Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest.

FlexShares® Listed Private Equity UCITS ETF (the “Fund”) Share Class USD Accumulating A sub-fund of Waystone ETF ICAV

ISIN: IE0008ZGI5C1

Management Company: Waystone Management Company (IE) Limited (the “Manager”) Objectives And Investment Policy The investment objective of the ETF is to closely match the risk and

economic activities. More information on Article 6 funds can be found in return characteristics of the Foxberry Listed Private Equity SDG

the Prospectus and on our website at https://www.flexshares.com/euro- Screened USD Net Total Return Index (the “Index”), less the fees and

/sustainable-finance-disclosures-regulation expenses of the Fund.

For efficient portfolio management purposes the Fund may invest in The Fund invests in transferable securities that as far as possible andderivatives and other financially linked instruments (such as currency practicable consists of the component securities of the Index. Suchforwards and exchange traded futures) to reduce risk, minimise costs or transferable securities may include common stock, depositary receipts, generate additional capital or income. A derivative is a financial contract preferred shares, listed closed-ended funds and convertible securities.whose value is derived from other assets. Target Market: This Fund is appropriate for investors who plan to invest

The base currency of the Fund is U.S. Dollar. The shares are listed on over the medium to long term; and are looking for a passively managed

one or more stock exchanges and may be traded in currencies other investment in the relevant market(s).

than their base currency. The performance of your shares may be affected The Fund is an index tracking Fund and seeks to track the risk and return

by this currency difference. In normal circumstances, only Authorised characteristics of the Index by buying all or most of the stocks of theParticipants (e.g. select financial institutions) may deal in shares directly Index. This means it may not hold all the same assets as the Index or

with the Fund. Other investors can deal in shares daily through an hold assets in the same proportion as the Index, and the Fund may not

intermediary (e.g. a stockbroker) on stock exchange (s) on which the match the Index performance.

shares are traded. The Index is a custom index which is designed to track a universe of

Authorised Participants may redeem their Shares on demand in securities that provide exposure to the leading listed private equity

accordance with the “Dealing Calendar” published on companies in developed markets.www.flexshares.com daily (on each dealing day of the Fund). Instructions The Manager considers that the Fund meets the criteria in Article 6 of must be received by the Fund's administrator before 16:00 (Irish time) the Sustainable Finance Disclosure Regulation (Regulation

on the business day prior to the relevant dealing day. EU/2019/2088) and accordingly the investments underlying the Fund do

The shares in the Fund are accumulating and any income received will not take into account the EU criteria for environmentally sustainable

be included in the value of your shares

Risk And Reward Profile Lower risk Liquidity Risk – Some recognised exchanges are less liquid or more volatile Higher riskwhich may affect the price received and time taken when sellinginvestments. Small capitalisation companies are also less liquid and thismay result in fluctuations in the price of shares. Potentially lower reward Potentially higher rewardDerivative Risk – Derivatives may result in gains or losses that are greaterthan the original amount invested.Investment Risk – The Fund may not achieve its investment objective. An 1

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7 investment in the Fund involves investment risks including possible lossof the amount invested.Counterparty Risk – In case of bankruptcy of the broker, there is no 1 Historical data may not be a reliable indication for the future. guarantee collateral held by the broker will be returned to the Fund. In the 1 The risk category shown is not guaranteed and may shift over time.

event of bankruptcy of the counterparty, the premium and any unrealised 1 The lowest category does not mean 'risk free'.

gains may be lost. The risk indicator was calculated incorporating simulated historical data

Currency Risk – Changes in currency exchange rates could reduce or and may not be a reliable indication of the future risk profile of the Fund.

increase investment gains or investment losses. The rating is based upon changes in prices of the equities held by the Valuation Risk – A position in the Fund may be valued incorrectly, as some Fund.

prices may be uncertain at a point in time. Investments in other countries are affected by exchange rate risk, where

Private Equity Risk – The Fund may invest in listed private equity the currencies may fluctuate in value. companies including, listed closed-ended funds. Market conditions, such Performance volatility can be increased or reduced due to fluctuations as a decrease in market liquidity and/or market volatility, may make it in the currencies represented within this document.difficult to buy or sell such securities. The following risks are material in addition to the risks captured by the indicator above:

For more information about risks, please see the section entitled "RiskFactors" of the Fund's prospectus and supplement, which are availableat www.flexshares.com flexshares.com | Key Investor Information | 1 of 2. Charges The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment.* Authorised Participants dealing directly with the Fund will pay related One-off charges taken before or after you invest

transaction duties and charges.

