Key Information Document abrdn Future Raw Materials UCITS ETF A Sub-Fund of abrdn III ICAV USD Accumulating ETF Share Class Ø Purpose This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products. Ø Product Name: abrdn Future Raw Materials UCITS ETF USD Accumulating ETF Share Class ISIN: IE000J7QYHD8 PRIIP Manufacturer: Carne Global Fund Managers (Ireland) Limited PRIIP Manufacturer Website: https://www.carnegroup.com Telephone: +353 1 4896 800 The Central Bank of Ireland is responsible for supervising Carne Global Fund Managers (Ireland) Limited in relation to this Key Information Document. The Fund is authorised in Ireland and regulated by the Central Bank of Ireland. The key information document is accurate as at 19 February 2026. The Fund is managed by Carne Global Fund Managers (Ireland) Limited (the "Manager") which is authorised in Ireland and regulated by the Central Bank of Ireland. abrdn Investments Limited (the "Investment Manager") has been appointed as investment manager to the Fund. You are about to purchase a product that is not simple and may be difficult to understand. Ø What is this product? Type: abrdn Future Raw Materials UCITS ETF (the "Fund") is a US Dollar denominated exchange traded fund and a sub-fund of an ICAV (Irish Collective Asset- management Vehicle), abrdn III ICAV, incorporated in Ireland. Term: No fixed term. Objectives: To generate growth over the long-term (5 years or more) by investing primarily in companies with alignment to the Future Raw Materials Theme (as defined below). Performance Comparator: for comparison purposes, investors can compare the Fund’s long-term performance to the MSCI ACWI Index Net Total Return (USD) as indicative of the performance of the Future Raw Materials Theme against global equities. The Fund does not aim to outperform this index and it is not used for portfolio construction or risk management purposes. Portfolio Securities - The Fund invest at least 70% in equities and Equity Related Securities of companies of all sizes listed on global stock exchanges including Emerging Markets, with alignment to the Future Raw Materials Theme. - The “Future Raw Materials Theme” can be defined as companies having a minimum of 50% of their current revenue linked to the extraction and processing of Future Raw Materials (as defined below). - Provided that the 50% threshold is met, these companies aligned with the Future Raw Materials Theme may also be involved in activities that may not align with the Future Raw Materials Theme. Companies which meeting the 50% threshold above are referred to herein as “Theme Aligned Investments”. - The Investment Manager will identify a short list of strategic minerals (which may include, but are not limited to, copper, nickel, lithium, aluminium and rare earth minerals) whose demand is expected to increase due to their use in technologies that underpin economic changes and developments (the “Future Raw Materials”). Such shortlist will change as technological developments emerge and evolve which means that the use and supply of certain minerals varies. Details of the components of the short list will be available on request from the Investment Manager. - In addition to its investment in Theme Aligned Investments, the Fund may, for liquidity and diversification purposes, invest up to 30% of the Fund's Net Asset Value in companies which are not Theme Aligned Investments but which do have exposure to Future Raw Materials. Such companies are companies that do not currently meet the minimum 50% revenue alignment threshold of the Future Raw Materials Theme referred to above, however, such companies must have a minimum of 20% of either current or forecasted revenue linked to Future Raw Materials. If forecast revenue is used, the expectation is that the company’s current revenue linked with Future Raw Materials will exceed this 20% minimum within 18 months. - The Fund may invest up to 30% in Mainland China equity and Equity Related Securities through the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programme. - The Fund may also invest up to 20% in companies with Variable Interest Entity structures. - The Fund may invest up to 10% in other funds (including those managed by abrdn), money-market instruments and cash for liquidity management. Management Process - The Fund is actively managed. - The Investment Manager actively identifies a short list of key minerals (which may include, but are not limited to, copper, nickel, lithium, aluminium and rare earth minerals) which it classifies as Future Raw Materials, through a combination of internal research (such as financial analysis and company engagement at both stock and sector level) and external research and assessment (such as third-party research papers on the theme and thematic taxonomies), upon which Fund investments are focused. Whilst the Investment Manager cannot reasonably identify the end use of the minerals that investee companies extract and process, the mineral selection is based on the considered long-term demand of their use in technologies (for example space satellites, data transmission