If you want to encapsulate the notion of “either A or B” (also called “lifting” in functional parlance), an enum type in Swift is the best fit:

enum EitherOr {
    case A, B
}

You can use associated values to wrap types with enums, too:

enum Fruit {
    case banana(Banana)
    case apple(Apple)
}

These things seem to be expressible through a common ancestor type or protocol. But bananas and apples can be modeled in totally different manners (apart from sharing nutritional value, for example).

A real-life example is the result of a network request. Instead of a classic Cocoa callback, express the strict either-or through a type:

/// Only one is ever supposed to be present, but you never
/// know at the call site.
typealias ResultCallback<T> = (result: T?, error: Error?) -> Void

/// Only one can ever be used, never both.
enum Result<T> {
    case success(T)
    case error(Error)
}
typealias ResultCallback2<T> = (Result<T>) -> Void