Day on which shares or funds are traded without the buyer getting a claim to dividend, purchase right or bonus share

With regard to dividend payments, the ex-day for German shares is generally the day after the general shareholders meeting, at which the dividend is set. Investors who have acquired a stake up to one day prior to the ex-day will be paid the dividend. Expected dividend payments are accordingly priced into the share’s price, i.e., they can lead to gains before the ex-day and a subsequent decline on that day.

For mutual funds, the right to a disbursement of fund shares is separated on the ex-day. If investors acquire shares in the fund after that day, but prior to the actual disbursement, they pay a price that is reduced by the amount of the disbursement but do not, however, get the subsequent disbursement. The ex-day is generally one day prior to the actual disbursement.

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