Humanoid Robotics and Embodied Intelligence

Access the next global megatrend through the KraneShares Global Humanoid & Embodied Intelligence Index ETF (ticker: KOID)

KOID

3/31/2026

KraneShares Global Humanoid & Embodied Intelligence Index ETF

KOID

Investment Strategy:

KOID seeks to track the MerQube Global Humanoid and Embodied Intelligence Index, which is designed to capture the performance of companies engaged in humanoid and embodied intelligence-related business. The underlying index focuses on key categories within the humanoid and embodied intelligence ecosystem, including the companies that design and manufacture humanoid robots and their supply chains that provide key components for humanoids and embodied intelligence.

Humanoid & Embodied Intelligence Highlights:

• Market Growth: The Morgan Stanley Global Humanoid Model projects there could be 1 billion humanoids and $5 trillion in annual revenue by 2050. Goldman Sachs is also projecting significant market expansion, forecasting a compound annual growth rate (CAGR) of 41.8% over the next decade.
• Technological Convergence Driving Innovation: Breakthroughs in artificial intelligence (AI), machine learning, and advanced materials are revolutionizing humanoid capabilities, with significant innovations in large language models enabling more human-like interactions and advanced problem-solving abilities.
• Expanding Applications Across Multiple Industries: Humanoid robots are addressing critical challenges across various sectors, with strong growth potential in environments built for people in sectors like manufacturing, healthcare, logistics, and elder care. The growing global labor shortage, especially acute in countries with aging populations like Japan, creates structural demand for robotics solutions that can perform complex tasks previously requiring human workers.

KOID Features:

• Capitalize on the convergence of digital intelligence and physical reality through companies building embodied AI systems that can sense, move, and manipulate the world around them, transforming theoretical algorithms into machines that work alongside humans.
• Invest across the full spectrum of the humanoid ecosystem, including the "brain" of the humanoid (semiconductors & technology), the "body" of the humanoid (actuation systems, mechanical systems, sensing & perception, critical materials), and humanoid "integrators" & manufacturing companies.
• Global exposure to companies based primarily in the United States, China, and Japan that are included in the information technology, industrial, and consumer discretionary sectors.

The Humanoid Opportunity

KOID Rings Nasdaq Opening Bell

• KraneShares celebrated the Nasdaq debut of KOID with the first-ever humanoid robot to open the Nasdaq market.
• The Unitree G1 Ultimate robot featured at the event was supplied by U.S.-based RoboStore, the official partner of Unitree.
• More recently, KraneShares collaborated with RoboStore to feature the same humanoid robot at a London Stock Exchange opening bell ceremony.

The Humanoid Opportunity

Humanoid Robotics: A Paradigm Shift

• Humanoid robots are intelligent machines designed to interact naturally with people, bridging the gap between digital automation and real-world human tasks.
• Recent advances in artificial intelligence (AI) and neural networks have accelerated the development and viability of humanoid robots for general-purpose use.
• As labor shortages and demographic shifts intensify, humanoid robots are poised to revolutionize industries by performing complex, human-like roles in healthcare, manufacturing, retail, and beyond.

Latest Humanoid Models

Unitree G1 Ultimate Unitree's state-of-the-art humanoid robot.

Tesla Optimus Gen3 Targeted for manufacturing and domestic chores, aiming to replace repetitive or hazardous labor.

1X Neo Gamma Organizes dishes, vacuums, and brews tea using NVIDIA's Isaac GR00T N1 AI for real-time sensor processing.

Figure 03 Deployed at BMW's Spartanburg factory for assembly tasks, leveraging NVIDIA's AI for vision and decision-making.

UBTech Walker S Actively used in Audi, BYD, and Geely factories for tasks like quality inspections, material handling (15 kg payload), and collaborative sorting.

AGIBOT X2 Series Deployed in leading automotive and electronics plants for precision assembly, palletizing, and safe human-robot collaboration.

