Market dataIncome framework read
Split-Share / Structure-SensitiveTSXCanada

DFN.TO

Dividend 15 Split Corp.

Multi-Sector (ETF / Fund)Split-share structureMonthly

Market Snapshot

$8.17

-$0.61 (-6.95%)

Toronto

Yield

13.67%

Rate $1.20

Next Payment

—

Ex-date 2026-08-31

52wk Position

53.70%

-15.51% below high

Updated —

Income Intelligence Summary

Deterministic interpretation from Prospyr's income framework and available market data.

Framework readout
1

Income reliability

Derived from payout history

Payout depends on structure rules

DFN.TO is structure-sensitive. The payout may look regular, but coverage tests and distribution conditions matter more than cadence alone.

2

DRIP defense

Editorial framework

Fortress at the default 100-share test

DFN.TO prints 1.22 shares per payment at default inputs. The defended price ceiling is $10.00.

3

Main watch item

Editorial framework

Structure coverage comes first

DFN.TO is structure-sensitive, so the main check is whether the split-share rules, asset coverage, and distribution conditions support the visible payout.

Decision Area

Distribution and DRIP Defense

Payout history, default DRIP coverage, and price creep pressure using market data where available.

Distribution Chart

Last 12 payments

Confirmed Expected

Coverage Ratio Test

DRIP defense check

Fortress
Cash
$10.00
APR
1.224
Coverage
1.224

Fortress level. Selectively used for highest-priority rungs.

Price Creep

Defended price ceiling

Max defended
$10.00
Cushion
$1.83
Cushion %
22.40%
Current $8.17Break $10.00

Smart Recommendation

DFN.TO is inside the defended DRIP zone at these inputs; monitor price creep before adding new capital.

Research Signals

Payout sustainability

Moderate

3mo ago

DRIP availability

Plan-only

3mo ago

Tax character

Mixed

3mo ago

Distribution history

5–10 yr track

3mo ago

Structure complexity

Complex

3mo ago

Income trend

Variable

3mo ago

Account suitability

Non-reg: caution

3mo ago

Structure Overview

Dividend 15 Split Corp. (DFN) holds a portfolio of 15 Canadian dividend-paying stocks and splits the portfolio between preferred shares (priority distributions) and capital shares (residual income and NAV upside). The leverage embedded in the capital share class amplifies returns when the underlying portfolio rises and losses when it falls. Distributions can be suspended if the asset coverage ratio falls below regulatory thresholds.

Canadian Planning Notes

  • 1DFN's capital shares carry leveraged exposure to the underlying 15-stock portfolio; the high stated yield reflects that leverage and cannot be compared directly to unlevered dividend income.
  • 2Distribution suspensions have occurred in prior market downturns; do not plan income around DFN capital shares without modelling coverage ratios at lower market levels.
  • 3T5 distributions include eligible dividends and capital gains from the underlying portfolio split between share classes; verify the annual tax slip for the actual character.

Market Facts

Market Data

A factual market, distribution, valuation, and financial snapshot for this holding.

Market Data

Market data

Updated facts where available

Price

$8.17

Previous close

$8.78

Day range

$7.98 - $8.83

52wk range

$6.43 - $9.67

Market cap

1.3B

Volume

1.9M

Avg volume

533.7K

Exchange

Toronto

Dividend and distribution

Forward rate

$1.20

Trailing rate

$1.20

Forward yield

13.67%

Trailing yield

13.67%

Per payment

$0.10

Cadence

Monthly

Next ex-date

Aug 31, 2026

Next pay

Aug 10, 2026

Last dividend

$0.10

Last dividend date

Jul 31, 2026

Performance

Daily change

-$0.61

Daily change %

-6.95%

52wk position

53.70%

Below 52wk high

-15.51%

Above 52wk low

27.06%

Open

$8.80

Earnings and financials

Trailing EPS

3.9

Forward EPS

N/A

Revenue

697M

Revenue growth

4.37%

Profit margin

82.96%

Operating margin

96.89%

Payout ratio

N/A

Free cash flow

363.2M

Total cash

3.1B

ROE

50.56%

ROA

15.93%

Debt/equity

114.53

Beta

1.19

Valuation

Trailing P/E

2.09

Forward P/E

N/A

Price/sales

1.88

Price/book

0.91

Enterprise value

-148.3M

EV/EBITDA

N/A

Analyst facts

Target mean

N/A

Target high

N/A

Target low

N/A

Recommendation mean

N/A

Recommendation key

none

Analysts

N/A

Canadian Context

Account placement

TFSA

Mixed-character distributions are usually easiest to handle in a TFSA because annual tax reporting is avoided.

RRSP: Also shelters distribution complexity.

Non-registered: Review T3 or issuer tax breakdown before using a taxable account.

Eligible dividend tax credit

Total credit
$345.27
Effective rate
34.53%

Broker DRIP status

Questrade

Available

Wealthsimple

Available

RBC Direct Investing

Available

TD Direct Investing

Available

Run Your Numbers

Carry this holding into a calculator

Use a planning tool that matches this holding's structure, payout timing, and income use case.

Test DRIP durabilityTest DRIP durability

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This profile is informational only and does not constitute licensed financial advice. Signal values, planning notes, market data, and structure summaries may not reflect the most current issuer disclosures. Always verify current payout policy, ex-dividend dates, financial statements, and issuer communications before making any investment decision.