As you guys have been discussing, exchange/swap funds are great for diversification and postponing tax liability. My understanding is they are usually set up as partnerships and you are expected to stay in for at least 7 years. When you sell you get shares of all the names held in the fund and not cash. An investor should make sure the fund holdings and management style meets their investment goals and risk profile as they will be invested for the 7+ year period.
Thanks for the discussion and helping many new AMRNillionaires think about tax planning