At the beginning of the 20th century with the emergence of semiotics, semantics, phenomenology, hermeneutics was also transformed. In the case of “hermeneutic phenomenology” we are confronted with two parallel, but absolutely independent projects: the hermetical project of G. Shpet and the variant of the hermeneutic phenomenology of Heidegger. In the article some support points of the Shpet's and Heidegger's hermeneutic project are outlined. Like Heidegger, Shpet wants from the phenomenology of something much greater than what Husserl's version offers him. Both philosophers wish to create a more fundamental philosophy, even more transparent in the way of its construction. Thus, the author comes to conclusion, we encounter the “hermeneutic” transformation of phenomenology in very special cases, when an even more radical philosophical problem is posed. Any fundamentalist projects acquire hermeneutic features when they are tried to implement as consistently as possible.