diff --git a/docs/spec/proxy/friend_swap.md b/docs/spec/proxy/friend_swap.md
index a1bf12a..fdc8f5b 100644
--- a/docs/spec/proxy/friend_swap.md
+++ b/docs/spec/proxy/friend_swap.md
@@ -1,7 +1,8 @@
 # Function `swap` (`proxy<F>`)
 
 ```cpp
-friend void swap(proxy& lhs, proxy& rhs) noexcept(noexcept(lhs.swap(rhs)));
+friend void swap(proxy& lhs, proxy& rhs) noexcept(noexcept(lhs.swap(rhs)))
+    requires(requires { lhs.swap(rhs); });
 ```
 
 Overloads the [std::swap](https://en.cppreference.com/w/cpp/algorithm/swap) algorithm for `proxy`. Exchanges the state of `lhs` with that of `rhs`. Effectively calls `lhs.swap(rhs)`.
diff --git a/docs/spec/proxy/swap.md b/docs/spec/proxy/swap.md
index 5765216..a221b9c 100644
--- a/docs/spec/proxy/swap.md
+++ b/docs/spec/proxy/swap.md
@@ -1,11 +1,24 @@
 # `proxy::swap`
 
 ```cpp
+// (1)
 void swap(proxy& rhs)
     noexcept(F::relocatability >= constraint_level::nothrow ||
         F::copyability == constraint_level::trivial)
     requires(F::relocatability >= constraint_level::nontrivial ||
         F::copyability == constraint_level::trivial);
+
+// (2) (since 5.0.0)
+void swap(proxy& rhs)
+    noexcept(F::copyability >= constraint_level::nothrow &&
+        F::destructibility >= constraint_level::nothrow)
+    requires(F::relocatability == constraint_level::none &&
+        (F::copyability == constraint_level::nontrivial ||
+            F::copyability == constraint_level::nothrow) &&
+        F::destructibility >= constraint_level::nontrivial);
 ```
 
 Exchanges the contained values of `*this` and `rhs`.
+
+- `(1)` Exchanges the values by relocation, or by exchanging the underlying storage when `F::relocatability == constraint_level::trivial` or `F::copyability == constraint_level::trivial` is `true`. If the relocation throws when `F::relocatability == constraint_level::nontrivial`, both operands can be left without a value.
+- `(2)` Exchanges the values by copying, for a facade that forbids relocation. If a copy throws when `F::copyability == constraint_level::nontrivial`, one of the two operands can be left without a value.
diff --git a/include/proxy/v4/detail/core.h b/include/proxy/v4/detail/core.h
index 4262904..ac12c08 100644
--- a/include/proxy/v4/detail/core.h
+++ b/include/proxy/v4/detail/core.h
@@ -1129,8 +1129,11 @@ class proxy : public detail::facade_traits<F>::direct_accessor,
       if constexpr (F::copyability == constraint_level::nothrow) {
         destroy();
         initialize(rhs);
-      } else {
+      } else if constexpr (F::relocatability >= constraint_level::nontrivial) {
         *this = proxy{rhs};
+      } else {
+        reset();
+        initialize(rhs);
       }
     }
     return *this;
@@ -1161,8 +1164,12 @@ class proxy : public detail::facade_traits<F>::direct_accessor,
     if constexpr (std::is_nothrow_constructible_v<std::decay_t<P>, P>) {
       destroy();
       initialize<std::decay_t<P>>(std::forward<P>(ptr));
-    } else {
+    } else if constexpr (F::relocatability >= constraint_level::nontrivial ||
+                         F::copyability >= constraint_level::nothrow) {
       *this = proxy{std::forward<P>(ptr)};
+    } else {
+      reset();
+      initialize<std::decay_t<P>>(std::forward<P>(ptr));
     }
     return *this;
   }
@@ -1217,6 +1224,28 @@ class proxy : public detail::facade_traits<F>::direct_accessor,
       }
     }
   }
+  void swap(proxy& rhs) noexcept(F::copyability >= constraint_level::nothrow &&
+                                 F::destructibility >=
