diff --git a/cmd/serve/s3/backend.go b/cmd/serve/s3/backend.go
index 9fc9a0fc1..81605ce28 100644
--- a/cmd/serve/s3/backend.go
+++ b/cmd/serve/s3/backend.go
@@ -3,8 +3,10 @@ package s3
 
 import (
 	"context"
+	"crypto/md5"
 	"encoding/hex"
 	"errors"
+	"hash"
 	"io"
 	"maps"
 	"math"
@@ -289,7 +291,7 @@ func (b *s3Backend) ListBucket(ctx context.Context, bucket string, prefix *gofak
 		return response, nil
 	}
 
-	err = b.listPage(_vfs, bucket, prefix.Prefix, prefix.Delimiter, page, response)
+	err = b.listPage(ctx, _vfs, bucket, prefix.Prefix, prefix.Delimiter, page, response)
 	if err == gofakes3.ErrNoSuchKey {
 		// AWS just returns an empty list
 		response = gofakes3.NewObjectList()
@@ -613,6 +615,15 @@ func (b *s3Backend) PutObject(
 		removeMadeDirs(objectDir, madeDir, _vfs)
 	}
 
+	// With MD5 ETags gofakes3 returns the MD5 of the data, which is
+	// kept with the metadata if the remote can't give it, so HEAD
+	// returns it too.
+	var md5Hasher hash.Hash
+	if b.s.etagHash(_vfs) == fshash.MD5 && !fsys.Hashes().Contains(fshash.MD5) {
+		md5Hasher = md5.New()
+		input = io.TeeReader(input, md5Hasher)
+	}
+
 	f, err := _vfs.Create(tmpFp)
 	if err != nil {
 		cleanup()
@@ -655,7 +666,11 @@ func (b *s3Backend) PutObject(
 		return result, err
 	}
 
-	if err := b.tenant(ctx).storeMeta(_vfs, fp, meta); err != nil {
+	om := objectMeta{meta: meta}
+	if md5Hasher != nil {
+		om.hash = md5Hasher.Sum(nil)
+	}
+	if err := b.tenant(ctx).storeObjectMeta(_vfs, fp, om); err != nil {
 		return result, err
 	}
 
@@ -847,7 +862,12 @@ func (b *s3Backend) CopyObject(ctx context.Context, srcBucket, srcKey, dstBucket
 			// Directory markers have no metadata to replace
 			return result, nil
 		}
-		return result, b.tenant(ctx).storeMeta(_vfs, fp, meta)
+		// The data is unchanged, so its stored ETag and part sizes
+		// still apply
+		t := b.tenant(ctx)
+		om, _ := t.getMeta(ctx, fp, cStat)
+		om.meta = meta
+		return result, t.storeObjectMeta(_vfs, fp, om)
 	}
 
 	c, err := b.GetObject(ctx, srcBucket, srcKey, nil)
diff --git a/cmd/serve/s3/list.go b/cmd/serve/s3/list.go
index 0bc3ba7ba..1fc393f5a 100644
--- a/cmd/serve/s3/list.go
+++ b/cmd/serve/s3/list.go
@@ -1,6 +1,7 @@
 package s3
 
 import (
+	"context"
 	"errors"
 	"path"
 	"slices"
@@ -29,7 +30,8 @@ var errPageFull = errors.New("listing page full")
 // the size of the subtree below the prefix.
 type lister struct {
 	vfs       *vfs.VFS
-	hashType  hash.Type // hash used for ETags
+	hashType  hash.Type                              // hash used for ETags
+	etag      func(fp string, entry vfs.Node) []byte // returns the ETag of the object at fp
 	bucket    string
 	marker    string // keys at or before this one have already been returned
 	hasMarker bool
@@ -49,7 +51,7 @@ type lister struct {
 