Embodied Intelligence: AI that Moves

• Embodied intelligence: Artificial intelligence systems that are integrated into physical systems, such as robotics systems and autonomous vehicles, which can learn and adapt through direct interaction with the environment using sensors or other similar systems.
• Reinforcement Learning from Human Feedback (RLHF): Robots can now refine their behavior based on human demonstrations and corrections, with Figure AI's robots learning complex manipulation tasks after just 5-10 human demonstrations compared to thousands previously required.
• Large Language Models (LLMs) adoption: Humanoids now leverage frontier AI models like GPT and Gemini Pro, enabling natural language understanding and complex reasoning capabilities that allow robots to follow nuanced verbal instructions and adapt to new tasks without explicit programming.

NVIDIA Announces Isaac GR00T N1 — the World's First Open Humanoid Robot Foundation Model — and Simulation Frameworks to Speed Robot Development

• Now Available, Fully Customizable Foundation Model Brings Generalized Skills and Reasoning to Humanoid Robots
• NVIDIA, Google DeepMind and Disney Research Collaborate to Develop Next-Generation Open-Source Newton Physics Engine
• New Omniverse Blueprint for Synthetic Data Generation and Open-Source Dataset Jumpstart Physical AI Data Flywheel

March 18, 2025

FIGURE 01 + OPENAI — SPEECH-TO-SPEECH REASONING

The market for humanoid robotics is growing rapidly to address major global issues

Morgan Stanley projects that the global humanoid total addressable market could reach nearly $5 trillion by 2050

Aging Population Metrics:

• Approximately 13.5% of the world's population was at least 60 years old in 2020, projected to increase to 22% by 2050.
• Japan has already reached a critical threshold with over 28% of its population above 65 years.
• Similar demographic patterns exist in other developed economies like Germany, also exceeding 28% elderly population.

Labor Shortage Projections:

• A global manufacturing labor shortage of nearly 8 million workers is anticipated by 2030.
• Japan specifically faces a projected labor shortfall of 11 million workers by 2040.
• Working-age populations (15-64) are experiencing the steepest declines in Germany, China, and Japan.

Global Humanoid Total Addressable Market Projection By 2050

Annual Humanoid Revenue ($bn): 0, 3, 4, 6, 11, 24, 24, 67, 84, 97, 117, 211, 280, 459, 638, 886, 1216, 1622, 1994, 2418, 2750, 3172, 3510, 4001, 4254, 4621, 4703 (2024–2050e)

Humanoid Deployment Is Ramping Up

Humanoid Shipments 2025

Company	Country	Approximate Units Shipped
Unitree	China	~5,500
AgiBot	China	~5,100
UBTech	China	~1,000
Leju Robotics	China	~500
Engine AI	China	~400
Fourier Intelligence	China	~300
Figure AI	United States	~150
Agility Robotics	United States	~150
Tesla	United States	~150
Other	—	~1,300

We could have humanoid robots working in factories, hospitals, and our homes

Factories: By 2030, humanoid robots could replace up to 20 million production jobs globally, with major deployments already underway in automotive factories, where robots assemble components and perform repetitive or hazardous tasks.

Hospitals: The medical service robotics market is projected to grow to $21 billion by 2028, as robots increasingly assist with patient care, physical therapy, monitoring, and improving accessibility for people with disabilities.

Homes: We believe domestic humanoid robots are expected to become mainstream by 2030, handling household chores such as cleaning, laundry, and dishwashing, and providing personalized care for the elderly and individuals with chronic illnesses.

The "body" takes a significant portion of the humanoid value chain

• Morgan Stanley estimated in early 2025 that current building costs for humanoid robots range from $10,000 to $300,000 per unit, depending on configuration and use case.
• The cost of Tesla Optimus Gen 2 is estimated to be $40,000 to $50,000 excluding software cost.
• Rotary actuators, linear actuators, harmonic reducers, roller bearings, and encoders are key components to build a humanoid.

