $486991.92    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Garrett Motion Inc             | Garrett Motion Inc                            | CUSIP: 366505105<br>LEI: 549300LS5WT7EMBNV724 | Long             | EC               | CORP              | CH        |     14695 | NS      | $242908.35    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Outfront Media Inc             | Outfront Media Inc                            | CUSIP: 69007J304<br>LEI: 549300RZWDYU5722I639 | Long             | EC               | CORP              | US        |     10600 | NS      | $249418.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Forrester Research Inc         | Forrester Research Inc                        | CUSIP: 346563109<br>LEI: 549300UUSFXYLJ80Z897 | Long             | EC               | CORP              | US        |     10611 | NS      | $76293.09     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ThredUp Inc                    | ThredUp Inc                                   | CUSIP: 88556E102<br>LEI: 549300JKGKTKX3L3XK25 | Long             | EC               | CORP              | US        |     17765 | NS      | $133592.80    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Myriad Genetics Inc            | Myriad Genetics Inc                           | CUSIP: 62855J104<br>LEI: 52990044IHUOUMETT163 | Long             | EC               | CORP              | US        |     38469 | NS      | $293518.47    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Bumble Inc                     | Bumble Inc                                    | CUSIP: 12047B105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26092 | NS      | $92626.60     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Comstock Resources Inc         | Comstock Resources Inc                        | CUSIP: 205768302<br>LEI: I03QQGEA4SS774AURI46 | Long             | EC               | CORP              | US        |      6209 | NS      | $166773.74    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Construction Partners Inc      | Construction Partners Inc                     | CUSIP: 21044C107<br>LEI: 549300MHLFL4E8JLZU44 | Long             | EC               | CORP              | US        |      1323 | NS      | $144207.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Pediatrix Medical Group Inc    | MEDNAX Inc                                    | CUSIP: 58502B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1779 | NS      | $42856.11     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluor Corp                     | Fluor Corp                                    | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |      5558 | NS      | $238604.94    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Griffon Corp                   | Griffon Corp                                  | CUSIP: 398433102<br>LEI: 5493000C2SGNC7ZN3242 | Long             | EC               | CORP              | US        |      2746 | NS      | $205950.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Varonis Systems Inc            | Varonis Systems Inc                           | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |      3540 | NS      | $117067.80    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Haemonetics Corp               | Haemonetics Corp                              | CUSIP: 405024100<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | EC               | CORP              | US        |      1057 | NS      | $85986.95     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Manitowoc Co Inc/The           | Manitowoc Co Inc/The                          | CUSIP: 563571405<br>LEI: 2RTSLGQ89VMY18RHX631 | Long             | EC               | CORP              | US        |      8929 | NS      | $100719.12    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Abercrombie & Fitch Co         | Abercrombie & Fitch Co                        | CUSIP: 002896207<br>LEI: 5493000J7LL72TOGT983 | Long             | EC               | CORP              | US        |      2557 | NS      | $250253.59    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Keros Therapeutics Inc         | Keros Therapeutics Inc                        | CUSIP: 492327101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5373 | NS      | $93920.04     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprout Social Inc              | Sprout Social Inc                             | CUSIP: 85209W109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14012 | NS      | $139699.64    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Rigetti Computing Inc          | Rigetti Computing Inc                         | CUSIP: 76655K103<br>LEI: 52990024JHY459DH8W71 | Long             | EC               | CORP              | US        |      4489 | NS      | $114783.73    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Zevra Therapeutics Inc         | Zevra Therapeutics Inc                        | CUSIP: 488445206<br>LEI: 254900CU6T74V18Y1W18 | Long             | EC               | CORP              | US        |     11720 | NS      | $98799.60     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Cable One Inc                  | Cable One Inc                                 | CUSIP: 12685J105<br>LEI: 549300648QS85T0XSH18 | Long             | EC               | CORP              | US        |       609 | NS      | $71368.71     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmark Group Inc              | Newmark Group Inc                             | CUSIP: 65158N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29876 | NS      | $519244.88    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Extreme Networks Inc           | Extreme Networks Inc                          | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |     15133 | NS      | $264827.50    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| SkyWater Technology Inc        | SkyWater Technology Inc                       | CUSIP: 83089J108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14059 | NS      | $216368.01    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Axsome Therapeutics Inc        | Axsome Therapeutics Inc                       | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               | CORP              | US        |      1315 | NS      | $199222.50    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics Inc      | Halozyme Therapeutics Inc                     | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |      6365 | NS      | $454461.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital Inc               | InterDigital Inc                              | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       326 | NS      | $116626.50    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Supernus Pharmaceuticals Inc   | Supernus Pharmaceuticals Inc                  | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |      1495 | NS      | $68157.05     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Emergent BioSolutions Inc      | Emergent BioSolutions Inc                     | CUSIP: 29089Q105<br>LEI: 549300YW6TUOX8BE5103 | Long             | EC               | CORP              | US        |     11535 | NS      | $128845.95    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Artisan Partners Asset Managem | Artisan Partners Asset Management Inc         | CUSIP: 04316A108<br>LEI: 549300T1FUI6JF63XU51 | Long             | EC               | CORP              | US        |     12182 | NS      | $505309.36    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Intellia Therapeutics Inc      | Intellia Therapeutics Inc                     | CUSIP: 45826J105<br>LEI: 5493002T5BCPE5DZC723 | Long             | EC               | CORP              | US        |     12604 | NS      | $113309.96    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Primoris Services Corp         | Primoris Services Corp                        | CUSIP: 74164F103<br>LEI: 549300UF3OLBJ8D5K349 | Long             | EC               | CORP              | US        |      8553 | NS      | $1082467.68   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| TTEC Holdings Inc              | TTEC Holdings Inc                             | CUSIP: 89854H102<br>LEI: GTJS1N8S8I28A7L4WG97 | Long             | EC               | CORP              | US        |     80036 | NS      | $268920.96    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyward Specialty Insurance Gr | Skyward Specialty Insurance Group Inc         | CUSIP: 830940102<br>LEI: 549300GXGXJG0YH4VN21 | Long             | EC               | CORP              | US        |     13214 | NS      | $646957.44    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ONE Gas Inc                    | ONE Gas Inc                                   | CUSIP: 68235P108<br>LEI: 549300HXDWI0LATTX840 | Long             | EC               | CORP              | US        |      2116 | NS      | $177193.84    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Cipher Mining Inc              | Cipher Mining Inc                             | CUSIP: 17253J106<br>LEI: 254900QABG5HCQZ28A17 | Long             | EC               | CORP              | US        |      7958 | NS      | $161945.30    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-23

**Name of Applicant:** Federated Hermes ETF Trust

**Signature:** Stephen Van Meter

**Name of Signer:** Federated Hermes ETF Trust

**Title:** Chief Compliance Officer