For a detailed comparison of exchange funds and direct indexing, refer to this article -
​Exchange Funds vs Direct Indexing for large stock positions.
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That said, there are several strategies investors can use to manage their concentration risk. Exchange funds can be useful for investors with a long-term outlook and stocks that have appreciated significantly. However, other tools like direct indexing and charitable giving also have useful applications. To fully understand your options, you should discuss your goals with an investment advisor.

We also have some additional materials to help you understand your options: