A financial security (stock, bond, etc) that is sold without the warrants that were attached thereto at the time of its issuance. Ex-warrants stocks no longer carry the right to a distribution of warrants declared by the issuing company. In other words, shares that trade ex-warrants are those the holders of which are not entitled to warrants. Warrants allow the holder to buy stock at some future date at a set price. An investor buying a stock after its ex-warrants date would not receive the warrants attached thereto. An ex-warrants bond (a bond that has gone ex) will not entitle its holder to receive warrants. This occurs once a bond that once had warrants and which now have expired, been sold, or exercised by a previous holder.

It is known for short as XW.