- A convenient tool to access US-listed companies with significant revenue exposure to a variety of the areas of search, social networking, autonomous driving, electric vehicles, smartphones, mobile payments, e-commerce, online games, streaming media, online entertainment, cryptocurrencies and blockchain, big data, artificial intelligence, machine learning, digital advertising, cloud services and other innovative technologies.
- More convenient for investors in Asia Time Zone
Samsung NYSE FANG+ ETF (the “Sub-Fund”) is a sub-fund of Samsung ETFs Trust, which is an umbrella unit trust established under Hong Kong law. The units of the Sub-Fund (“Units”) are listed on The Stock Exchange of Hong Kong Limited (the “SEHK”). These Units are traded on the SEHK like listed stocks. The Sub-Fund is a passively managed index tracking exchange traded fund under Chapter 8.6 of the Code on Unit Trusts and Mutual Funds (the “Code”). The Sub-Fund is a physical ETF which invests directly in the constituent securities of the Index (as defined below).
- Investment risk
- The Sub-Fund’s investment portfolio may fall in value due to any of the key risk factors below and therefore your investment in the Sub-Fund may suffer losses. There is no guarantee of the repayment of principal.
- Equity market risk
- The Sub-Fund’s investment in equity securities is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors.
- United States market technology sector concentration risks
- The Sub-Fund’s investments are concentrated in the companies with selected technology themes in a single country (the United States). The value of the Sub-Fund may be more volatile than that of a fund having a more diverse portfolio of investments.
- The value of the Sub-Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the United States.
- Technology theme risks
- Constituents of the Index have high exposure to companies in technology themes. Companies in the technology sector are characterised by relatively higher volatility in price performance when compared to other economic sectors. Companies in the technology sector also face intense competition and there may also be substantial government intervention, which may have an adverse effect on profit margins. The price volatility of constituents of the Index may be greater than the price volatility constituents of more broad-based indices. Rapid changes could render obsolete the products and services offered by these companies. These companies are also subject to the risks of loss or impairment of intellectual property rights or licences, cyber security risks resulting in undesirable legal, financial, operational and reputational consequences.
- The Sub-Fund may be exposed to risks associated with different technology sectors and themes, including search, social networking, autonomous driving, electric vehicles, smartphones, mobile payments, e-commerce, online games, streaming media, online entertainment, cryptocurrencies and blockchain, big data, artificial intelligence, machine learning, digital advertising, cloud services and other innovative technologies. A downturn in the business for companies in these sectors or themes may have adverse effects on the Sub-Fund.
- Media and communications sector risk
- Media companies are subject to risks including obsolescence of products, cyclicality of revenues and earnings, a decrease in the discretionary income of targeted individuals, changing consumer tastes and interests, fierce competition in the industry and the potential for increased government regulation.
- Companies in the communications sector (including social media companies) are particularly vulnerable to the potential obsolescence of products and services due to technological advancement and the innovation of competitors. Additionally, fluctuating consumer demands, shifting demographics and often unpredictable changes in consumer tastes can drastically affect such a company’s profitability. These companies are exposed to operational risks including disruptions or delays in service caused by hardware or software failure and security breaches involving private, sensitive, proprietary or confidential information. Increasing concerns relating to privacy issues and the collection of data by social media companies and the evolving laws and regulations on the communications industry will also affect the businesses and operations of these companies.
- Consumer discretionary sector risks
- The performance of companies in the consumer discretionary sector are correlated to the growth rate of the consumer market, individual income levels and their impact on levels of domestic consumer spending, which in turn depend on the worldwide economic conditions, which have seen significant deterioration in the past. Any future slowdowns or declines in the economy or consumer spending in the relevant market may materially and adversely affect the business of the companies in the consumer discretionary sector. This may adversely affect the value of investments of the Sub-Fund.
- Equal weighted index risks
- The Index is an equal weighted index whereby the Index constituents will have the same weighting at each rebalancing (but not between each rebalancing) regardless of its size or market capitalisation, based on the methodology of the Index. The Sub-Fund by tracking the Index may have relatively large holdings in Index constituents with relatively smaller market capitalisation than it would have held if tracking a market capitalisation weighted index, leading to higher risks and potential underperformance.
- Risks associated with depositary receipts
- Exposure to depositary receipts including ADRs and GDRs may generate additional risks compared to a direct exposure to the underlying stocks, including the risk of non-segregation of the underlying stocks from the depositary bank’s own assets and liquidity risks (as depositary receipts are often less liquid than the underlying stock). These may negatively affect the performance and/or liquidity of the Sub-Fund. Also, depositary receipts holders generally do not have the same right as the direct shareholders of the underlying stocks. The performance of depositary receipts may also be impacted by the related fees.
