[N-CEN] Federated Hermes MDT Large Cap Growth ETF SEC Filing

Q: Which AZEK security is being delisted?

The Class A common stock of The AZEK Company Inc. is the security designated for removal.

Q: When was the Form 25 for AZEK signed and by whom?

It was signed on 1 July 2025 by Victoria Paper, Manager – Market Watch on behalf of the NYSE.

Q: What regulatory rules are cited in the AZEK delisting notice?

The notice references Rule 12d2-2 (a)(1-4), (b), and (c) under the Exchange Act, governing removal and voluntary withdrawal procedures.

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

N-CEN

Rhea-AI Filing Summary

AZEK Co Inc. (ticker: AZEK) has filed a Form 25 with the U.S. Securities and Exchange Commission, submitted by the New York Stock Exchange (NYSE) on 1 July 2025. The filing serves as official notification of the removal of AZEK’s Class A common stock from listing and registration under Section 12(b) of the Securities Exchange Act of 1934.

The NYSE certifies it has reasonable grounds for the filing and that all requirements have been met. The document references Rule 12d2-2 provisions, indicating that either the Exchange or the issuer has fulfilled the necessary procedural steps for delisting and/or deregistration. No additional financial information, earnings data, or strategic rationale is provided in the filing.

Key facts

Issuer: The AZEK Company Inc.
Security affected: Class A Common Stock
Exchange: New York Stock Exchange
Form signed by: Victoria Paper, Manager – Market Watch, NYSE
Filing date: 1 July 2025

Investors should note that, following the SEC’s standard timetable, the delisting will become effective after the waiting period prescribed in Rule 12d2-2 unless a withdrawal or amendment is made. The filing does not state whether the company intends to list on another exchange or pursue alternative trading arrangements.

Positive

None.

Negative

Removal from NYSE listing and registration may reduce share liquidity and visibility, potentially pressuring valuation until an alternative trading venue is confirmed.
Loss of NYSE governance requirements could weaken corporate oversight if the company does not re-list on an exchange with comparable standards.
Filing provides no rationale or future listing plan, increasing uncertainty for current and prospective investors.

Insights

TL;DR: AZEK’s NYSE delisting notice is potentially liquidity-negative and removes Exchange-level disclosure requirements.

The NYSE-filed Form 25 triggers the formal process to strike AZEK’s Class A shares from both listing and Section 12(b) registration. Once effective, trading on NYSE ceases and periodic Exchange reporting obligations terminate, though SEC reporting under Section 12(g) may remain if applicable. The absence of explanatory context leaves investors uncertain whether the move is voluntary, compliance-related, or preparatory to a transfer to another market. From a capital-markets perspective, delisting generally reduces visibility and can compress valuation multiples due to thinner liquidity. Until the company clarifies its next listing venue, the development skews negative for sentiment.

TL;DR: Form 25 removes NYSE governance oversight; investor protections may narrow.

NYSE listing imposes rigorous corporate-governance standards—independent board composition, committee mandates, shareholder voting thresholds—that exceed basic SEC requirements. By filing Form 25, AZEK or the Exchange eliminates these Exchange-specific obligations. Unless the issuer transitions to another major exchange with similar standards, governance practices could revert to the less stringent baseline of federal securities law. Shareholders should monitor forthcoming disclosures for any alternate listing or OTC quotation plan. Lack of detail elevates governance-risk perception.

07/01/2025 - 11:12 AM

N-CEN: Filer Information

Filer CIK

Filer CCC

Filer Investment Company Type

Is this a LIVE or TEST Filing?

LIVE TEST

Is this an electronic copy of an official filing submitted in paper format?

Submission Contact Information

Name

Phone

E-Mail Address

Notification Information

Notify via Filing Website only?

N-CEN:Series/Class (Contract) Information

Series ID Record:1

Series ID

N-CEN:Part A: General Information

Item A.1. Reporting period covered.

a. Report for period ending:

b. Does this report cover a period of less than 12 months?

