Key Information Document 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. Product M&G US Treasury Bond Active UCITS ETF a sub-fund of M&G (Ireland) ETF ICAV GBP hedged Accumulation shares (IE000YFPL0I4) M&G US Treasury Bond Active UCITS ETF is authorised in Ireland and regulated by the Central Bank of Ireland. The PRIIPs Manufacturer and the Management Company is Waystone Management Company (IE) Limited which is authorised in Ireland and supervised by the Central Bank of Ireland. For more information on this product, please refer to https://funds.waystone.com/public or call +353 (0)16192300. Accurate as of: 1 December 2025 What is this product? Type Investors should note that the Minimum Redemption Amount only This is an open-ended umbrella type Irish collective asset-management applies to transactions on the Primary Market and that Secondary Market vehicle (ICAV).investors can sell Shares in any amounts that are provided for by therelevant stock exchange. Objectives Distribution Policy With respect to the Accumulation Share Classes in all Investment objective M&G US Treasury Bond Active UCITS ETF (the "Sub- Sub-Funds, the Directors have determined to accumulate all net Fund") aims to provide a combination of capital growth and income investment income and net realised capital gains attributable to such higher than that of the US treasury market over any 5-year period. Accumulation Share Classes and therefore do not intend to declare Investment policies At least 90% of the Sub-Fund is invested directly or dividends in respect of Shares in such Share Classes. through derivatives in fixed or floating rate (including inflation-linked) Fund Currency The reference currency of the Sub-Fund is USD and the bonds issued or guaranteed by the US government, rated investment currency of the share class is GBP. grade and denominated in US Dollars. Up to 10% of the Sub-Fund may beIf any non-USD denominated assets are held by the Sub-Fund, the invested in other funds (including funds managed by the Investmentcurrency exposure may be hedged back to USD. Manager or its affiliates) and cash or assets that can be turned into cash quickly. Intended retail investor The Sub-Fund is diversified across a range of US government-issued or This Sub-Fund is suitable for all types of investors, with basic investment guaranteed debt securities. The Investment Manager applies a flexible knowledge, seeking to invest in an actively managed fund pursuing the investment approach and typically aims to take positions where it believes objective and investment policy of the Sub-Fund as described above. individual assets are mis-priced. This involves buying those debt securities There is no guarantee that the Sub-Fund will achieve its objective and which the Investment Manager believes offer the best value and can investors should appreciate that their capital will be at risk and that the provide a source of outperformance, taking into consideration the relative value of their investment and any derived income may fall as well as rise. valuations of the different assets.In each case it is expected that all investors will understand and Derivatives usage For investment purposes and to reduce risk and cost. appreciate the risks associated with investing in Shares of the Sub-Fund Benchmark ICE BofA US Treasury Index (G0Q0 Index) is used as a and investors should be looking to invest for at least five years. Benchmark. The Benchmark is a comparator against which the Sub-Term Fund's performance can be measured. While the Investment ManagerThe Fund has no set maturity date but is designed to be held for a expects to outperform the Benchmark (net of fees), there is no guaranteeminimum of 5 years. However, it is possible for the Directors of the this will occur or such outperformance may be limited or minimal atcompany to terminate the Fund, without the prior consent of the times. The Sub-Fund is actively managed. The Investment Manager hasshareholders, where it is deemed to be uneconomic to run or in the best complete freedom in choosing which investments to buy, hold and sell ininterest of the shareholders. Refer to the prospectus for more information. the Sub-Fund. Its holdings may deviate significantly from the Benchmark's constituents and as a result the Sub-Fund's performance may deviatePractical information significantly from the Benchmark. Depositary The ICAV has appointed State Street Custodial Services Redemption and Dealing Shareholders may redeem Shares on any (Ireland) Limited to act as depositary of all of the ICAV's assets, pursuant Dealing Day at the appropriate Net Asset Value per Share, subject to anto the Depositary Agreement. appropriate provision for Duties and Charges, provided that a validFurther information Additional information about the Sub-Fund redemption request from the Shareholder is received by the including the prospectus and latest annual reports (and half-yearly Administrator by the Dealing Deadline in respect of the relevant Dealing reports) can be obtained from the Management Company. These Day, in accordance with the provisions set out in this section and at the documents are available free of charge in English at the Management "Purchase and Sale Information" section of the Prospectus. Settlement will Company website https://funds.waystone.com/public. Potential investors take place within a maximum of ten Business Days of the Dealing Day. and investors who are not Authorised Participants can only purchase and Investors who are not Authorised Participants must buy and sell shares on sell the Shares of the Sub-Funds on the Secondary Market through a a Secondary Market with the assistance of an intermediary (e.g. a broker/dealer on a recognised stock exchange or over-the-counter. Prices stockbroker) and may incur fees and additional taxes in doing so. will be obtained for this purpose by the Administrator from independent Redemption orders will be processed on the Dealing Day on which thesources, such as recognised pricing services or brokers specialising in the Shares are received back into the account of the transfer agent by the relevant markets. dealing cut-off time less any applicable Duties and Charges and other reasonable administration costs, provided that the completed buy-back request has also been received. Page 1/3 | Key Information Document | 1 December 2025 M&G US Treasury Bond Active UCITS ETF, a sub-fund of M&G (Ireland) ETF