- Multi counter risks
- If there is a suspension of the inter-counter transfer of Units between the counters and/or any limitation on the level of services by brokers and CCASS participants, Unitholders will only be able to trade their Units in one counter only, which may inhibit or delay an investor dealing. The market price of Units traded in each counter may deviate significantly.
- As such, investors may pay more or receive less when buying or selling the Units traded in HKD on the SEHK than in respect of the Units traded in USD and vice versa.
- Currency risk
- Units may be traded in a currency other than the base currency of the Sub-Fund (USD). The NAV may be affected unfavourably by fluctuations in the exchange rates between the class currency and the Sub-Fund’s base currency and by changes in exchange rate controls.
- Other currency distributions risk
- Investors should note that all Units will receive distributions in the base currency (USD) only. In the event that the relevant Unitholder has no USD account, the Unitholder may have to bear the fees and charges associated with the conversion of such distribution from USD to HKD or any other currency. The Unitholder may also have to bear bank or financial institution fees and charges associated with the handling of the distribution payment. Unitholders are advised to check with their brokers regarding arrangements for distributions.
- Distributions out of or effectively out of capital risks
- Payment of dividends out of capital or effectively out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any such distributions may result in an immediate reduction in the NAV per Unit of the Sub-Fund.
- Passive investments risk
- The Sub-Fund is not “actively managed” under normal market conditions, and therefore the Manager will not adopt any temporary defensive position when the Index moves in an unfavourable direction. When there is a decline in the Index, the Sub-Fund will also decrease in value. Under exceptional market conditions and/or extreme circumstances, the Manager may adopt a temporary defensive position for protection of the Sub-Fund in the best interests of the Sub-Fund and the Unitholders.
- Trading risks
- The trading price of the Units on the SEHK is driven by market factors such as the demand and supply of the Units. Therefore, the Units may trade at a substantial premium or discount to the NAV.
- As investors will pay certain charges to buy or sell Units on the SEHK, investors may pay more or receive less than the NAV per Unit when buying or selling Units on the SEHK respectively.
- Trading differences risk
- As the markets in which the Sub-Fund invests may be open when Units are not priced, the value of the securities in the Sub-Fund’s portfolio may change on days when investors will not be able to purchase or sell the Sub-Fund’s Units.
- Differences in trading hours between the markets in which the Sub-Fund invests and the SEHK may also increase the level of premium or discount of the Unit price to Sub-Fund’s NAV.
- Securities listed on certain stock exchanges are subject to trading bands which restrict increase and decrease in the trading price, while Units listed on the SEHK are not. This difference may also increase the level of premium or discount of the Unit price to Sub-Fund’s NAV.
- Reliance on market maker risk
- Although the Manager will use its best endeavours to put in place arrangements so that at least one market maker will maintain a market for the Units traded in each counter (which may be the same market maker) and that at least one market maker for each counter (which may be the same market maker) gives not less than 3 months’ notice prior to termination of the market making arrangement, liquidity in the market for the Units may be adversely affected if there is no or only one market maker for the Units traded in the HKD or USD counter. There is no guarantee that any market making activity will be effective.
- Tracking error risk
- Due to the fees and expenses and investment strategy of the Sub-Fund, as well as market liquidity, the Sub-Fund’s return may deviate from that of the Index. There can be no assurance of exact or identical replication at any time of the performance of the Index.
- Termination risk
- The Sub-Fund may be terminated early under certain circumstances, for example, where the size of the Sub-Fund falls below USD5 million. Any distribution received by a Unitholder on termination of the Sub-Fund may be less than the capital initially invested by the Unitholder and result in a loss.
Fund Objective and Investment Strategy
|Investment Objective||The investment objective of the Sub-Fund is to provide investment results that, before fees and expenses, closely correspond to the performance of the NYSE® FANG+™ Index (the “Index”). There can be no assurance that the Sub-Fund will achieve its investment objective.|
|Investment Strategy||Full replication|
|Underlying Index||NYSE® FANG+™ Index|
|Product Base Currency||USD|
|Trading Currency||HKD - HKD Counter
USD - USD Counter
|Creation/ Redemption||Cash (in USD only) or a combination of cash (in USD only) and in-kind|
Semi-annually (usually in June and December of each year) (if any) in USD subject to the Manager’s discretion on all Units (whether traded in HKD counter or USD counter). Distributions may not be paid if the cost of the Sub-Fund’s operations is higher than the yield from the Sub-Fund’s cash and holdings of investment products. Distributions may be paid out of capital or effectively out of capital as well as income at the Manager’s discretion.