* Because the Fund is an ETF, investors will typically only be able to buy Entry charge No chargeor sell shares in the secondary market. Accordingly, investors may incur

brokerage and / or transaction fees in connection with their dealings. Exit charge

No chargeInvestors may also bear the costs of “bid-ask” spreads; meaning the

difference between the prices at which shares can be bought and sold. This is the maximum that might be taken out of your money before it

You should discuss these fees and costs with your broker before you is invested / before the proceeds of your investment are paid out.invest, as they may reduce the amount of your initial investment and the

amount you receive on disposal. Charges taken from the fund over a year

The ongoing charges are based on expenses for the period ending 31

December 2024. This may vary from year to year. It excludes: Ongoing charges

0.40%Performance fees;

Charges taken from the fund under certain specific conditions Portfolio transaction costs, except in the case of any entry/exit charge

paid by the Fund when buying or selling units in another collective

investment undertaking. Performance fee No charge

For more information about charges, please see the section entitled

“Fees and Expenses” of the Fund's supplement and the prospectus,

which is available at https://www.flexshares.com

Past Performance

1Past performance should not be taken as a guide to futureperformance.

1The performance is shown after deduction of on-going charges. Anyentry or exit charges are excluded from the calculation.

1The Fund was authorised on 05 November 2021. This share classstarted to issue shares on the 09 December 2021.

1The chart shows the Share Class's annual performance for each fullcalendar year, which is calculated in USD.

1Benchmark: For information purposes the reference benchmark isthe: Foxberry Listed Private Equity SDG Screened USD Net TotalReturn Index Fund

Benchmark

Practical Information 1 Depositary: The Fund's Depositary is Northern Trust Fiduciary Services (Ireland) Limited. 1 Liability: Waystone Management Company (IE) Limited may be held liable solely on the basis of any statement contained in this document that is

misleading, inaccurate or inconsistent with the relevant parts of the prospectus. 1 Remuneration Policy: A summary of the Waystone Management Company (IE) Limited's remuneration policy and related disclosures is available

at https://www.waystone.com/waystone-policies/. A paper copy is available free of charge upon request from the registered office of the Waystone

Management Company (IE) Limited. 1 Tax Legislation: The Fund is subject to Irish taxation legislation which may have an impact on your personal tax position as an investor in the Fund.

Investors should consult their own tax advisers before investing in the Fund. 1 Umbrella Fund: The Fund is a sub-fund of Waystone ETF ICAV, which is an umbrella fund with segregated liability between sub-funds. This means

that the holdings of the Fund are held separately under Irish law from the holdings of the other sub-funds of Waystone ETF ICAV. 1 Switching Shares: It is not possible to exchange your shares in one sub-fund for shares in another sub-fund of Waystone ETF ICAV. Only Authorised

Participants dealing directly with the Fund may switch shares between share classes of the Fund subject to meeting certain conditions in the Fund's

Prospectus. 1 Further information: The current share price can be found at www.flexshares.com. Further information about the Fund can be obtained from the

Fund's prospectus and the latest annual and semi-annual reports for the Fund. These documents are available free of charge in English, and can

be found at www.flexshares.com or by writing to the Fund's administrator Northern Trust International Fund Administration Services (Ireland) Limited

at George's Court, 54-62 Townsend Street, Dublin 2, Ireland. This Fund and Waystone Management Company (IE) Limited are authorised in Ireland and regulated by the Central Bank of Ireland. This key investor information is accurate as at 18 February 2025.

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