Split Corporation
Class A share & preferred share data · Managed by Canoe Financial · Live TSX data, updated daily
Class A (DFN) price
$8.32
$-0.05 today
Class A Yield
14.42%
Preferred Yield
6.54%
NAV / Unit
$19.16
Downside Protection
47.8%
Dividend Coverage
0.95
Maturity Date
Dec 1, 2029
The fund issues two classes. Class A (DFN) pays a higher, variable monthly dividend and floats with the portfolio. Preferred shares rank ahead of Class A and give up upside for stability.
| Metric | Class A (DFN) | DFN.PR.A |
|---|---|---|
| Price | $8.32 | $10.70 |
| Current Yield | 14.42% | 6.54% |
| Dividend | Variable monthly | $0.0583 |
| 52-Week Range | $6.43–$9.67 | $10.36–$10.93 |
| Priority | Juniors — paid after preferreds | Senior — paid first, cumulative |
| Detail page | n/a (fund quote) | — |
DFN is a split corporation: a closed-end fund that splits a portfolio of Dividend equities stocks into two classes of shares with different risk-return profiles. The portfolio's net asset value is currently $19.16 per unit. Preferred shares — DFN.PR.A — receive a prioritized, cumulative monthly dividend; Class A shareholders give up that priority in exchange for a much higher yield.
Preferred holders' downside protection stands at 47.8%: the portfolio could fall that far before preferred shareholders' $25 redemption value is at risk. Dividend coverage is 0.95×.
On Dec 1, 2029 the fund matures and is wound up: preferred shares are redeemed first, Class A holders receive the residual value. See our DFN.PR.A preferred share page for issue terms, prospectus data and history.
DFN is a Canadian split corporation managed by Canoe Financial. It holds a portfolio of Dividend equities stocks and issues two classes of shares: Class A shares (higher yield, more risk) and preferred shares (prioritized, more stable dividends).
DFN is the Class A share — the equity class of the fund, with a higher (and variable) yield. DFN.PR.A is the preferred share class, which receives a prioritized cumulative dividend and ranks ahead of Class A. Downside protection is currently 47.8%.
The fund has a maturity date of Dec 1, 2029. At maturity, the fund winds up and both classes are terminated: preferred shareholders are paid first (up to their $25 redemption value per preferred share), and Class A holders receive what remains of the portfolio value.
Downside protection is the cushion preferred shareholders have before losing principal: it is the difference between the fund's net asset value per unit and the preferred shares' redemption value. For DFN it is currently 47.8%.