|Manager||Samsung Asset Management (Hong Kong) Limited|
|Trustee & Registrar||HSBC Institutional Trust Services (Asia) Limited|
|iNAV Calculation Agent||ICE Data|
|Fund Inception Date||24 May 2021|
|SEHK Listing Date||25 May 2021|
|Financial Year||31 March|
|Total NAV (USD)||8,438,381 as of 2022-05-16|
|Outstanding Units||4,400,000 as of 2022-05-16|
|Management Fee*||0.65% of NAV per annum|
|Trustee Fee*||0.07% per year of the NAV of the Sub-Fund, subject to a monthly minimum of USD1,500|
|Ongoing Charges Over a Year^||Estimated to be 1.80%|
|Base Currency||US dollars (USD)|
* Please note that these fees may be increased up to a permitted maximum on giving 1 month’s notice to Unitholders. Please refer to the section of the Prospectus entitled “Fees and Expenses” for further details of the fees and charges payable and the permitted maximum of such fees allowed as well as other ongoing expenses that may be borne by the Sub-Fund.
^As the Sub-Fund is newly set up, this figure is a best estimate only and represents the sum of the estimated ongoing charges expressed as a percentage of the estimated average Net Asset Value (“NAV”). It may be different upon actual operation of the Sub-Fund and may vary from year to year. The estimated ongoing charges do not represent the estimated tracking error. For the first 12-month period from the launch of the Sub-Fund, the ongoing charges figure is capped at a maximum of 1.8% of the average Net Asset Value of the Sub-Fund, and any ongoing expenses exceeding 1.8% of the average Net Asset Value of the Sub-Fund will be borne by the Manager and will not be charged to the Sub-Fund.
Intra-day Estimated NAV
- “Intra-day Estimated NAV Per Unit” calculations as shown on Samsung website (the “data”) is provided by ICE Data Indices) and updated at 15-second intervals during HKEX Exchange trading hours. This is indicative and for reference purposes only.
- The near real time indicative NAV per Unit in HKD is calculated using a real time HKD:USD foreign exchange rate – it is calculated using the near real time indicative NAV per Unit in USD multiplied by a real-time HKD:USD foreign exchange rate quoted by ICE Data Indices LLC.
|Official NAV per Unit in HKD *||2022-05-16||15.0545||-0.2050||-1.34%|
|Closing Price per Unit in HKD||2022-05-16||15.1000||0.2700||1.82%|
|Official NAV per Unit in USD||2022-05-16||1.9178||-0.0261||-1.34%|
|Closing Price per Unit in USD||2022-05-16||1.9120||0.0240||1.27%|
* The last Net Asset Value per Unit in HKD is indicative and for reference purposes only. It is calculated using the last Net Asset Value per Unit in USD multiplied by an assumed foreign exchange rate using the exchange rate for USD quoted by WM Reuters at 4:00pm London time as of the same Dealing Day. When the underlying shares market is closed, the official last Net Asset Value per Unit in USD and the indicative last Net Asset Value per Unit in HKD will not be updated.
|Underlying Index||NYSE® FANG+™ Index|
The Index is an equal-dollar weighted Index designed to track the performance of highly-traded growth stocks of technology and tech-enabled companies in the technology, media & communications and consumer discretionary sectors such as Facebook, Apple, Amazon, Netflix and Alphabet’s Google. The Index comprises at least 10 stocks.
Each of the constituents in the Index is equally weighted at each quarterly reconstitution of the Index. In between each Index reconstitution, the weightings of the Index constituents in the Index may fluctuate, and as a result the Index constituents may not be equal-weighted and the weighting of a single constituent may exceed 10% of the Index.
The Index is compiled and published by ICE Data Indices, LLC (the “Index Provider”). The Manager (and each of its Connected Persons) is independent of the Index Provider.
The Index is a price return index. A price return index seeks to replicate the price return from holding a portfolio consisting of the Index constituents and the performance of the Index is calculated on the basis that any dividends from securities comprising the Index are not re-invested. The Index is denominated and quoted in USD.
