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Exchange fund
An Exchange Fund or Swap Fund is a mechanism specific to the U.S., first introduced in late 1960s that allows holders of large amount of a single stock to diversify into a basket of other stocks without directly selling their stock.
The purpose of this arrangement is to diversify their holdings without triggering a "taxable event". Note that the tax is not avoided, just postponed, when the diversified holdings are eventually sold, tax will be due on the difference between the sales price and the original cost basis of the contributed stock.
==Criticism==
The U.S. Securities and Exchange Commission is investigating the use of these arrangements with reference to the potential for market abuse by directors not disclosing their effective divestment in stocks for which they are privy to sensitive market information.〔(www.alwayson-network.com/ )〕
In addition there is general criticism that tax revenue that might otherwise have been generated is avoided. Many holders of these positions may elect to hold the concentrated position and borrow against it rather than sell and pay the associated capital gains tax.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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