Investors should carefully consider the fund’s investment objectives, risks, charges and expenses before investing. To obtain a summary prospectus or prospectus containing this and other information, contact us or visit FederatedHermes.com. Please carefully read the summary prospectus or the prospectus before investing.

Fund shares are bought and sold on an exchange at market price (not NAV) and are not individually redeemed from the Fund. However, shares may be redeemed at NAV directly by certain authorized broker-dealers (Authorized Participants) in very large creation/redemption units. The returns shown do not represent the returns you would receive if you traded shares at other times. Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Market price returns are based on the official closing price of an ETF share or, if the official closing price isn't available, the midpoint between the national best bid and national best offer ("NBBO") as of the time the ETF calculates the current NAV per share. NAVs are calculated using prices as of the end of regular trading on the New York Stock Exchange (normally 4:00 PM Eastern Time).

There is no guarantee that active ETFs will outperform passive ETFs and they may underperform. Active ETFs typically have higher fees than passive ETFs, which can reduce performance.

ETFs can be tax-efficient because of their unique structure, which involves using an in-kind trading process, meaning that managers trade securities in “units,” also known as blocks or baskets of securities, which are exempt from capital gains due to a tax law that rules that funds can avoid triggering a tax event by trading in-kind, rather than in cash. When investors sell shares, which could normally trigger a tax event (such as capital gains tax on profits), investors either trade the ETF in-kind to one another on the secondary market or ETF managers redeem the shares by transacting in units, with the help of APs. If these transactions are in-kind rather than cash, which they typically are, no tax event is triggered.

Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.

Beta analyzes the market risk of a fund by showing how responsive the fund is to the market. The beta of the market is 1.00. Accordingly, a fund with a 1.10 beta is expected to perform 10% better than the market in up markets and 10% worse in down markets. Usually the higher betas represent riskier investments.

The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional instruments.

Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices.

There are no guarantees that dividend-paying stocks will continue to pay dividends. In addition, dividend-paying stocks may not experience the same capital appreciation potential as non-dividend-paying stocks.

High-yield, lower-rated securities generally entail greater market, credit/default and liquidity risks, and may be more volatile than investment grade securities.

The value of equity securities in the fund’s portfolio will fluctuate and, as a result, the fund’s share price may decline. Equity securities may decline in value because of an increase in interest rates or changes in the stock market.

The quantitative models and analysis used by the MDT ETFs may perform differently than expected and negatively affect fund performance.

Investments are subject to risks and fluctuate in value. 

Federated Securities Corp. is distributor of the Federated Hermes Funds.

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