|Index Provider||ICE Data Indices, LLC|
|Exchange||Hong Kong Stock Exchange – Main Board||Hong Kong Stock Exchange – Main Board|
|Date of Listing / Dealing||25 May 2021||25 May 2021|
|Primary Exchange Time Zone||GMT+8||GMT+8|
|Exchange Ticker||2814 HK||9814 HK|
|Bloomberg Ticker||2814 HK||9814 HK|
|Trading Board Lot||200 Unit||200 Unit|
|Deutsche Securities Asia Ltd
iFAST Securities (HK) Limited
Mirae Asset Securities (HK) Limited
Phillip Securities (Hong Kong) Limited
The Hongkong and Shanghai Banking Corporation Limited
|HKD Counter||USD Counter|
|Click here for latest Market Maker list||Click here for latest Market Maker list|
|2021-11-30||Interim Financial Report 2021|
|2022-4-30||Flyers as of Apr 2022|
|2022-5-13||Product Key Fact Sheet|
|2021-11-30||Announcement (Interim Report) (30 Nov 2021)|
|2021-10-22||Announcement Change of Auditor|
|2021-05-24||Announcement - Indicative Net Asset Value of the Sub-Fund|
|2021-11-30||Announcement (Interim Report) (30 Nov 2021)|
|2021-10-22||Announcement Change of Auditor|
|2021-05-24||Announcement - Indicative Net Asset Value of the Sub-Fund|
|1 Mth||3 Mth||6 Mth||1 Year||YTD||Since
|SAMSUNG NYSE FANG+ ETF||-16.92%||-25.78%||-37.55%||-||-33.13%||-24.94%|
|NYSE® FANG+™ Index||-16.94%||-25.59%||-37.22%||-||-32.89%||-23.90%|
|SAMSUNG NYSE FANG+ ETF||-||-||-||-||-||-||-|
|NYSE® FANG+™ Index||-||-||-||-||-||-||-|
|NYSE® FANG+™ Index||-||-||-||-||-||-||-|
- Past performance is not indicative of future performance.
- Fund performance is calculated on NAV to NAV basis in USD and assumes dividend reinvestment. Index performance is calculated in USD based on total return and net of tax basis.
- The Figures show by how much the ETF increased or decreased in value during the calendar year being shown.
- Where no past performance is shown, there was insufficient data available for that period to provide performance.
- The performance of the ETF may not reflect the return that the investor would actually be able to obtain as it does not capture the premium / discount of the ETF, or the trading costs.
- Investment involves risks. Investors may not get back the full amount invested. Please refer to the offering documents for more information about the ETF (not just the risks)
- Fund listing date : 25 May 2021
- The benchmark of the Fund: NYSE® FANG+™ Index
- The last NAV per Unit in HKD is indicative and for reference purposes only. It is calculated using the last NAV per Unit in USD multiplied by an assumed foreign exchange rate using the exchange rate for HKD quoted by Reuters Composite NY Close 16:30 EST as of the same dealing day. When the Hong Kong market is closed, the official last NAV per Unit in USD and the indicative last NAV per Unit in HKD will not be updated.
Daily Tracking Difference (Daily TD)
Tracking Difference is the return difference between an ETF and its underlying benchmark/index over a certain period of time.
Tracking Error (TE)
Tracking error measures how consistently an ETF follow its benchmark/index. It is the volatility (measured by standard deviation) of that return difference.
| Tracking Difference (As of 2022-04-29)
Fund listing Date: 25 May 2021
|Tracking Error (As of 2022-04-29)
Fund listing Date: 25 May 2021
Actual TD since listing : -1.10%
Estimated Annual TD: -1.80%
TD for calendar year 2021 : NA
Rolling 1-Year TD^ : NA
|No TE data will be displayed during the first year of listing.|
Tracking Difference Chart
Top 10 Holdings as of 2022-05-16
|META PLATFORM A||FB||11.88%|
|ALPHABET INC A||GOOGL||10.74%|
|ALIBABA GRP ADR||BABA||10.26%|
|BAIDU INC ADR||BIDU||10.17%|
|AMAZON COM INC||AMZN||8.67%|
|Ex-Date||Record Date||Payable Date||Dividend Per Share|
- Data to be shown after the first dividend pay out is made.
a) “Net Distribution Income” means (i) the net investment income (i.e. dividend income and interest income net of fees and expenses) attributable to the relevant unit class and may also include net realized gains (if any) based on unaudited management accounts. However, “net distributable income” cannot include net unrealized gains. (ii) which is not declared and paid as dividends in a period of a financial year can be carried forward as net distributable income for the next period(s) within the same financial year. “Net distributable income” that has been accrued as at the end of a financial year and is declared and paid as dividends at the next distribution date immediately after that financial year end could be treated as “net distributable income” in respect of that financial year. However, “net distributable income” which has been accrued as at the end of a financial year but is not declared and paid as dividends at the next distribution date immediately after that financial year end should be included as “capital” for the next financial year. (iii) where the fund may pay dividend out of gross income while charging / paying all or part of the fund’s fees and expenses to / out of capital, the amount of fees and expenses that has been paid out of capital has to be deducted from the gross investment income in order to come up with the “net distributable income”.
b) The composition of the latest dividends (i.e. relative amounts paid from (i) net distributable income and (ii) capital) for the last 12 months are available from the Manager on request and on www.samsungetfhk.com. The Manager may amend the above dividend policy with respect to payment of fees and/or dividends out of capital subject to the Securities and Futures Commission’s prior approval and by giving not less than one month’s prior notice to investors.
