Ex-Distribution

Some investments, like certain mutual funds, provide "distributions," or periodic cash payments, to investors. Stocks have dividends. Bonds have coupon payments. Distributions are the same concept, just with a different name.

You sell one of those investments. However, you want to keep the next distribution payment. The buyer will get all future distributions, but you want to keep the upcoming one. That situation means you are selling the investment "ex distribution"...meaning you are selling it without the distribution.