The Dinari PHO dShares token (PHO.d) represents 1:1 ownership of shares in the Invesco Water Resources ETF (PHO), an exchange-traded fund that tracks companies focused on water conservation, purification, and infrastructure. Each PHO.d token is fully backed by a corresponding PHO ETF share securely held in a transparent and auditable treasury. By leveraging blockchain technology, PHO.d enables investors to gain exposure to the growing water resource industry with benefits such as 24/7 trading, fractional ownership, instant settlement, and improved liquidity.