I'm still investigating this but I think you're looking at the Energy Split Corp Preferred Shares (ES.PR.B). Energy Split Corp Capital Shares (ES) are different.
From what I can see "Split Shares" split the "investment returns on a portfolio of stocks into a lower risk dividend stream and a leveraged play on the price of the portfolio. Capital appreciation on the underlying portfolio is for the benefit of the capital shares, while the dividends received from the underlying portfolio are paid to the holders of the preferred shares."
Based on that statement, is the distribution from ES.TO simply return of capital? Or am I completely confused. To put it mildly, this equity is structured, um, uniquely.
Would love to know if anyone has comments on the potential problems with ES.