+                                     constraint_level::nothrow)
+    requires(F::relocatability == constraint_level::none &&
+             (F::copyability == constraint_level::nontrivial ||
+              F::copyability == constraint_level::nothrow) &&
+             F::destructibility >= constraint_level::nontrivial)
+  {
+    if (meta_.has_value()) {
+      if (rhs.meta_.has_value()) {
+        proxy temp = *this;
+        *this = rhs;
+        rhs = temp;
+      } else {
+        rhs = *this;
+        reset();
+      }
+    } else if (rhs.meta_.has_value()) {
+      *this = rhs;
+      rhs.reset();
+    }
+  }
   template <class P, class... Args>
   constexpr P& emplace(Args&&... args) noexcept(
       std::is_nothrow_constructible_v<P, Args...> &&
diff --git a/tests/proxy_lifetime_tests.cpp b/tests/proxy_lifetime_tests.cpp
index 701e2ce..8b21a74 100644
--- a/tests/proxy_lifetime_tests.cpp
+++ b/tests/proxy_lifetime_tests.cpp
@@ -1121,6 +1121,207 @@ TEST(ProxyLifetimeTests, TestSwap_Trivial) {
   ASSERT_EQ(ToString(*p2), "123");
 }
 
+TEST(ProxyLifetimeTests, Test_CopyAssignment_NoRelocation) {
+  struct Pinned : pro::facade_builder //
+                  ::add_convention<utils::spec::FreeToString,
+                                   std::string() const>             //
+                  ::support_copy<pro::constraint_level::nontrivial> //
+                  ::support_relocation<pro::constraint_level::none> //
+                  ::build {};
+  int v1 = 111, v2 = 222;
+  pro::proxy<Pinned> p1{utils::ThrowingCopyPtr<int>{&v1}};
+  pro::proxy<Pinned> p2{utils::ThrowingCopyPtr<int>{&v2}};
+  p1 = p2;
+  ASSERT_EQ(ToString(*p1), "222");
+  ASSERT_EQ(ToString(*p2), "222");
+  p1 = utils::ThrowingCopyPtr<int>{&v1};
+  ASSERT_EQ(ToString(*p1), "111");
+}
+
+TEST(ProxyLifetimeTests, Test_PointerAssignment_NoRelocationNoCopy) {
+  struct Pinned : pro::facade_builder //
+                  ::add_convention<utils::spec::FreeToString,
+                                   std::string() const>             //
+                  ::support_relocation<pro::constraint_level::none> //
+                  ::build {};
+  int v1 = 111, v2 = 222;
+  pro::proxy<Pinned> p{utils::ThrowingCopyPtr<int>{&v1}};
+  p = utils::ThrowingCopyPtr<int>{&v2};
+  ASSERT_EQ(ToString(*p), "222");
+}
+
+TEST(ProxyLifetimeTests, Test_PointerAssignment_ThrowingInitialization) {
+  struct Movable : pro::facade_builder //
+                   ::add_convention<utils::spec::FreeToString,
+                                    std::string() const>                   //
+                   ::support_copy<pro::constraint_level::nontrivial>       //
+                   ::support_relocation<pro::constraint_level::nontrivial> //
+                   ::build {};
+  struct TriviallyCopyable
+      : pro::facade_builder //
+        ::add_convention<utils::spec::FreeToString,
+                         std::string() const>             //
+        ::support_copy<pro::constraint_level::trivial>    //
+        ::support_relocation<pro::constraint_level::none> //
+        ::build {};
+  struct NothrowCopyable : pro::facade_builder //
+                           ::add_convention<utils::spec::FreeToString,
+                                            std::string() const>             //
+                           ::support_copy<pro::constraint_level::nothrow>    //
+                           ::support_relocation<pro::constraint_level::none> //
+                           ::build {};
+  int v1 = 111, v2 = 222;
+
