Brainsway Ltd. reports that Harel Insurance Investments & Financial Services Ltd. beneficially owns 1,981,714 Ordinary Shares, representing 5.2% of the outstanding ordinary shares based on June 30, 2025 share count. The filing states 1,974,472 Ordinary Shares are held for public clients by subsidiaries with independent voting and investment decisions and 7,242 Ordinary Shares are held in third‑party client accounts where the manager has investment but not voting power. The CUSIP cited (10501L106) applies to American Depositary Shares, each representing two ordinary shares.
Positive
None.
Negative
None.
Insights
Harel is a visible institutional holder with an above‑5% stake under shared control.
Harel Insurance is reported to beneficially own 1,981,714 Ordinary Shares, equal to 5.2% of outstanding shares as of June 30, 2025. The filing attributes 1,974,472 shares to pooled public client accounts managed by subsidiaries that exercise independent voting.
Holdings reported via pooled funds are common for asset managers; actual voting outcomes depend on each subsidiary's independent decisions. Subsequent filings may disclose changes in position or voting intentions.
Reported voting and dispositive powers are largely shared, not sole, which affects control assumptions.
The statement shows 0 shares with sole voting power and 1,974,472 with shared voting power; sole dispositive power is 0 and shared dispositive power is 1,981,714, per the filing language. The filer disclaims being the beneficial owner of certain client‑held shares.
These disclosures clarify that governance influence may be distributed; any change in voting arrangements would be reported in future ownership amendments.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Brainsway Ltd.
(Name of Issuer)
American Depositary Shares, each representing two Ordinary Shares, par value NIS 0.04 per share
(Title of Class of Securities)
10501L106
(CUSIP Number)
02/16/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
ISRAEL
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,974,472.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,981,714.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,981,714.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.2 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: With regard to Rows (6), (8) and (9), please see Item 4.
Row (11) is based on 37,789,726 Ordinary Shares issued and outstanding as of June 30, 2025 (as reported by the Issuer in Exhibit 99.1 to its Report on Form 6-K filed with the Securities and Exchange Commission on September 30, 2025).
This CUSIP number above applies to the American Depositary Shares, evidenced by American Depositary Receipts, each representing two Ordinary Shares, par value NIS 0.04 per share. It is hereby clarified that the shares being reported in this Statement as beneficially owned by the Reporting Person are in the form of Ordinary Shares.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Brainsway Ltd.
(b)
Address of issuer's principal executive offices:
16 Hartum Street, RAD Tower, 14th Floor, Har HaHotzvim, Jerusalem, Israel, 9777516
Address or principal business office or, if none, residence:
3 Aba Hillel Street, Ramat Gan 52118, Israel
(c)
Citizenship:
Israel
(d)
Title of class of securities:
American Depositary Shares, each representing two Ordinary Shares, par value NIS 0.04 per share
(e)
CUSIP No.:
10501L106
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Of the 1,981,714 Ordinary Shares reported in this Statement as beneficially owned by the Reporting Person, (i) 1,974,472 Ordinary Shares are held for members of the public through, among others, provident funds and/or mutual funds and/or pension funds and/or insurance policies and/or exchange traded funds, which are managed by subsidiaries of the Reporting Person, each of which subsidiaries operates under independent management and makes independent voting and investment decisions and (ii) 7,242 Ordinary Shares are held by third-party client accounts managed by a subsidiary of the Reporting Person as portfolio managers, which subsidiary operates under independent management and makes independent investment decisions and has no voting power in the securities held in such client accounts. Consequently, this Statement shall not be construed as an admission by the Reporting Person that it is the beneficial owner of any of the Ordinary Shares covered by this Statement.
(b)
Percent of class:
See Row (11) of the cover page of the Reporting Person above.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
See Row (6) of the cover page of the Reporting Person above and note in Item 4 above.
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
See Row (8) of the cover page of the Reporting Person above and note in Item 4 above.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
What stake does Harel Insurance hold in Brainsway (BWAY)?
Harel Insurance beneficially owns 1,981,714 Ordinary Shares, representing 5.2% of outstanding shares based on the June 30, 2025 share count. The filing attributes most shares to pooled client accounts managed by subsidiaries.
Are the reported shares ordinary shares or ADS for Brainsway (BWAY)?
The filing reports beneficial ownership in the form of Ordinary Shares. It also notes CUSIP 10501L106 applies to American Depositary Shares, each representing two Ordinary Shares.
How much voting power does Harel Insurance claim for its Brainsway holdings?
The filing lists 0 shares with sole voting power and 1,974,472 shares with shared voting power. The subsidiaries managing the pooled accounts are said to make independent voting decisions.
Does Harel Insurance claim full beneficial ownership of the reported shares?
No. The filing states subsidiaries manage client accounts and operate under independent management and decision‑making; the filer disclaims that this statement constitutes admission of beneficial ownership for all covered shares.
What source and date underpin the percentage ownership reported?
The 5.2% figure is calculated using 37,789,726 Ordinary Shares issued and outstanding as of June 30, 2025, cited in the filing's explanatory note.
