SPY’s fourth-quarter dividend will be a record high $1.906 per share. The Q4 ex-dividend date is Friday, December 15th, 2023. SPY’s next distribution payout will be on Jan 31st, 2024—yes the SPDR folks take their time delivering the dividend. I’m estimating that iShares’ IVV, one of the other two big S&P 500 ETFs, will have a Q4 dividend of $1.80 per share. I’m estimating Vanguard’s VOO ex-dividend in September will be $1.77 per share. Vanguard does not release their ex-div dates and distribution dates until just a few days before they happen, so the future dates below are estimates. VOO and IVV are much faster to distribute the dividends—both payout within a week of their ex-dividend dates. IVV and VOO reinvest dividends into their constituent stocks until the payout date arrives. SPY’s Unit Investment Trust legal structure restricts SPY to hold dividends in cash until they are paid out.
SPY is the largest ETF in the world, currently with $436 billion in assets under management. The following two largest ETFs that track the S&P 500 are iShare’s IVV and Vanguard’s VOO—currently with $378 billion and $354 billion in assets respectively. The table below summarizes dividend information for SPY, IVV, and VOO. Vanguard only publishes ex-dividend dates a few days prior to the event itself, so future dates for VOO are just estimates. Reference data for SPY and IVV dividends can be found here.
|Next Pay Date
|Sept 2023 Dividend
|Dec 2023 Dividend
You only have to buy a stock or ETF the day prior to its ex-dividend date to be eligible for the dividend. You can sell on the ex-dividend date if you want and still collect the dividend when the distribution/pay date arrives. Be aware that in a flat market, the stock or ETF at market open on its ex-dividend date will typically drop in value by the dividend amount. See Top 10 questions on Dividends if you have more questions.
SPY, IVV, VOO 2023 Ex-Dividend Dates
|Potential Cap Gains
For more information about ex-dividend and distribution dates for SPDR, iShares, Schwab, and Vanguard ETFs see this post. See the chart below for SPY’s dividend history since 2017.
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