X0202 SCHEDULE 13G/A 0000919574-22-001245 0001104186 XXXXXXXX LIVE 2 Ordinary Shares, par value NIS 0.04 per share 03/31/2026 0001505065 BrainsWay Ltd. 10501L106 16 Hartum Street, RAD Tower 14th Floor, Har HaHotzvim, Jerusalem L3 9777516 Rule 13d-1(b) Masters Capital Management, LLC GA 0.00 1500000.00 0.00 1500000.00 1500000.00 N 3.8 IA OO Michael Masters X1 0.00 1500000.00 0.00 1500000.00 1500000.00 N 3.8 HC IN BrainsWay Ltd. 16 Hartum Street, RAD Tower, 14th Floor, Har HaHotzvim, Jerusalem, 9777516, Israel This statement is filed by Masters Capital Management, LLC ("Masters" or the "Reporting Person"), a Georgia limited liability company and the investment adviser to certain funds and accounts (the "Masters Funds") and Michael Masters, with respect to the ordinary shares, par value NIS 0.04 per share ("Ordinary Shares") of BrainsWay Ltd., an Israeli company (the "Issuer"), directly held by Masters Funds; The filing of this statement should not be construed as an admission that any of the foregoing persons or the Reporting Person is, for the purposes of Section 13 of the Securities Exchange Act of 1934, the beneficial owner of the securities reported herein. The address of the business office of the Reporting Person is 3060 Peachtree Road, Suite 1425, Atlanta, Georgia 30305. Masters is a Georgia limited liability company. N IA HC The information required by Item 4(a) is set forth in Row 9 of the cover page for the Reporting Person and is incorporated herein by reference. The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 39,165,806 Ordinary Shares outstanding as of December 31, 2025, as reported in the Issuer's annual report on Form 20-F filed with the Securities and Exchange Commission for the fiscal year ended December 31, 2025. 3.8% The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for the Reporting Person and is incorporated herein by reference. The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for the Reporting Person and is incorporated herein by reference. The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for the Reporting Person and is incorporated herein by reference. The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for the Reporting Person and is incorporated herein by reference. N Y Y N See Exhibit B attached hereto. Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and 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. Exhibit A Exhibit B Masters Capital Management, LLC /s/ Michael Masters 05/13/2026 Michael Masters /s/ Michael Masters 05/13/2026