networks, solar panels and wind turbines, electric batteries and wiring) in conjunction with the scarcity of supply to meet this demand. The short list of minerals is defined with a long- term view but will be reviewed at least annually. - The initial investment universe is established using statistical analysis to identify Theme Aligned Investments. The Investment Manager may then supplement the initial universe with companies that have a minimum of 20% of current or forecasted revenue linked to Future Raw Materials to finalise the investment universe. - The portfolio is then constructed from this universe, using a quantitative model to select companies and assign position weights based on the Investment Manager’s proprietary scoring system, which looks to maximise the weightings of companies with the most favourable elements of valuation, profitability, and earning and price momentum, whilst taking into account the requirements in terms of diversification (across stock and mineral), and liquidity. - No benchmark is used for portfolio construction or as a basis for setting risk constraints in the management of the Fund. Derivatives and Techniques - The Fund may use derivatives to reduce risk, reduce cost and/or generate additional income or growth consistent with the risk profile of the Fund (often referred to as “Efficient Portfolio Management”). - Derivatives will typically be used to maintain allocations to Company shares while meeting cash inflows or outflows. Where these are large relative to the size of the Fund, derivative usage may be significant for limited periods of time. Derivative usage in the Fund otherwise is expected to be very limited. Intended retail investor: The Fund is suitable for (i) Investors with basic investment knowledge, (ii) Investors who can accept large short term losses, (iii) Investors wanting a return (growth) over the longer term (5 years or more), (iv) The fund has specific and generic risks with a risk rating as per the risk indicator. (v)The fund is intended for general sale to retail and professional investors through all distribution channels with or without professional advice. Depositary: The Fund's assets are held through its Depositary, which is State Street Custodial Services (Ireland) Limited. Distribution type: The product is accumulating. abrdn Future Raw Materials UCITS ETF / USD Accumulating ETF Share Class / IE000J7QYHD8 1 Ø What are the risks and what could I get in return? Risk indicator This rates the potential losses from future performance at a medium-high level, Lower risk Higher risk and poor market conditions will likely impact the Fund's capacity to pay you. Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depends on the exchange rate between the two 1 2 3 4 5 67 currencies. This risk is not considered in the indicator shown above. Further information on risks is detailed in the prospectus available at The risk indicator assumes you keep the product for 5 years. www.abrdn.com or on request from the management company. This product does not include any protection from future market performance The summary risk indicator is a guide to the level of risk of this product or any capital guarantee against credit risk, so you could lose some or all of your compared to other products. It shows how likely it is that the product will loseinvestment. money because of movements in the markets or because we are not able to pay If we are not able to pay you what is owed, you could lose your entire you. investment. We have classified this product as 5 out of 7, which is a medium-high risk class. Performance scenarios What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted. The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product and a suitable proxy over the last 10 years. Markets could develop very differently in the future. The stress scenario shows what you might get back in extreme market circumstances. The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. Example investment: USD 10,000 1 year 5 years Minimum There is no minimum guaranteed return. You could lose some or all of your investment. What you might get back after costs USD 3,300 USD 2,760 Stress scenario Average return each year -67.04% -22.68% What you might get back after costs USD 6,810 USD 12,610 Unfavourable scenario1 Average return each year -31.85% 4.75% What you might get back after costs USD 10,400 USD 16,190 Moderate scenario2 Average return each year 4.03% 10.11% What you might get back after costs USD 20,850 USD 26,220 Favourable scenario3 Average return each year 108.53% 21.26% 1This type of scenario occurred for an investment from 09/2017 to 09/2022. 2This type of scenario occurred for an investment from 09/2016 to 09/2021. 3This type of scenario occurred for an investment from 01/2016 to 01/2021.