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. abrdn Future Raw Materials UCITS ETF (the "Fund") ,a US Dollar denominated sub fund of abrdn III ICAV, USD Accumulating ETF Share Class (ISIN: IE000J7QYHD8). This Fund is managed by Carne Global Fund Managers (Ireland) Limited (the "Manager"). Objectives and Investment Policy Investment Objective - The Fund may also invest up to 20% in companies with Variable To generate growth over the long-term (5 years or more) by investing Interest Entity structures. primarily in companies with alignment to the Future Raw Materials- The Fund may invest up to 10% in other funds (including those Theme (as defined below). managed by abrdn), money-market instruments and cash for Performance Comparator: for comparison purposes, investors can liquidity management. compare the Fund’s long-term performance to the MSCI ACWI Index Net Total Return (USD) as indicative of the performance of the FutureManagement Process Raw Materials Theme against global equities. The Fund does not aim to- The Fund is actively managed. outperform this index and it is not used for portfolio construction or risk - The Investment Manager actively identifies a short list of key minerals management purposes. (which may include, but are not limited to, copper, nickel, lithium,aluminium and rare earth minerals) which it classifies as Future Raw Investment Policy Materials, through a combination of internal research (such as Portfolio Securities financial analysis and company engagement at both stock andsector level) and external research and assessment (such as third- - The Fund invest at least 70% in equities and Equity Related Securities party research papers on the theme and thematic taxonomies), of companies of all sizes listed on global stock exchanges including upon which Fund investments are focused. Whilst the Investment Emerging Markets, with alignment to the Future Raw Materials Theme. Manager cannot reasonably identify the end use of the minerals that - The “Future Raw Materials Theme” can be defined as companies investee companies extract and process, the mineral selection is having a minimum of 50% of their current revenue linked to the based on the considered long-term demand of their use in extraction and processing of Future Raw Materials (as definedtechnologies (for example space satellites, data transmission below). networks, solar panels and wind turbines, electric batteries andwiring) in conjunction with the scarcity of supply to meet this - Provided that the 50% threshold is met, these companies aligned with demand. The short list of minerals is defined with a long-term view but the Future Raw Materials Theme may also be involved in activitieswill be reviewed at least annually. that may not align with the Future Raw Materials Theme. Companies which meeting the 50% threshold above are referred to herein as- The initial investment universe is established using statistical analysis to “Theme Aligned Investments”. identify Theme Aligned Investments. The Investment Manager maythen supplement the initial universe with companies that have a - The Investment Manager will identify a short list of strategic minerals minimum of 20% of current or forecasted revenue linked to Future (which may include, but are not limited to, copper, nickel, lithium, Raw Materials to finalise the investment universe. aluminium and rare earth minerals) whose demand is expected to increase due to their use in technologies that underpin economic - The portfolio is then constructed from this universe, using a changes and developments (the “Future Raw Materials”). Such quantitative model to select companies and assign position weights shortlist will change as technological developments emerge and based on the Investment Manager’s proprietary scoring system, evolve which means that the use and supply of certain minerals which looks to maximise the weightings of companies with the most varies. Details of the components of the short list will be available on favourable elements of valuation, profitability, and earning and price request from the Investment Manager. momentum, whilst taking into account the requirements in terms ofdiversification (across stock and mineral), and liquidity. - In addition to its investment in Theme Aligned Investments, the Fund may, for liquidity and diversification purposes, invest up to 30% of the - No benchmark is used for portfolio construction or as a basis for Fund's Net Asset Value in companies which are not Theme Aligned setting risk constraints in the management of the Fund. Investments but which do have exposure to Future Raw Materials.Derivatives and Techniques Such companies are companies that do not currently meet the minimum 50% revenue alignment threshold of the Future Raw - The Fund may use derivatives to reduce risk, reduce cost and/or Materials Theme referred to above, however, such companies must generate additional income or growth consistent with the risk profile have a minimum of 20% of either current or forecasted revenueof the Fund (often referred to as “Efficient Portfolio Management”). linked to Future Raw Materials. If forecast revenue is used, the - Derivatives will typically be used to maintain allocations to Company expectation is that the company’s current revenue linked with Future shares while meeting cash inflows or outflows. Where these are large Raw Materials will exceed this 20% minimum within 18 months. relative to the size of the Fund, derivative usage may be significant - The Fund may invest up to 30% in Mainland China equity and Equityfor limited periods of time. Derivative usage in the Fund otherwise is Related Securities through the Shanghai-Hong Kong and Shenzhen- expected to be very limited. Hong Kong Stock Connect programme. Risk and Reward Profile Emerging Markets Risk: Emerging markets are countries generally Lower riskHigher risk considered to be relatively less developed or industrialized, and investments in emerging markets countries are subject to a Typically lower rewards Typically higher rewardsmagnification of the risks that apply to foreign investments. These risks are greater for securities of companies in emerging market countries because the countries may have less stable governments, 1 2 3 4 5 6 7 more volatile currencies and less established markets. Small and Mid-Cap Stock Risk: The shares of small and