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MKTN

GradeCNew York Stock Exchange Arca

Federated Hermes MDT Market Neutral ETF

Multi-Asset & Alternatives · Federated Hermes · Inception 2025-09-24 · SEC filings

$27.71+0.06 (+0.22%)

As of Sep 23, 2026, 1:30 PM EDT

History starts Sep 25, 2025.History starts Sep 25, 2025.
Intraday session: up, 13 prints from 27.65 to 27.71. Range 27.62 to 27.73. Use the arrow keys to read each point.$27.63$27.65$27.68$27.7310 AM12 PM2 PM4 PM
Expense ratio
2.27%
Fund size
$136M
1Y return
—
Yield · Last 12 months
Data unavailable
Holdings
221
Volume · 30D
0M sh
NAV per share
$27.78
52W range
low $24.14high $28.05

The ETF.net MKTN Grade

C

39/ 100

Rank 20 of 30 in Alternative Strategies⁠

Confidence Medium

Six-pillar profile for MKTN. Scores out of 100: Cost 9, Risk 74, Mission not scored, Tradability 65, Holdings not scored, Durability 47. Strongest: Risk (74). Weakest: Cost (9). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 39 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 9
    Category rank28/30 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 74
    Category rank6/30 · top 20%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 65
    Category rank9/30 · top 30%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 47
    Category rank24/30 · bottom quartile

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on MKTN

ETF.net Research

CA hedge-fund staple in ETF clothing. Federated Hermes' MDT quant team goes long the stocks its model favors and short the ones it doesn't, aiming to cancel out the market's direction and leave the stock picking behind.

Stated mandate

The Fund seeks long-term capital appreciation while limiting exposure to general stock-market risk through a quantitative, market-neutral strategy that selects long and short publicly traded common stocks.

Why people hold it

  1. 01Runs a genuine market-neutral book: long and short US common stocks chosen by a quant model, with the stated aim of limiting exposure to general stock-market risk.
  2. 02Its peer shelf is stacked with long-only core equity funds (DFAU, DFAC, AVLC). This one targets the spread between its long and short books instead of the index's direction.
  3. 03Selection is quantitative and rules-driven, so positions come from the MDT model's rankings rather than a manager's discretionary call.

Worth knowing

  1. 01Expensive by design: 2.27% a year versus a 0.65% median for US active equity funds. Shorting machinery costs money, and the model has to clear that gap first.
  2. 02Neutral cuts both ways. With broad market exposure hedged away, this design is not built to keep pace with a rising stock market.
  3. 03Launched in 2025 and lightly traded, so there is little history to judge and the bid-ask gap can run wider than at big index funds.

MKTN Holdings

As of Sep 20, 2026, 8:19 AM
Asset class
Other
Holdings
221
Top-10 weight
100%
Largest holding
FEDERATED GOVT OBLG PR SHARES79.0%

Geography

The fund’s holdings, weight-ordered — page 1 of 15.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—FEDERATED GOVT OBLG PR SHARES79.03%107,901,539$108M5
002CRWDCROWDSTRIKE HOLDINGS INC A COMMON STOCK2.66%14,779$4M454
003FIFISERV INC COMMON STOCK USD.012.49%68,832$3M174
004ABBVABBVIE INC COMMON STOCK USD.012.41%12,464$3M511
005GEGENERAL ELECTRIC COMMON STOCK USD.012.39%10,402$3M404
006FTNTFORTINET INC COMMON STOCK USD.0012.35%18,561$3M465
007TRVTRAVELERS COS INC/THE COMMON STOCK2.34%8,433$3M378
008FIVEFIVE BELOW COMMON STOCK USD.012.23%12,883$3M187
009GEVGE VERNOVA INC COMMON STOCK USD.011.97%2,907$3M473
010INTUINTUIT INC COMMON STOCK USD.011.96%8,529$3M457
011BNYBANK OF NEW YORK MELLON CORP COMMON STOCK1.88%16,761$3M386
012TEAMATLASSIAN CORP CL A COMMON STOCK USD.000011.73%12,292$2M201
013REGNREGENERON PHARMACEUTICALS COMMON STOCK USD.0011.72%2,972$2M401
014VIKVIKING HOLDINGS LTD COMMON STOCK USD.011.70%27,359$2M100
015STTSTATE STREET CORP COMMON STOCK USD1.01.68%12,502$2M356

Showing 1–15 of 222 holdings

MKTN Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

MKTN$10,780
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,430
Dec 31, 2025 to Sep 22, 2026. MKTN $10,780. SPY $11,430. Use the arrow keys to read each point.$9,119$10,381$11,642Dec 2025May 2026Sep 2026

Dec 31, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for MKTN. Periods over one year show the average yearly return.
PeriodMKTN
Year to date+7.8%
1 month+1.5%
3 months+8.0%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for MKTN
YearReturn barMKTN
2026 YTD+7.8%
2025+3.2%

History from Sep 25, 2025

MKTN in the news

ETF.net Research hasn’t filed on MKTN yet — coverage lands here as it’s written.

MKTN Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.07 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 31, 2025 $0.07. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Dec 31, 2025Jan 2, 2026$0.07

MKTN Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Sep 2025; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Sep 2025; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Sep 2025; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
−0.16
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

MKTN Cost

Expense ratio2.27%
  • The middle half of Alternative Strategies funds
  • Median 1.00%

23 of the 29 Alternative Strategies funds charge less.

MKTN costs $227.00 a year on $10,000. The median Alternative Strategies fund costs $100.00.