+  pro::proxy<Movable> p1{std::in_place_type<utils::ThrowOnMovePtr<int>>, &v1};
+  ASSERT_THROW(p1 = utils::ThrowOnMovePtr<int>{&v2},
+               utils::ConstructionFailure);
+  ASSERT_TRUE(p1.has_value());
+  ASSERT_EQ(ToString(*p1), "111");
+
+  pro::proxy<TriviallyCopyable> p2{
+      std::in_place_type<utils::ThrowOnMovePtr<int>>, &v1};
+  ASSERT_THROW(p2 = utils::ThrowOnMovePtr<int>{&v2},
+               utils::ConstructionFailure);
+  ASSERT_TRUE(p2.has_value());
+  ASSERT_EQ(ToString(*p2), "111");
+
+  pro::proxy<NothrowCopyable> p3{std::in_place_type<utils::ThrowOnMovePtr<int>>,
+                                 &v1};
+  ASSERT_THROW(p3 = utils::ThrowOnMovePtr<int>{&v2},
+               utils::ConstructionFailure);
+  ASSERT_TRUE(p3.has_value());
+  ASSERT_EQ(ToString(*p3), "111");
+}
+
+TEST(ProxyLifetimeTests, TestSwap_NoRelocation) {
+  struct Pinned : pro::facade_builder //
+                  ::add_convention<utils::spec::FreeToString,
+                                   std::string() const>             //
+                  ::support_copy<pro::constraint_level::nothrow>    //
+                  ::support_relocation<pro::constraint_level::none> //
+                  ::build {};
+  struct PinnedThrowingDestruction
+      : pro::facade_builder //
+        ::add_convention<utils::spec::FreeToString,
+                         std::string() const>                    //
+        ::support_copy<pro::constraint_level::nothrow>           //
+        ::support_relocation<pro::constraint_level::none>        //
+        ::support_destruction<pro::constraint_level::nontrivial> //
+        ::build {};
+
+  int v1 = 111, v2 = 222;
+  pro::proxy<Pinned> p1 = &v1;
+  pro::proxy<Pinned> p2 = &v2;
+  static_assert(noexcept(p1.swap(p2)));
+  p1.swap(p2);
+  ASSERT_EQ(ToString(*p1), "222");
+  ASSERT_EQ(ToString(*p2), "111");
+  swap(p1, p2);
+  ASSERT_EQ(ToString(*p1), "111");
+  ASSERT_EQ(ToString(*p2), "222");
+  swap(p1, p1);
+  ASSERT_EQ(ToString(*p1), "111");
+
+  pro::proxy<Pinned> p3;
+  swap(p1, p3);
+  ASSERT_FALSE(p1.has_value());
+  ASSERT_EQ(ToString(*p3), "111");
+  swap(p1, p3);
+  ASSERT_EQ(ToString(*p1), "111");
+  ASSERT_FALSE(p3.has_value());
+  swap(p3, p3);
+  ASSERT_FALSE(p3.has_value());
+  pro::proxy<Pinned> p4;
+  swap(p3, p4);
+  ASSERT_FALSE(p3.has_value());
+  ASSERT_FALSE(p4.has_value());
+
+  pro::proxy<PinnedThrowingDestruction> r1 = &v1;
+  pro::proxy<PinnedThrowingDestruction> r2 = &v2;
+  static_assert(!noexcept(r1.swap(r2)));
+  swap(r1, r2);
+  ASSERT_EQ(ToString(*r1), "222");
+  ASSERT_EQ(ToString(*r2), "111");
+}
+
+TEST(ProxyLifetimeTests, TestSwap_NoRelocation_ThrowingCopy) {
+  struct PinnedThrowingCopy
+      : pro::facade_builder //
+        ::add_convention<utils::spec::FreeToString,
+                         std::string() const>             //
+        ::support_copy<pro::constraint_level::nontrivial> //
+        ::support_relocation<pro::constraint_level::none> //
+        ::build {};
+  utils::LifetimeTracker tracker;
+  pro::proxy<PinnedThrowingCopy> p1{
+      std::in_place_type<utils::LifetimeTracker::Session>, &tracker};
+  pro::proxy<PinnedThrowingCopy> p2{
+      std::in_place_type<utils::LifetimeTracker::Session>, &tracker};
+  static_assert(!noexcept(p1.swap(p2)));
+  swap(p1, p2);
+  ASSERT_EQ(ToString(*p1), "Session 4");
+  ASSERT_EQ(ToString(*p2), "Session 5");
+  tracker.ThrowOnNextConstruction();
+  ASSERT_THROW(swap(p1, p2), utils::ConstructionFailure);
+  ASSERT_EQ(ToString(*p1), "Session 4");
