Generally speaking, the Ex-Div dates for SPY S&P500 are just after the halfway point of each quarterly month:
March, June, September, and December
These are generally the months where the SPY goes ex-div — at least based on how it has been in the past.
Ex-Div dates into the future are not known. They usually announce them later.
The ETFs that track the S&P500 including SPY, VOO, and IVV – have slightly dividend dates and payouts.
Because of its unit investment trust legal structure, SPY can’t payout dividends as fast as VOO and IVV can.
But generally, the dates and payouts are close enough to roughly be the same.
Here is a list of recent historical Ex-Div dates for the SPY ETF:
|Ex-Dividend Date||Dividend Amount|
|Dec 16, 2016||$1.329|
|Sep 16, 2016||$1.082|
|Jun 17, 2016||$1.078|
|Mar 18, 2016||$1.050|
|Dec 18, 2015||$1.212|
|Sep 18, 2015||$1.033|
|Jun 19, 2015||$1.030|
You must own the stock the day before the Ex-Div Date to get the dividend!
The date that the stock goes “ex-div” is the date that you should already own the stock in order to receive the dividend. The dividend is not payable right away — instead it’s payable later – usually within the next few weeks or so.
But in order to be eligible to receive that dividend, you have to own that stock by the previous day.
So if the Ex-Div date is December 16 — then you have to own the stock at the close on December 15 — usually by 4pm EST – unless you purchase in the after-hours market.
On the day of the Ex-Div (December 16, 2016) – the stock (in this case, SPY) – would open down by the amount of the dividend.
On the payable date (in this case, January 31, 2017) – then that dividend gets distributed to people who owned the stock going into the ex-div date of December 16.
In Buying index Funds according to Warren Buffett’s Strategy, we how we purchased 3 index funds: SPY, QQQ, IWM.
You can see in the screenshot of the Robinhood account (where we were able to get invested in 3 index funds without paying commissions).
Since we bought these at the end of October 2016 and held into the Ex-Div dates in Mid-December — including the Dec 16, 2016 ex-div date for the SPY – we were eligible for receiving that dividend.
As a result, we can see the payable dividends in our transaction history through the brokerage account.
Based on our position size, that translates to $5.32 for SPY.
We also have dividends for QQQ of $7.10 and IWM for $16.89.
There’s also something called the Record Date — but that’s more for logistical reasons. Basically because of settlement reasons, the system can’t “record” that you own the stock into the Ex-Div Date — until there’s a few business days turnaround. So in order to be “recorded” that you have the stock, you have to own it the day before the Ex-Div date in order to be eligible for the stock dividend.
The best way to visually see the effect of Ex-Div is to compare the futures with the stock.
Take note of the B-wave high on December 20 @ 2269ES. It’s basically the same as the high on December 15 @ 2269ES.
But now look at the SPY chart below (which takes into consideration the ex-dividend drop on December 16). You will see that the same B-wave high on December 20 appears only at 226.5 — which is about $1.30 lower than the high off 227.8 that was made on December 15.
226.5 + 1.3 = 227.8
Guess what that $1.30 is roughly equivalent to?
That’s right — the dividend amount of $1.328930 – that’s the dividend amount that the SPY dropped by compared to where it would have been without the dividend.
Notice the chart below is exactly the same chart of the S&P500 above. The only difference is the chart above is for futures (which does not distribute dividends) – whereas for SPY – since it’s an ETF that trades like a stock, does distribute dividends.
In the chart below, you can see the white circle gap that happened overnight into the Ex-Div Date on December 16, 2016. This gap drop did not happen in the futures chart above. The rest of the pattern is the same – but notice that everything appears to have “moved down” after the ex-div date when compared with the futures chart above.