mid-cap companies may be less liquid and more volatile than those of larger This indicator reflects the volatility of the Fund's share price over the last companies. five years which in turn reflects the volatility of the underlying assets inVariable Interest Entity Risk: The Fund may invest in companies with which the Fund invests. Historical data may not be a reliable indicationVariable Interest Entity (VIE) structures in order to gain exposure to for the future. industries with foreign ownership restrictions. There is a risk that The current rating is not guaranteed and may change if the volatility ofinvestments in these structures may be adversely affected by the assets in which the Fund invests changes. The lowest rating doeschanges in the legal and regulatory framework. not mean risk free. China A/Stock Connect Risk: Investing in China A shares involves The Fund is rated as 7 because of the extent to which the following riskspecial considerations and risks, including greater price volatility, a factors apply: less developed regulatory and legal framework, exchange rate The Fund invests in equity and equity related securities. These are risk/controls, settlement, tax, quota, liquidity and regulatory risks. sensitive to variations in the stock markets which can be volatile and Derivatives Risk: The use of derivatives carries the risk of reduced change substantially in short periods of time. liquidity, substantial loss and increased volatility in adverse market Equity Risk: The Fund invests in equity and equity related securities. conditions, such as a failure amongst market participants. The use of These are sensitive to variations in the stock markets which can be derivatives may result in the Fund being leveraged (where market volatile and change substantially in short periods of time. exposure and thus the potential for loss by the Fund exceeds the Concentration Risk: A concentrated portfolio may be more volatile amount it has invested) and in these market conditions the effect of and less liquid than a more broadly diversified one. The Fund's leverage will be to magnify losses. investments are concentrated in a particular country or sector, or closely related group of industries or sectors. 1 Charges The charges you pay are used to pay the costs of running the Fund The entry and exit charges show shown are maximum figures. In some including marketing and distributing it. These charges reduce the cases you might pay less – for further details please speak to you potential growth of your investment. financial advisor.The ongoing charges figure is based on a projection of total fees for the One-off charges taken before or after you invest first twelve months of operation of the Fund. The Fund’s annual report foreach financial year will include details of the exact charges made. It Entry charge 5.00% excludes performance fees (where applicable); portfolio transactioncosts, except in the case of an entry/exit charge paid by the Fund when Exit charge3.00% buying or selling in another collective investment undertaking.A switching charge may be applied in accordance with the Prospectus.For more information about charges, please see the Prospectus which is This is the maximum amount that might be taken out of your money available at www.abrdn.com. before it is invested or before the proceeds of your investment are paid out. Currently, the Management Company does not charge an entry or exit fee for any funds, exercising its’ discretion to waive these fees. Charges taken from the Fund over a year Ongoing charges0.45% Charges taken from the Fund under certain specific conditions Performance fee⁠None Past Performance The Fund was established in 2024. We have insufficient data at this time in order to provide a useful indication of past performance. Performance Comparator: MSCI ACWI Index Net Total Return (USD). Practical Information This document describes only one share class; other share classes are The Fund's Custodian is State Street Custodial Services (Ireland) Limited available. Investors may switch their investment into another fund of and the Fund’s Administrator is State Street Fund Services (Ireland) abrdn III ICAV. Please refer to the Fund's Prospectus* for further details. Limited 78 Sir John Rogerson’s Quay, Dublin 2, Ireland. For further information about abrdn III ICAV including the prospectus*, The tax legislation of Ireland may have an impact on your personal tax annual report and accounts*, half-yearly reports*, the latest share position. prices, or other practical information, please visit www.abrdn.com The Manager may be held liable solely on the basis of any statement where documents may be obtained free of charge. contained in this document that is misleading, inaccurate or The Prospectus, Annual and Interim reports cover all the Funds within inconsistent with the relevant parts of the Prospectus for the Fund. abrdn III ICAV. Although abrdn III ICAV is a single legal entity, the rightsDetails of an up-to-date UCITS V remuneration policy statement, of investors in this Fund are limited to the assets of this Fund. including but not limited to, a description of how remuneration and The Manager, Carne Global Fund Managers (Ireland) Limited, is benefits are calculated, and the identities of persons responsible for authorised in Ireland and regulated by the Central Bank of Ireland. awarding remuneration and benefits, including the composition of the The Fund’s Investment Manager and Distributor is abrdn Investments Remuneration Committee, are available at www.abrdn.com and a Limited, 1 George Street, Edinburgh, United Kingdom, EH2 2LL, paper copy will be made available free of charge on request to the authorised and regulated by the Financial Conduct Authority in the Management Company. United Kingdom. Under Irish law, the assets and liabilities of the Fund are segregated from other sub-funds within the ICAV and the assets of the Fund will not be available to satisfy the liabilities of another sub-fund of the ICAV. *Available in English. abrdn III ICAV is authorised in Ireland and regulated by the Central Bank of Ireland pursuant to the Central Bank UCITS Regulations. This key investor information is accurate as at 29th September 2025. abrdn III ICAV has its registered office at 3rd Floor, 55 Charlemont Place, Dublin 2, D02 R296, Ireland, with registration number C469164.