An aerosol gas exchange system (AGES) for nanoparticle sampling at elevated temperatures was developed, modeled, and further characterized with laboratory tests with respect to gas exchange efficiency and particle losses. The model describing the gas exchange was first verified with oxygen and later studied with several inert gases having molecular masses between 18 and 135 u. The exchange rate of the lightest compounds exceeds 90% efficiency at the flow rates used. In order to reach similarly high removal efficiencies for larger molecules, the residence time in the AGES has to be increased. The removal of sticky gases was studied with gaseous sulfuric acid. Results agreed with the model where the boundary condition is zero concentration on the wall. The AGES exhibits very limited particle losses (<5%) for mono-disperse 6 nm particles. Furthermore, diffusional losses for particles down to 1.2 nm were measured utilizing polydisperse aerosol. The experimental findings are in good agreement with the model derived. As both, gas exchange rate and particle losses, rely on the physical effect of diffusion, an optimization for enhanced gas exchange efficiency will come at the cost of increased diffusional particle losses. The presented model can be used as a tool to redesign and optimize the AGES for a desired application. With an application targeted design, particle dilution can be avoided, which can lead to improved results in many fields of aerosol measurement.