A.O. Smith Corporation Dinari dShares

A.O. Smith manufactures a broad lineup of water heaters, boilers, and water treatment products. The company has two reporting segments: North America (80% of sales) and rest of world (20% of sales). A.O. Smith is the leading manufacturer of water heaters in North America for the residential and commercial markets, with approximately 36% and 52% market share, respectively. Residential water heaters account for most of North American sales and are distributed equally through wholesale and retail channels. Most of A.O. Smith's international revenue is from China, a market the company entered in the mid-1990s. A.O. Smith Corporation Dinari dShares provides blockchain-based exposure to the listed underlying security AOS. Dinari represents that each dShare is backed 1:1 by the corresponding underlying security and supports on-chain transfer, settlement, redemption, and applicable corporate actions.