Yes No

N-CEN:Part B: Information About the Registrant

N-CEN:Part C: Additional Questions for Management Investment Companies

N-CEN:Part E: Additional Questions for Exchange-Traded Funds and Exchange-Traded Managed Funds

Exchange Record: 1

Fund Name

Item E.1. Exchange.

Security Exchanges Record: 1

a. Exchange where listed. Provide the name of the national securities exchange on which the Fund's shares are listed:

b. Ticker. Provide the Fund's ticker symbol:

Item E.2. Authorized participants.

Instruction. The term "authorized participant" means a member or participant of a clearing agency registered with the Commission, which has a written agreement with the Exchange-Traded Fund or Exchange-Traded Managed Fund or one of its service providers that allows the authorized participant to place orders for the purchase and redemption of creation units.

For each authorized participant of the Fund, provide the following information:

Authorized Participants Record: 1

a. Full Name

b. SEC file number

c. CRD number

d. Identifying number(s)

LEI

RSSD ID

e. The dollar value of the Fund shares the authorized participant purchased from the Fund during the reporting period:

f. The dollar value of the Fund shares the authorized participant redeemed during the reporting period:

Authorized Participants Record: 2

a. Full Name

b. SEC file number

c. CRD number

d. Identifying number(s)

LEI

RSSD ID

e. The dollar value of the Fund shares the authorized participant purchased from the Fund during the reporting period:

f. The dollar value of the Fund shares the authorized participant redeemed during the reporting period:

Authorized Participants Record: 3

a. Full Name

b. SEC file number

c. CRD number

d. Identifying number(s)

LEI

RSSD ID

e. The dollar value of the Fund shares the authorized participant purchased from the Fund during the reporting period:

f. The dollar value of the Fund shares the authorized participant redeemed during the reporting period:

Authorized Participants Record: 4

a. Full Name

b. SEC file number

c. CRD number

d. Identifying number(s)

LEI

RSSD ID

e. The dollar value of the Fund shares the authorized participant purchased from the Fund during the reporting period:

f. The dollar value of the Fund shares the authorized participant redeemed during the reporting period:

Authorized Participants Record: 5

a. Full Name

b. SEC file number

c. CRD number

d. Identifying number(s)

LEI

RSSD ID

e. The dollar value of the Fund shares the authorized participant purchased from the Fund during the reporting period:

f. The dollar value of the Fund shares the authorized participant redeemed during the reporting period:

g. Did the Fund require that an authorized participant post collateral to the Fund or any of its designated service providers in
connection with the purchase or redemption of Fund shares during the reporting period?

Yes No

Item E.3. Creation units.

Instructions. The term "creation unit" means a specified number of Exchange-Traded Fund or Exchange-Traded Managed Fund shares that the fund will issue to (or redeem from) an authorized participant in exchange for the deposit (or delivery) of specified securities, positions, cash, and other assets or positions.

a. Number of Fund shares required to form a creation unit as of the last business day of the reporting period:

(for purchases)

(for redemptions, if different)

b. Based on the dollar value paid for each creation unit purchased by authorized participants during the reporting period, provide:

i. The average percentage of that value composed of cash:

ii. The standard deviation of the percentage of that value composed of cash:
iii. The average percentage of that value composed of non-cash assets and other positions exchanged on an "in-kind" basis:
iv. The standard deviation of the percentage of that value composed of non-cash assets and other positions exchanged on an "in-kind" basis:

c. Based on the dollar value paid for creation units redeemed by authorized participants during the reporting period, provide:

i. The average percentage of that value composed of cash:

ii. The standard deviation of the percentage of that value composed of cash:

iii. The average percentage of that value composed of non-cash assets and other positions exchanged on an "in-kind" basis:

iv. The standard deviation of the percentage of that value composed of non-cash assets and other positions exchanged on an "in-kind" basis:

d. For creation units purchased by authorized participants during the reporting period, provide:

i. The average transaction fee charged to an authorized participant for transacting in the creation units, expressed as:

1. Dollars per creation unit, if charged on that basis:

2. Dollars for one or more creation units purchased on the same day, if charged on that basis:

3. A percentage of the value of each creation unit, if charged on that basis:

ii. The average transaction fee charged to an authorized participant for transacting in those creation units the consideration for which was fully or partially composed of cash, expressed as:

