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InvestHub.com's
Finance Dictionary and Glossary of Investment Terms

exchange privilege  

Definition 1.

A feature offered by some mutual fund families in which an investor is able to switch from one mutual fund to another within the fund family without having to pay a sales charge. The IRS treats the exchange as a sale and purchase for tax purposes.
 

Definition 2.

When a mutual fund shareholder has the opportunity to exchange a fund for another within the same family at no additional cost.
 

Definition 3.

mutual fund shareholder's right to switch from one fund to another within one fund family, usually at no additional charge.
 
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