Please note that a positive distribution yield does not imply a positive return nor guarantee of distribution. Investors should not make any investment decision solely based on information contained in the table above. You should read the relevant offering document (including the key facts statement) of the fund for further details including the risk factors.
Important information about Dividend out of capital / effectively out of capital
- The Manager may in its discretion make cash distributions to Unit holders out of capital or out of gross income (while charging/paying all or part of the Product’s fees and expenses to/out of the capital of the Product) resulting in an increase in distributable income for the payment of distributions which is in effect a payment of distributions out of capital.
- Payment of distributions out of capital or effectively out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any distributions involving payment out of or effectively out of the Product’s capital may result in an immediate reduction of the Net Asset Value per Unit.
Source ICE Data Indices, LLC (“ICE Data”), is used with permission. NYSE® FANG+™ Index is a service/trade mark of ICE Data Indices, LLC or its affiliates and has been licensed, along with the NYSE® FANG+™ Index (“Index”) for use by Samsung Asset Management (Hong Kong) Limited in connection with Samsung NYSE FANG+ ETF (the “Product”). Neither Samsung Asset Management (Hong Kong) Limited, Samsung ETFs Trust (the “Trust”) nor the Product, as applicable, is sponsored, endorsed, sold or promoted by ICE Data Indices, LLC, its affiliates or its Third Party Suppliers (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in the Product particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data’s only relationship to Samsung Asset Management (Hong Kong) Limited is the licensing of certain trademarks and trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to the LICENSEE or the Product or its holders. ICE Data has no obligation to take the needs of the Licensee or the holders of the Product into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of the Product to be issued or in the determination or calculation of the equation by which the Product is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of LICENSEE or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of the Product. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.
ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK.
Data Provider Disclaimer
Real Time Day
All information provided by ICE Data Indices, LLC and its affiliates (“ICE Data”) is owned by or licensed to ICE Data and its affiliates and any user is permitted to use such ICE Data Information only for such user’s personal use. In no event shall any user publish, retransmit, redistribute or otherwise reproduce any ICE Data Information in any format to anyone, and no user shall use any ICE Data Information in or in connection with any business or commercial enterprise, including, without limitation, any securities, investment, accounting, banking, legal or media business or enterprise.
Prior to the execution of a security trade based upon the ICE Data Information, you are advised to consult with your broker or other financial representative to verify pricing information.
THE ICE DATA INFORMATION IS PROVIDED TO THE USERS “AS IS.” NEITHER ICE DATA NOR ITS AFFILIATES NOR ANY THIRD PARTY DATA PROVIDER MAKE ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND REGARDING THE ICE DATA INFORMATION, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. NEITHER ICE DATA NOR ITS AFFILIATES NOR ANY THIRD PARTY DATA PROVIDER WILL BE LIABLE TO ANY USER OR ANYONE ELSE FOR ANY INTERRUPTION, INACCURACY, ERROR OR OMISSION, REGARDLESS OF CAUSE, IN THE ICE DATA INFORMATION OR FOR ANY DAMAGES (WHETHER DIRECT OR INDIRECT, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY) RESULTING THEREFROM.
Delayed data as shown on this website (the “data”) are provided by the data provider, ICE Data. ICE Data and HKEx Information Services Limited, and their respective holding companies and/or any subsidiaries of such holding companies, do not guarantee the accuracy or reliability of the data provided and accept no liability (whether in tort or contract or otherwise) for any loss or damage you may suffer or incur arising out of or in connection with your use of the data, including loss or damage which arises out of the data being inaccurate, incomplete or delayed, and however such loss or damage arises. You acknowledge that the data is provided for information only and should not be relied upon for any purpose.
The Fund is not sponsored, endorsed, sold or marketed by ICE Data Indices, LLC, its affiliates (“ICE Data”) or their respective Third Party Suppliers. ICE DATA OR ITS THIRD PARTY SUPPLIERS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE IOPVS, FUND OR ANY FUND DATA INCLUDED THEREIN. IN NO EVENT SHALL ICE DATA HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, DIRECT, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.”