Ø What happens if Carne Global Fund Managers (Ireland) Limited is unable to pay out? The assets and liabilities of the Fund are segregated from those of the PRIIP Manufacturer. The assets of the Fund are held in safekeeping by the Depositary. In the event of the insolvency of the PRIIP Manufacturer, the Fund's assets in the safekeeping of the Depositary will not be affected. In the event of the insolvency of the Depositary, you may suffer financial loss. There is no compensation or guarantee scheme in place which may offset, all or any of, your loss.abrdn Future Raw Materials UCITS ETF / USD Accumulating ETF Share Class / IE000J7QYHD8 2 Ø What are the costs? Costs over time The person advising on or selling you this product may charge you other costs. If so, this person will provide you with information about these costs and how they affect your investment. The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product and how well the product does. The amounts shown here are illustrations based on an example investment amount and different possible investment periods. We have assumed: In the first year you would get back the amount that you invested (0% annual return) For the other holding periods we have assumed the product performs as shown in the moderate scenario USD 10,000 is invested Example Investment: USD 10,000 If you cash in after 1 year If you cash in after 5 years Total costs USD 930 USD 2,366 Annual cost impact(*)9.30% 3.05% each year (*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 13.15% before costs and 10.11% after costs. Composition of costs The table below shows the impact each year of the different types of costs on the investment return you might get at the end of the recommended holding period and the meaning of the different cost categories. The table shows the impact on return per yearIf you exit after 1 year Up to 5.00% of the amount you pay in when entering this investment. This is the One-off costs upon entry or Entry costs most you will be charged. The person selling you the product will inform you of Up to USD 500 exit the actual charge. Exit costs Up to 3.00% of your investment before it is paid out to you. Up to USD 309 Management fees and other 0.45% of the value of your investment per year. This is an estimate based on USD 45 administrative or operating costs actual costs over the last year. Ongoing costs taken each year 0.76% of the value of your investment per year. This is an estimate of the costs Transaction costs incurred when we buy and sell the underlying investments for the product. The USD 76 actual amount will vary depending on how much we buy and sell. Incidental costs taken under Performance fees and carriedThere is no performance fee for this product. USD 0 specific conditions interest Currently, the Management Company does not charge an entry or exit fee for any funds, exercising its’ discretion to waive these fees. Ø How long should I hold it and can I take my money out early? The recommended minimum holding period: 5 years. This product is recommended for the long term (5 years or more). You can request to take out some or all of your money at any time. You can typically request to buy or sell shares in the sub-fund on any business day (as set out in the Fund’s prospectus). Ø How can I complain? If you have any complaints about the product, the conduct of the manufacturer or the person advising on the product, complaints can be lodged via the following methods: E-mail: complaints@carnegroup.com Mail: 3rd Floor, 55 Charlemont Place, Dublin, D02 F985, Ireland. Ø Other relevant information This document describes only one share class; other share classes are available. Investors may switch their investment into another fund of abrdn III ICAV. Please refer to the Fund's Prospectus for further details. For further information about abrdn III ICAV including the prospectus*, annual report and accounts*, half-yearly reports*, the latest share prices, or other practical information, please visit www.abrdn.com where documents may be obtained free of charge. The Prospectus, Annual and Interim reports cover all the Funds within abrdn III ICAV. Although abrdn III ICAV is a single legal entity, the rights of investors in this Fund are limited to the assets of this Fund. The Fund’s Investment Manager and Distributor is abrdn Investments Limited, 1 George Street, Edinburgh, United Kingdom, EH2 2LL. The Fund's Custodian is State Street Custodial Services (Ireland) Limited and the Fund’s Administrator is State Street Fund Services (Ireland) Limited 78 Sir John Rogerson’s Quay, Dublin 2, Ireland. The tax legislation of Ireland may have an impact on your personal tax position. Details of an up-to-date UCITS V remuneration policy statement, including but not limited to, a description of how remuneration and benefits are calculated, and the identities of persons responsible for awarding remuneration and benefits, including the composition of the Remuneration Committee, are available at www.abrdn.com and a paper copy will be made available free of charge on request to the Management Company. 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. Past Performance and Performance Scenarios: For details of past performance, please see online at www.abrdn.com. For previous performance scenarios, please see www.abrdn.com.abrdn Future Raw Materials UCITS ETF / USD Accumulating ETF Share Class / IE000J7QYHD8 3