Humanoid Body Component Cost Breakdown (Approximate):

• Head: ~US$2.1k (~3.8% of total) — FSD + Chips + Camera, etc.
• Shoulder: ~US$7.8k (~14.2% of total) — 6 rotary actuators
• Elbow: ~US$2.6k (~4.7% of total) — 2 rotary actuators
• Waist & Pelvis: ~US$7.8k (~14.2% of total) — 6 rotary actuators
• Hands: ~US$9.5k (~17.2% of total) — 12 actuators
• Upper Arm: ~US$1.1k (~2.0% of total) — 2 linear actuators
• Forearm: ~US$2.2k (~3.9% of total) — 4 linear actuators
• Thigh: ~US$7.3k (~13.2% of total) — 4 linear actuators
• Calf: ~US$7.3k (~13.2% of total) — 4 linear actuators
• Feet: ~US$6.7k (~12.2% of total) — 2 6D force sensors
• Battery Pack: ~US$0.3k (~0.5% of total) — 2.3KWh, 52v
• Others: ~US$0.5k (~0.9% of total) — Skeleton, outer shell, thermal management, etc.

The full spectrum of the humanoid value chain

"Body"

Actuation and Mechanical Systems account for ~55% of total cost of a humanoid

Actuation Systems

Actuation systems provide the "muscles" of humanoid robots, enabling precise movement and force control. This category includes components critical for joint articulation, energy efficiency, and compact design. Precision here determines agility and energy efficiency.

Mechanical Systems

Mechanical components form the structural foundation of humanoids, ensuring durability, weight optimization, and smooth motion transmission. Mechanical reliability ensures humanoids operate safely in dynamic environments.

Sensing & Perception

Sensing & Perception Systems account for ~15% of total cost of a humanoid

Sensors and perception systems allow humanoids to interpret their environment, enabling tasks like navigation, object manipulation, and human interaction. Sensor fusion (combining LiDAR, tactile, and vision data) is critical for embodied intelligence decision-making.

Critical Materials

Companies supply critical materials for high-performance motors and humanoid manufacturing.

"Brain"

Intelligence Systems account for ~23% of total cost of a humanoid

Semiconductors & Tech

This category provides the computational backbone for humanoid and embodied intelligence, motor control, and sensor processing.

"Integrator"

Humanoid Integration and Manufacturing

Companies in this category focus on designing, assembling, and commercializing complete humanoid robots.

The rise of humanoid manufacturing creates investment opportunities for their supply chains and enablers

Humanoid Robot Manufacturers

• Figure AI
• Apptronik
• Optimus
• Sanctuary AI
• Unitree

Supply Chain & Enabler Companies

• INOVANCE
• SANHUA
• RENESAS
• Amphenol
• TUOPU
• Regal Rexnord
• Teledyne Technologies Incorporated
• Nidec
• JABIL
• Horizon Robotics
• Leadshine

Global Humanoid and Embodied Intelligence Index Methodology

KOID ETF

Step 1: 3000+ Companies — Initial company universe

Initial company will be selected based on company's free-float market cap, trading volume, etc. Retain companies that have a minimum market cap of $1 billion and daily traded value of $1 million

Step 2: 800+ Companies — Industry Filter

Each company will be filtered by industry. Trimmed down to Humanoid and Embodied Intelligence related industries

Step 3: 50 Companies — Humanoid exposure assessment

Companies receive evaluation scores derived from corporate filings, media coverage, and publicly available data regarding their direct participation in Humanoid and Embodied Intelligence technologies or their strategic supply chain partnerships with established humanoid robotics firms. Top ranking companies are selected for inclusion in the index.

Step 4: Weighting

Equal Weighted Rebalanced quarterly

KOID Captures the full spectrum of the humanoid & embodied intelligence value chain

"Body"

Mechanical Systems

• Magna, Shuanglin, Schaeffler, Leader Drive, Shuanghuan, Shanghai Beite, THK, Hiwin Technologies, Jabil Inc, Harmonic Drive Systems, Jiangsu Hengli Hydraulic, Aptiv, TE Connectivity, Amphenol, RBC Bearings, Nabtesco, Doosan

Actuation and Mechanical Systems account for ~55% of total cost of a humanoid*

Actuation Systems

• Tuopu, Sanhua, Shenzhen Inovance, Novanta, Leadshine, Estun, Zhaowei, Moons Electric, Moog, Regal Rexnord, Nidec

