diff --git a/.serena/memories/common/component-data-model.md b/.serena/memories/common/component-data-model.md
index 2734207f9e..b8baf24fbd 100644
--- a/.serena/memories/common/component-data-model.md
+++ b/.serena/memories/common/component-data-model.md
@@ -66,3 +66,9 @@ Moving/dropping a shape into a variant container through the move-to-frame path
   New main clones must use the same empty-state representation as
   `process-operation :set-touched`; otherwise a later move+undo changes
   `:touched #{}` to a missing field and cannot restore the exact state (F156).
+
+Content ref chains (get-ref-chain-until-target-ref, including touched walks)
+take find-content-ref-shape at every link. A swapped intermediate head
+follows its own main; collecting its replaced position's content overrides
+creates phantom groups in copies of that swap (F165). Position advancement
+still uses advance-shape-ref and find-ref-shape.
diff --git a/common/src/app/common/types/file.cljc b/common/src/app/common/types/file.cljc
index bea1989384..bdab828fba 100644
--- a/common/src/app/common/types/file.cljc
+++ b/common/src/app/common/types/file.cljc
@@ -1257,16 +1257,16 @@
 
 ;; Ref Chains
 (defn get-ref-chain-until-target-ref
-  "The shape `shape` of `container` and its ref chain (each shape's near
-  main, found in the container of the one before), up to the shape whose id
-  is `target-ref`, included, or to the end of the chain."
+  "The shape `shape` of `container` and its content ref chain, up to the
+  shape whose id is `target-ref`, included, or to the end of the chain.
+  A swapped head follows its own component, not the replaced position."
   [container libraries shape target-ref]
   (loop [chain     [shape]
          current   shape
          container container]
     (if (= (:id current) target-ref)
       chain
-      (if-let [ref (find-ref-shape nil container libraries current :with-context? true)]
+      (if-let [ref (find-content-ref-shape nil container libraries current :with-context? true)]
         (recur (conj chain ref) ref (:container (meta ref)))
         chain))))
 
diff --git a/common/test/common_tests/logic/swap_group_test.cljc b/common/test/common_tests/logic/swap_group_test.cljc
index e7bc4676ec..45cc06ed89 100644
--- a/common/test/common_tests/logic/swap_group_test.cljc
+++ b/common/test/common_tests/logic/swap_group_test.cljc
@@ -34,6 +34,7 @@
    [app.common.test-helpers.variants :as thv]
    [app.common.types.component :as ctk]
    [app.common.types.container :as ctn]
+   [app.common.types.file :as ctf]
    [app.common.types.modifiers :as ctm]
    [clojure.test :as t]))
 
@@ -877,3 +878,24 @@
         swapped (-> initial (r/step (n/swap-shape :card-star :heart)) r/settle)
         undone (r/step swapped (n/undo))]
     (t/is (= (thn/normalize-file file) (thn/normalize-file (tm/file undone))))))
+
+(t/deftest inherited-content-overrides-stop-at-a-swapped-reference
+  (let [file (-> (thf/sample-file :file)
+                 (tho/add-two-levels-nested-component-with-copy
+                  :c1 :main1 :main1-child :c2 :main2 :nested-head1
+                  :c3 :main3 :nested-head2 :nested-subhead2 :copy3)
+                 (tho/add-simple-component :other :other-main :other-child))
+        file (-> (tm/make-situation file)
+                 (r/step (n/change-property :nested-head1 :opacity 0.4))
+                 tm/file
+                 (tho/swap-component-in-shape :nested-subhead2 :other
+                                              :propagate-fn #(propagate % :c3)))
+        page (thf/current-page file)
+        middle (ths/get-shape-by-id file (first (:shapes (ths/get-shape file :copy3))))
+        child (ths/get-shape-by-id file (first (:shapes middle)))
+        libraries {(:id file) file}
+        chain (ctf/get-ref-chain-until-target-ref page libraries child nil)]
+    (t/is (= [(:id child) (thi/id :nested-subhead2) (thi/id :other-main)]
+             (mapv :id chain)))
+    (t/is (= #{:swap-group}
+             (ctf/get-touched-from-ref-chain-until-target-ref page libraries child nil)))))