 // newLister makes a lister which fills response with at most one page of the
 // listing of bucket, as described by page.
-func newLister(b *s3Backend, _vfs *vfs.VFS, bucket string, page gofakes3.ListBucketPage, response *gofakes3.ObjectList) *lister {
+func newLister(ctx context.Context, b *s3Backend, _vfs *vfs.VFS, bucket string, page gofakes3.ListBucketPage, response *gofakes3.ObjectList) *lister {
 	max := int(page.MaxKeys)
 	if max <= 0 {
 		// A missing or zero max-keys means the client didn't ask for a
@@ -64,6 +66,9 @@ func newLister(b *s3Backend, _vfs *vfs.VFS, bucket string, page gofakes3.ListBuc
 		hasMarker: page.HasMarker,
 		max:       max,
 		response:  response,
+		etag: func(fp string, entry vfs.Node) []byte {
+			return b.objectHash(ctx, _vfs, fp, entry)
+		},
 	}
 }
 
@@ -122,7 +127,7 @@ func (l *lister) addObject(key string, entry vfs.Node) error {
 	l.response.Add(&gofakes3.Content{
 		Key:          key,
 		LastModified: gofakes3.NewContentTime(entry.ModTime()),
-		ETag:         quoteETag(getFileHashByte(entry, l.hashType)),
+		ETag:         quoteETag(l.etag(path.Join(l.bucket, key), entry)),
 		Size:         entry.Size(),
 		StorageClass: gofakes3.StorageStandard,
 	})
@@ -325,8 +330,8 @@ func (l *lister) list(fdPath, name string, addPrefix bool) error {
 //
 // It returns gofakes3.ErrNoSuchKey if the directory the prefix is in
 // doesn't exist.
-func (b *s3Backend) listPage(_vfs *vfs.VFS, bucket, prefix, delimiter string, page gofakes3.ListBucketPage, response *gofakes3.ObjectList) error {
-	l := newLister(b, _vfs, bucket, page, response)
+func (b *s3Backend) listPage(ctx context.Context, _vfs *vfs.VFS, bucket, prefix, delimiter string, page gofakes3.ListBucketPage, response *gofakes3.ObjectList) error {
+	l := newLister(ctx, b, _vfs, bucket, page, response)
 	// The prefix is split into the directory to list and the start of
 	// the names in it to list.
 	fdPath, name := "", prefix
diff --git a/cmd/serve/s3/list_test.go b/cmd/serve/s3/list_test.go
index 7a08e20f1..47d9711d1 100644
--- a/cmd/serve/s3/list_test.go
+++ b/cmd/serve/s3/list_test.go
@@ -170,7 +170,7 @@ func countDirs(t *testing.T, b *s3Backend, page gofakes3.ListBucketPage) (dirsRe
 	_vfs, err := b.s.getVFS(context.Background())
 	require.NoError(t, err)
 	list = gofakes3.NewObjectList()
-	l := newLister(b, _vfs, "bucket", page, list)
+	l := newLister(context.Background(), b, _vfs, "bucket", page, list)
 	err = l.list("", "", false)
 	if err != nil && !errors.Is(err, errPageFull) {
 		require.NoError(t, err)
diff --git a/cmd/serve/s3/multipart_test.go b/cmd/serve/s3/multipart_test.go
index 8fc710b1c..b1f0626ac 100644
--- a/cmd/serve/s3/multipart_test.go
+++ b/cmd/serve/s3/multipart_test.go
@@ -26,6 +26,7 @@ import (
 	_ "github.com/rclone/rclone/backend/memory"
 	"github.com/rclone/rclone/cmd/serve/proxy"
 	"github.com/rclone/rclone/fs"
+	"github.com/rclone/rclone/fs/config/obscure"
 	"github.com/rclone/rclone/fs/hash"
 	"github.com/rclone/rclone/fs/object"
 	"github.com/rclone/rclone/fs/operations"
@@ -2039,3 +2040,66 @@ func TestETagHashConsistent(t *testing.T) {
 		}
 	}
 }
+
+// TestETagMD5WithoutRemoteMD5 checks that with MD5 ETags on a remote
+// which can't give the MD5 of objects, the ETags returned when objects
