Johnson Controls International plc Dinari dShares

Following Johnson Controls' divestiture of its residential and light commercial HVAC businesses to Bosch in 2025, nearly all of its revenue comes from commercial HVAC (60%) and fire and security products and services (40%). A 2016 merger joined Johnson Controls' HVAC and Tyco's fire and security businesses with the premise that there is synergy in offering a broader variety of automation products and solutions to commercial buildings. We estimate Johnson Controls' pro forma revenue mix will be one-third products, one-third installation, and one-third services. Johnson Controls International plc Dinari dShares provides blockchain-based exposure to the listed underlying security JCI. 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.