1. Dollars per creation unit, if charged on that basis:

2. Dollars for one or more creation units purchased on the same day, if charged on that basis:

3. A percentage of the value of each creation unit, if charged on that basis:

e. For creation units redeemed by authorized participants during the reporting period, provide:

i. The average transaction fee charged to an authorized participant for transacting in the creation units, expressed as:

1. Dollars per creation unit, if charged on that basis:

2. Dollars for one or more creation units redeemed on the same day, if charged on that basis:

3. A percentage of the value of each creation unit, if charged on that basis:

ii. The average transaction fee charged to an authorized participant for transacting in those creation units the consideration for which was fully or partially composed of cash, expressed as:

1. Dollars per creation unit, if charged on that basis:

2. Dollars for one or more creation units redeemed on the same day, if charged on that basis:

3. A percentage of the value of each creation unit, if charged on that basis:

Item E.5. In-Kind ETF.

Is the Fund an "In-Kind Exchange-Traded Fund" as defined in rule 22e-4 under the Act (17 CFR 270.22e-4)?

Yes No

N-CEN:Part G: Attachments

Item G.1a. Attachments.

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

i. Legal proceedings
ii. Provision of financial support
iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)
iv. Change in accounting principles and practices
v. Information required to be filed pursuant to exemptive orders
vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

Instructions.

1. Item G.1.a.i. Legal proceedings.

(a) If the Registrant responded "YES" to Item B.11.a., provide a brief description of the proceedings. As part of the description, provide the case or docket number (if any), and the full names of the principal parties to the proceeding.
(b) If the Registrant responded "YES" to Item B.11.b., identify the proceeding and give its date of termination.

2. Item G.1.a.ii. Provision of financial support. If the Registrant responded "YES" to Item B.14., provide the following information (unless the Registrant is a Money Market Fund): (a) Description of nature of support.

(b) Person providing support.

(c) Brief description of relationship between the person providing support and the Registrant.

(d) Date support provided.

(e) Amount of support.

(f) Security supported (if applicable). Disclose the full name of the issuer, the title of the issue (including coupon or yield, if applicable) and at least two identifiers, if available (e.g., CIK, CUSIP, ISIN, LEI, RSSD ID).

(g) Value of security supported on date support was initiated (if applicable).

(h) Brief description of reason for support.

(i) Term of support.

(j) Brief description of any contractual restrictions relating to support.

3. Item G.1.a.iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only). Each management investment company shall furnish a report of its independent public accountant on the company's system of internal accounting controls. The accountant's report shall be based on the review, study and evaluation of the accounting system, internal accounting controls, and procedures for safeguarding securities made during the audit of the financial statements for the reporting period. The report should disclose any material weaknesses in: (a) the accounting system; (b) system of internal accounting control; or (c) procedures for safeguarding securities which exist as of the end of the Registrant's fiscal year.

The accountant's report shall be furnished as an exhibit to the form and shall: (1) be addressed to the Registrant's shareholders and board of directors; (2) be dated; (3) be signed manually; and (4) indicate the city and state where issued.

Attachments that include a report that discloses a material weakness should include an indication by the Registrant of any corrective action taken or proposed.

The fact that an accountant's report is attached to this form shall not be regarded as acknowledging any review of this form by the independent public accountant.

4. Item G.1.a.iv. Change in accounting principles and practices. If the Registrant responded "YES" to Item B.21, provide an attachment that describes the change in accounting principles or practices, or the change in the method of applying any such accounting principles or practices. State the date of the change and the reasons therefor. A letter from the Registrant's independent accountants, approving or otherwise commenting on the change, shall accompany the description.

5. Item G.1.a.v. Information required to be filed pursuant to exemptive orders. File as an attachment any information required to be reported on Form N-CEN or any predecessor form to Form N-CEN (e.g., Form N-SAR) pursuant to exemptive orders issued by the Commission and relied on by the Registrant.