+// are made are the same as HEAD and listings return for them, and are
+// kept when an object is copied onto itself.
+func TestETagMD5WithoutRemoteMD5(t *testing.T) {
+	backing := ":crypt,remote='" + t.TempDir() + "',password=" + obscure.MustObscure("password") + ":"
+	core, f, bucket := newMultipartTestServerBacking(t, backing, false)
+	require.False(t, f.Hashes().Contains(hash.MD5))
+	ctx := context.Background()
+	md5Hex := func(data []byte) string {
+		sum := md5.Sum(data)
+		return hex.EncodeToString(sum[:])
+	}
+	etags := map[string]string{}
+
+	data := []byte("put object")
+	info, err := core.PutObject(ctx, bucket, "put.txt", bytes.NewReader(data), int64(len(data)), "", "", minio.PutObjectOptions{})
+	require.NoError(t, err)
+	assert.Equal(t, md5Hex(data), info.ETag, "put")
+	etags["put.txt"] = info.ETag
+
+	uploadID, err := core.NewMultipartUpload(ctx, bucket, "multipart.bin", minio.PutObjectOptions{})
+	require.NoError(t, err)
+	var all []byte
+	var parts []minio.CompletePart
+	for i, size := range []int{100 * 1024, 30 * 1024} {
+		data := []byte(random.String(size))
+		all = append(all, data...)
+		p, err := core.PutObjectPart(ctx, bucket, "multipart.bin", uploadID, i+1, bytes.NewReader(data), int64(size), minio.PutObjectPartOptions{})
+		require.NoError(t, err)
+		parts = append(parts, minio.CompletePart{PartNumber: i + 1, ETag: p.ETag})
+	}
+	complete, err := core.CompleteMultipartUpload(ctx, bucket, "multipart.bin", uploadID, parts, minio.PutObjectOptions{})
+	require.NoError(t, err)
+	assert.Equal(t, md5Hex(all), complete.ETag, "multipart")
+	etags["multipart.bin"] = complete.ETag
+
+	// Replacing the metadata of an object leaves its data and so its
+	// ETag unchanged
+	_, err = core.CopyObject(ctx, bucket, "multipart.bin", bucket, "multipart.bin", map[string]string{
+		"x-amz-metadata-directive": "REPLACE",
+		"x-amz-meta-potato":        "jersey royal",
+	}, minio.CopySrcOptions{}, minio.PutObjectOptions{})
+	require.NoError(t, err)
+
+	for key, etag := range etags {
+		stat, err := core.StatObject(ctx, bucket, key, minio.StatObjectOptions{})
+		require.NoError(t, err, key)
+		assert.Equal(t, etag, stat.ETag, "HEAD %s", key)
+	}
+	stat, err := core.StatObject(ctx, bucket, "multipart.bin", minio.StatObjectOptions{PartNumber: 2})
+	require.NoError(t, err)
+	assert.Equal(t, int64(30*1024), stat.Size, "part 2 size after copy")
+
+	listed := map[string]string{}
+	result, err := core.ListObjects(bucket, "", "", "", 1000)
+	require.NoError(t, err)
+	for _, obj := range result.Contents {
+		listed[obj.Key] = strings.Trim(obj.ETag, `"`)
+	}
+	assert.Equal(t, etags, listed)
+}
diff --git a/cmd/serve/s3/serve_s3.md b/cmd/serve/s3/serve_s3.md
index 201615351..e486d4b3f 100644
--- a/cmd/serve/s3/serve_s3.md
+++ b/cmd/serve/s3/serve_s3.md
@@ -68,8 +68,8 @@ Use `--etag-hash auto` to use the best hash the backend supports - with
 The `ETag` of an object made by a multipart upload is its hash, like
 any other object, rather than the `-N` suffixed `ETag` AWS S3 gives
 these. If the remote doesn't have the MD5 of objects, `HeadObject`
-only returns the MD5 of these while the object's metadata is kept (see
-below).
+and listings only return the MD5 of objects uploaded through `serve
+s3` while the object's metadata is kept (see below).
 
 ### Quickstart