+  ASSERT_EQ(ToString(*p2), "Session 5");
+}
+
+TEST(ProxyLifetimeTests, TestSwap_NoRelocation_Null) {
+  struct PinnedThrowingCopy
+      : pro::facade_builder //
+        ::add_convention<utils::spec::FreeToString,
+                         std::string() const>             //
+        ::support_copy<pro::constraint_level::nontrivial> //
+        ::support_relocation<pro::constraint_level::none> //
+        ::build {};
+  utils::LifetimeTracker tracker;
+  std::vector<utils::LifetimeOperation> expected_ops;
+  {
+    pro::proxy<PinnedThrowingCopy> p1{
+        std::in_place_type<utils::LifetimeTracker::Session>, &tracker};
+    expected_ops.emplace_back(1,
+                              utils::LifetimeOperationType::kValueConstruction);
+    pro::proxy<PinnedThrowingCopy> p2;
+    swap(p1, p2);
+    ASSERT_FALSE(p1.has_value());
+    ASSERT_TRUE(p2.has_value());
+    ASSERT_EQ(ToString(*p2), "Session 2");
+    expected_ops.emplace_back(2,
+                              utils::LifetimeOperationType::kCopyConstruction);
+    expected_ops.emplace_back(1, utils::LifetimeOperationType::kDestruction);
+    ASSERT_TRUE(tracker.GetOperations() == expected_ops);
+
+    swap(p1, p2);
+    ASSERT_TRUE(p1.has_value());
+    ASSERT_EQ(ToString(*p1), "Session 3");
+    ASSERT_FALSE(p2.has_value());
+    expected_ops.emplace_back(3,
+                              utils::LifetimeOperationType::kCopyConstruction);
+    expected_ops.emplace_back(2, utils::LifetimeOperationType::kDestruction);
+    ASSERT_TRUE(tracker.GetOperations() == expected_ops);
+  }
+  expected_ops.emplace_back(3, utils::LifetimeOperationType::kDestruction);
+  ASSERT_TRUE(tracker.GetOperations() == expected_ops);
+}
+
+TEST(ProxyLifetimeTests, TestSwap_PrefersRelocation) {
+  struct Relocatable
+      : pro::facade_builder //
+        ::add_convention<utils::spec::FreeToString,
+                         std::string() const>                   //
+        ::support_copy<pro::constraint_level::nothrow>          //
+        ::support_relocation<pro::constraint_level::nontrivial> //
+        ::build {};
+  int v1 = 111, v2 = 222;
+  pro::proxy<Relocatable> p1 = &v1;
+  pro::proxy<Relocatable> p2 = &v2;
+  static_assert(!noexcept(p1.swap(p2)));
+  swap(p1, p2);
+  ASSERT_EQ(ToString(*p1), "222");
+  ASSERT_EQ(ToString(*p2), "111");
+}
+
 TEST(ProxyLifetimeTests, Test_DirectConvension_Lvalue) {
   utils::LifetimeTracker tracker;
   std::vector<utils::LifetimeOperation> expected_ops;
diff --git a/tests/utils.h b/tests/utils.h
index ab53e63..33bf302 100644
--- a/tests/utils.h
+++ b/tests/utils.h
@@ -92,6 +92,38 @@ class LifetimeTracker {
   std::vector<LifetimeOperation> ops_;
 };
 
+template <class T>
+class ThrowingCopyPtr {
+public:
+  using element_type = T;
+
+  explicit ThrowingCopyPtr(T* ptr) noexcept : ptr_(ptr) {}
+  ThrowingCopyPtr(const ThrowingCopyPtr& rhs) : ptr_(rhs.ptr_) {}
+  ThrowingCopyPtr& operator=(const ThrowingCopyPtr&) = default;
+  T& operator*() const noexcept { return *ptr_; }
+
+private:
+  T* ptr_;
+};
+
+template <class T>
+class ThrowOnMovePtr {
+public:
+  using element_type = T;
+
+  explicit ThrowOnMovePtr(T* ptr) noexcept : ptr_(ptr) {}
+  ThrowOnMovePtr(const ThrowOnMovePtr&) = default;
+  ThrowOnMovePtr(ThrowOnMovePtr&& rhs) : ptr_(rhs.ptr_) {
+    if (ptr_ != nullptr) {
+      throw ConstructionFailure{LifetimeOperationType::kValueConstruction};
+    }
+  }
+  T& operator*() const noexcept { return *ptr_; }
+
+private:
+  T* ptr_;
+};
+
 namespace spec {
 
 using std::to_string;