Exchange Privilege

"The XXXL doesn't fit any more since your visit with Oprah's company, and/or that little stint in the Chinese prison? No problem. We'll exchange your shirt (and/or mutual fund) for another within our family of clothing (and/or investment funds)."

That's an exchange privilege.

Like...if you've already bought and own $2.3 million worth of Fidelity Magellan (huge mutual fund), then for no fee, as you get older and want to be invested in something more conservative, you can change it into a Fidelity Government Bond Fund and sleep well at night. No fee to exchange, but you'll still pay the 0.72% a year management fee.

Sorry. Somebody has to pay for their jets.