Maybe you are intentionally making this hard, maybe not. If not, let me say it this way. The shares you get of Greenfund will be based on the amount of shares of WNTR you hold on June 30. Period. If you hold 1M shares on 6/30/14, you get 10K shares of GreenFund whenever the shares are released.
Notice I didn't mention money? That's because there is no reason to. If the GreenFund holds at $1 when it starts to trade, well you can do the math. If you sell your WNTR after 6/30, you still get 10K shares of Greenfund.
Are there risks? Absolutely. WNTR could indeed do a R/S. Greenfund could plunge to pennyland. But your argument, that WNTR could effect the ownership ratio of WNTR/Greenfund by R/S after the divy date is not one of them.
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