Sensing & Perception

Sensing and Perception Systems account for ~15% of total cost of a humanoid*

• Melexis, Sensata, Robosense, Hexagon, Keli Sensing, Teledyne, Keyence

Critical Materials

• MP Materials, Lynas Rare Earths, Northern Rare Earths

"Brain"

Semiconductors & Tech

Intelligence Systems account for ~23% of total cost of a humanoid*

• Texas Instruments, Horizon Robotics, Nvidia, Mobileye, STMicroelectronics, Renesas, Infineon, NXP Semiconductor, Analog Devices

"Integrator"

Humanoid Integration and Manufacturing

• Tesla, Xpeng, UBTech, Rainbow Robotics

Humanoid & Embodied AI Ecosystem

KOID ETF

Category	Company	Description
Actuation Systems	Tuopu	Core supplier of Tesla's Optimus, specializing in integrated motor, reducer, and controller systems
	Sanhua	Sanhua specializes in bionic robot electromechanical actuators, with particular emphasis on hollow cup motors and harmonic drives used in rotary actuators. Core supplier of Tesla's Optimus.
	Novanta	Supplies optical/magnetic encoders for real-time position feedback in humanoid joints, enabling precise motion calibration.
Mechanical Systems	Leader Drive	Major global manufacturer of humanoid robot precision reducers, essential for converting motor motion and enabling precise, coordinated movement in robotic joints.
	Shuanghuan	Supplies planetary gear systems for humanoid wrist actuators, enhancing grip strength.
	Amphenol	Designs high-speed data connectors for real-time sensor fusion in humanoid perception systems.
Sensing & Perception	Keli Sensing	Produces 6-axis force/torque sensors for humanoid feet/hands, enabling adaptive grip and balance.
	Sensata	Develops MEMS-based tactile sensors for humanoid fingertips, critical for object manipulation.
	Teledyne	Supplies thermal imaging cameras for humanoids operating in low-light conditions.
Critical Material	MP Materials	Supplies neodymium magnets for high-performance motors, essential for miniaturized actuators in humanoids.
	Lynas Rare Earths	Major global supplier of rare-earth elements for permanent magnets in humanoid robotics motors.
Semiconductors & Technology	Nvidia	Provides Isaac GR00T N1 foundation model for robot reasoning + Newton physics engine (with Google/Disney) for movement simulation. Powers 1X's household robots and Disney's BDX droids.
	Horizon Robotics	Designs energy-efficient AI chips (e.g., Journey 5) for humanoid edge computing, targeting consumer-facing robots.
Humanoid Integration & Manufacturing	Tesla	Developing Optimus Gen 3 humanoid robot with 22-degree-of-freedom hands, targeting production of 5,000-12,000 units by end of 2025
	Xpeng	Operates "Iron" humanoid robot with 60 joints, 200 degrees of freedom, and 3,000 TOPS processing power, powered by proprietary Turing AI chips

Unitree To IPO In 2026?

KOID ETF

On March 20th, 2026, the Shanghai Stock Exchange formally accepted Unitree Robotics' IPO application for the STAR Market.

Unitree's IPO is important to KOID's opportunity set in several ways:

• It expands the investable universe of "integrator" companies, particularly within China's onshore market, complementing existing exposures to global humanoid and embodied intelligence leaders.

• It provides an additional public market benchmark for valuing high-growth humanoid robotics firms, which can influence sentiment and pricing across the ecosystem KOID targets.

• Unitree's heavy domestic sourcing and vertical integration spotlight the importance of core component suppliers, motors, reducers, sensors, and controllers, that already represent a meaningful weight in the KOID portfolio (~74%).

KOID Bucket Breakdown

• "Body": 74%
• "Brain": 18%
• "Integrator": 8%

Where are KOID Index companies based and what sector do they belong to?

