Carvana Co. Dinari dShares

Carvana Co is an e-commerce platform for buying and selling used cars. The company derives revenue from used vehicle sales, wholesale vehicle sales and other sales and revenues. The other sales and revenues include sales of loans originated and sold in securitization transactions or to financing partners, commissions received on VSCs and sales of GAP waiver coverage. The foundation of the business is retail vehicle unit sales. This drives the majority of the revenue and allows the company to capture additional revenue streams associated with financing, VSCs, auto insurance and GAP waiver coverage, as well as trade-in vehicles. Carvana Co. Dinari dShares provides blockchain-based exposure to the listed underlying security CVNA. 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.