6. Item G.1.a.vi. Other information required to be included as an attachment pursuant to Commission rules and regulations. File as an attachment any other information required to be included as an attachment pursuant to Commission rules and regulations.

N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Registrant

Date

Signature

Title

Source: View Original Filing on SEC EDGAR

FAQ

What does AZEK's Form 25 filing mean for investors?

The filing initiates removal of AZEK’s Class A common stock from NYSE listing and Section 12(b) registration, ending trading on that exchange after the SEC waiting period.

Which AZEK security is being delisted?

The Class A common stock of The AZEK Company Inc. is the security designated for removal.

When was the Form 25 for AZEK signed and by whom?

It was signed on 1 July 2025 by Victoria Paper, Manager – Market Watch on behalf of the NYSE.

Does the filing explain why AZEK is leaving the NYSE?

No. The document confirms procedural compliance but does not provide any reason or indicate a future listing venue.

What regulatory rules are cited in the AZEK delisting notice?

The notice references Rule 12d2-2 (a)(1-4), (b), and (c) under the Exchange Act, governing removal and voluntary withdrawal procedures.

Trending News

[N-CEN] Federated Hermes MDT Large Cap Growth ETF SEC Filing

Insights

Securities Analyst negative

Corporate Governance Expert negative

N-CEN: Filer Information

Submission Contact Information

Notification Information

N-CEN:Series/Class (Contract) Information

N-CEN:Part A: General Information

Item A.1. Reporting period covered.

N-CEN:Part B: Information About the Registrant

Item B.1. Background information.

Item B.2. Address and telephone number of Registrant.

Item B.3. Location of books and records.

Item B.4. Initial or final filings.

Item B.5. Family of investment companies.

Item B.6. Organization.

Item B.7. Securities Act registration.

Item B.8. Directors.

Item B.9. Chief compliance officer.

Item B.10. Matters for security holder vote.

Item B.11. Legal proceeding.

Item B.12. Fidelity bond and insurance (management investment companies only).

Item B.13. Directors and officers/errors and omissions insurance (management investment companies only).

Item B.14. Provision of financial support.

Item B.15. Exemptive orders.

Item B.16. Principal underwriters.

Item B.17. Independent public accountant.

Item B.18. Report on internal control (management investment companies only).

Item B.19. Audit opinion.

Item B.20. Change in valuation methods.

Item B.21. Change in accounting principles and practices.

Item B.22. Net asset value error corrections (open-end management investment companies only).

Item B.23. Rule 19a-1 notice (management investment companies only).

N-CEN:Part C: Additional Questions for Management Investment Companies

General Instruction.

Item C.1. Background information.

Item C.2. Classes of open-end management investment companies.

Item C.3. Type of fund.

Item C.4. Diversification.

Item C.5. Investments in certain foreign corporations.

Item C.6. Securities lending.

Item C.7. Reliance on certain statutory exemption and rules.

Item C.8. Expense limitations.

Item C.9. Investment advisers.

Item C.10. Transfer agents.

Item C.11. Pricing services.

Item C.12. Custodians.

Item C.13. Shareholder servicing agents.

Item C.14. Administrators.

Item C.15. Affiliated broker-dealers.

Item C.16. Brokers.

Item C.17. Principal transactions.

Item C.18. Payments for brokerage and research.

Item C.19. Average net assets.

Item C.20. Lines of credit, interfund lending and interfund borrowing.

Item C.22. Liquidity classification services. For open-end management investment companies subject to rule 22e-4 (17 CFR 270.22e-4), respond to the following:

N-CEN:Part E: Additional Questions for Exchange-Traded Funds and Exchange-Traded Managed Funds

Item E.1. Exchange.

Item E.2. Authorized participants.

Item E.3. Creation units.

Item E.5. In-Kind ETF.

N-CEN:Part G: Attachments

Item G.1a. Attachments.

N-CEN: Signature

FAQ

What does AZEK's Form 25 filing mean for investors?

Which AZEK security is being delisted?

When was the Form 25 for AZEK signed and by whom?

Does the filing explain why AZEK is leaving the NYSE?

What regulatory rules are cited in the AZEK delisting notice?

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