KOID ETF

Country Breakdown

• United States: 29%
• China: 28%
• Japan: 13%
• South Korea: 6%
• Other: 24%

Sector Breakdown

• Industrials: 38%
• Information Technology: 38%
• Consumer Discretionary: 17%
• Materials: 7%

KraneShares Global Humanoid and Embodied Intelligence Index ETF

Investment Strategy

KOID seeks to track the MerQube Global Humanoid and Embodied Intelligence Index, which is designed to capture the performance of companies engaged in humanoid and embodied intelligence-related business. The underlying index focuses on key categories within the humanoid and embodied intelligence ecosystem, including the companies that design and manufacture humanoid robots and their supply chains that provide key components for humanoids and embodied intelligence.

Fund Details (Data as of 03/31/2026)

Detail	Value
Primary Exchange	NASDAQ
CUSIP	500767751
ISIN	US5007677512
Total Annual Fund Operating Expense (Gross)	0.79%
Total Annual Fund Operating Expense (Net)*	0.69%
Inception Date	06/04/2025
Distribution Frequency	Annual
Underlying Index	MerQube Global Humanoid and Embodied Intelligence Index
Net Assets	$119,175,183
Number of Holdings	59

Top 10 Holdings as of 03/31/2026

Company	Ticker	%
JABIL INC	JBL	2.13
CREDO TECHNOLOGY GROUP HOLDI	CRDO	2.12
AMPHENOL CORP-CL A	APH	2.10
MP MATERIALS CORP	MP	2.10
NVIDIA CORP	NVDA	2.09
SENSATA TECHNOLOGIES HOLDING	ST	2.09
TE CONNECTIVITY PLC	TEL	2.09
REGAL REXNORD CORP	RRX	2.08
NXP SEMICONDUCTORS NV	NXPI	2.08
ANALOG DEVICES INC	ADI	2.08

KOID Performance History as of 03/31/2026

	3 Mo	6 Mo	Since Inception
Fund NAV	-3.63%	-3.55%	23.31%
Closing Price	-2.04%	-1.90%	25.88%
Underlying Index	-3.97%	-4.02%	22.46%

KraneShares

Empowering investors with access to the world's most powerful growth themes through ETFs, private strategies, and innovative investment solutions.

Extensive ETF Product Suite Spanning High Growth Sectors

China, Emerging Markets & Regional

China Suite

• KWEB – Internet & E-Commerce
• KBA / CHIN – China A Shares
• KSTR – STAR Market
• KURE – Healthcare
• KGRN – Clean Technology
• KTEC – Hang Seng Tech
• KCAI – China Onshore Alpha Index

Broader Emerging Markets

• KEMQ – Emerging Markets Consumer Tech
• KPHO – Dragon Capital Vietnam Growth
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U.S. & Developed Markets

• KVLE – Value Line® Dynamic Dividend Equity
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• BUYO – Man Buyout Beta Index

Levered & High-Conviction Exposure

• KBAB – 2X Long BABA Daily
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• KJD – 2X Long JD Daily
• KBDU – 2X Long BIDU Daily

AI, Robotics & Emerging Technology

Future Tech

• AGIX – Artificial Intelligence & Technology
• KOID – Humanoid & Embodied Intelligence
• KARS – Electric Vehicles & Future Mobility

Income & Covered Call Alternatives

Fixed Income

• IVOL – Quadratic Interest Rate Volatility & Inflation Hedge
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Alternative Income

• KWIN – Wahed Alternative Income

Carbon Credits

• KRBN – Global Carbon Strategy
• KCCA – California Carbon Allowance
• KEUA – European Carbon Allowance

Managed Futures

• KMLM – Mount Lucas Managed Futures

Outcome Based Equity

• KPRO – 100% KWEB Defined Outcome
• KBUF – 90% KWEB Defined Outcome

Strategy also available in UCITS / ETC

Term Definitions

Total Addressable Market (TAM): The Total Addressable Market (TAM) is a measure of the total revenue opportunity available for a product or service if it achieved 100% market share.

Compound Annual Growth Rate (CAGR): Compound annual growth rate is a business, economics, and investing term representing the mean annualized growth rate for compounding values over a given time period.