ICAV – GBP hedged Accumulation shares (IE000YFPL0I4) What are the risks and what could I get in return? Risk IndicatorWe have classified this product as 3 out of 7, which is a medium-low risk class. Lower risk Higher riskThis rates the potential losses from future performance at a medium-low level, and poor market conditions are unlikely to impact the capacity of the Sub-Fund to pay you.1 2 3 4 5 6 7Be aware of currency risk. You may receive payments in a different currency, so the final return you will get depend on the exchange rate The risk indicator assumes you keep the product for 5 years. between the two currencies. This risk is not considered in the indicator shown above. Beside the risks included in the risk indicator, other risks may affect the The summary risk indicator is a guide to the level of risk of this product fund performance. Please refer to the fund prospectus, available free of compared to other products. It shows how likely it is that the product will charge at www.waystone.com/. lose money because of movements in the markets or because we are not able to pay you. Performance scenarios 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. 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 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. Unfavourable: this type of scenario occurred for an investment between 30 June 2020 and 30 June 2025. Moderate: this type of scenario occurred for an investment between 30 April 2016 and 30 April 2021. Favourable: this type of scenario occurred for an investment between 30 September 2015 and 30 September 2020. Recommended holding period 5 years Example Investment 10,000 GBPIf you exit after 5 years If you exit after (recommended Scenarios 1 yearholding period) MinimumThere is no minimum guaranteed return. You could lose some or all of your investment. Stress What you might get back after costs 6,237 GBP5,565 GBPAverage return each year-37.6% -11.1% Unfavourable What you might get back after costs 8,310 GBP8,265 GBPAverage return each year-16.9% -3.7% Moderate What you might get back after costs 10,022 GBP 10,592 GBPAverage return each year0.2% 1.2% Favourable What you might get back after costs 12,057 GBP 12,167 GBPAverage return each year20.6%4.0% What happens if Waystone Management Company (IE) Limited is unable to pay out? The Management Company has no obligation to pay out since the Fund design does not contemplate any such payment being made. You are not covered by any national compensation scheme. To protect you, the assets are held with a separate company, a depositary. Should the Fund default, the depositary would liquidate the investments and distribute the proceeds to the investors. In the worst case, however, you could lose your entire investment. What are the costs? 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. Costs over time 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: Qin 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, Q10,000 GBP is invested. Page 2/3 | Key Information Document | 1 December 2025 M&G US Treasury Bond Active UCITS ETF, a sub-fund of M&G (Ireland) ETF ICAV – GBP hedged Accumulation shares (IE000YFPL0I4)If you exit after If you exit after 1 year 5 yearsTotal Costs 23 GBP 121 GBPAnnual cost impact* 0.2% 0.2% 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 1.4% before costs and 1.2% after costs. Composition of costsOne-off costs upon entry or exit If you exit after 1 yearEntry costs 0.00%, we do not charge an entry fee.0 GBPExit costs 0.00%, we do not charge an exit fee for this product, but the person selling you 0 GBP the product may do so.Ongoing costs taken each yearIf you exit after 1 yearManagement fees and other 0.18% of the value of your investment per year. 18 GBP administrative or operating This is an estimate based on actual costs over the last year. costsTransaction costs 0.05% of the value of your investment per year. This is an estimate of the costs 5 GBP incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell.Incidental costs taken under specific conditions If you exit after 1 yearPerformance feesThere is no performance fee for this product.0 GBP How long should I hold it and can I take money out early? Recommended holding period: 5 years This product is designed for longer term investments; you should be prepared to stay invested for at least 5 years. However, you can redeem your investment without penalty at any time during this period, or hold the investment longer. The Fund is a daily dealing Fund and investors may redeem units on demand on any dealing day, as set out in the Supplement of the Fund and subject to an appropriate provision for Duties and Charges, provided that a valid redemption request from the Shareholder is received by the Administrator by the Dealing Deadline in respect of the relevant Dealing Day in accordance with the provisions set out in the "Purchase and Sale Information" section of the Prospectus. How can I complain? You can send your complaint to the Management Company as outlined at https://www.waystone.com/waystone-policies or at the following postal address: 35 Shelbourne Rd, Ballsbridge, Dublin, D04 A4E0, Ireland or by e-mail to complianceeurope@waystone.com. If you have a complaint about the person that advised you about this product, or who sold it to you, they will tell you where to complain. Other relevant information Cost, performance and risk The cost, performance and risk calculations included in this key information document follow the methodology prescribed by EU rules. Performance scenarios You can find previous performance scenarios updated on a monthly basis at https://funds.waystone.com/public. Past performance There is insufficient performance data available to provide a chart of annual past performance. Additional information Details of the up-to-date remuneration policy of the Management Company (including a description of how remuneration and benefits are calculated and the identity of persons responsible for awarding the remuneration and benefits) are available on www.waystone.com/waystone- policies/. A paper copy will be made available upon request and free of charge by the Management Company. The Fund is subject to the tax laws and regulations of Ireland. Depending on your home country of residence, this may have an impact on your investment. For further details, please speak to an adviser. Page 3/3 | Key Information Document | 1 December 2025