Important Notes:

Carefully consider the Funds' investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Funds' full and summary prospectus, which may be obtained by visiting www.kraneshares.com/koid. Read the prospectus carefully before investing.

Risk Disclosures:

Investing involves risk, including possible loss of principal. There can be no assurance that a Fund will achieve its stated objectives. Indices are unmanaged and do not include the effect of fees. One cannot invest directly in an index.

This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change.

Humanoid and embedded intelligence technology companies often face high research and capital costs, resulting in variable profitability in a competitive market where products can quickly become obsolete. Their reliance on intellectual property makes them vulnerable to losses, while legal and regulatory changes can impact profitability.

A-Shares are issued by companies in mainland China and traded on local exchanges. They are available to domestic and certain foreign investors, including QFIs and those participating in Stock Connect Programs like Shanghai-Hong Kong and Shenzhen-Hong Kong. Foreign investments in A-Shares face various regulations and restrictions, including limits on asset repatriation.

The Japanese economy depends heavily on international trade and is vulnerable to economic, political, and social instability, which could affect the Fund. The yen is volatile, influenced by fluctuations in Asia, and has historically shown unpredictable movements against the U.S. dollar.

The Fund invests in non-U.S. securities, which can be less liquid and subject to weaker regulatory oversight compared to U.S. securities. Risks include currency fluctuations, political or economic instability, incomplete financial disclosure, and potential taxes or nationalization of holdings.

Risk Disclosures Continued:

The Fund may invest in derivatives, which are often more volatile than other investments and may magnify the Fund's gains or losses. A derivative (i.e., futures/forward contracts, swaps, and options) is a contract that derives its value from the performance of an underlying asset. The primary risk of derivatives is that changes in the asset's market value and the derivative may not be proportionate, and some derivatives can have the potential for unlimited losses. Derivatives are also subject to liquidity and counterparty risk.

Large capitalization companies may struggle to adapt fast, impacting their growth compared to smaller firms, especially in expansive times. This could result in lower stock returns than investing in smaller and mid-sized companies. In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility.

A large number of shares of the Fund is held by a single shareholder or a small group of shareholders. Redemptions from these shareholders can harm Fund performance, especially in declining markets, leading to forced sales at disadvantageous prices, increased costs, and adverse tax effects for remaining shareholders.

The Fund is new and does not yet have a significant number of shares outstanding. If the Fund does not grow in size, it will be at greater risk than larger funds of wider bid-ask spreads for its shares, trading at a greater premium or discount to NAV, liquidation and/or a trading halt. Narrowly focused investments typically exhibit higher volatility. KOID is non-diversified.

Neither MerQube, Inc. nor any of its affiliates (collectively, "MerQube") is the issuer or producer of KOID and MerQube has no duties, responsibilities, or obligations to investors in KOID. The index underlying the KOID is a product of MerQube and has been licensed for use by Krane Funds Advisors, LLC and its affiliates. MerQube® is a registered trademark of MerQube, Inc.

The MerQube Global Humanoid and Embodied Intelligence Index is determined, composed and calculated by MerQube without regard to Krane Funds Advisors, LLC and its affiliates or the KOID. There is no assurance that investment products based on the MerQube Global Humanoid and Embodied Intelligence Index will accurately track index performance or provide positive investment returns. MerQube is not an investment advisor.

Risk Disclosures Continued:

NEITHER MERQUBE NOR ANY OTHER DATA PROVIDER GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE MERQUBE GLOBAL HUMANOID AND EMBODIED INTELLIGENCE INDEX OR ANY DATA RELATED THERETO (INCLUDING DATA INPUTS) OR ANY COMMUNICATION WITH RESPECT THERETO. NEITHER MERQUBE NOR ANY OTHER DATA PROVIDERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. MERQUBE AND ITS DATA PROVIDERS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND THEY EXPRESSLY DISCLAIM ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY KRANE FUNDS ADVISORS, LLC AND ITS AFFILIATES, OWNERS OF THE KOID, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE MERQUBE GLOBAL HUMANOID AND EMBODIED INTELLIGENCE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL MERQUBE OR DATA PROVIDERS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE.

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