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Cache Exchange Funds Q3 2025: Official Results

Precision, Progress, and Outperformance

Christopher Lange

Head of Investments

Srikanth Narayan

Founder and CEO

From Vision to Disciplined Execution

Eighteen months ago, Cache reimagined what an exchange fund could be. Today, that idea has become the wealth infrastructure powering a new generation of investors.

What began as a challenge in an exclusive corner of finance has grown into a modern platform serving a broader investor base. Now, we bring institutional-level diversification, transparency, and efficiency to those who once had no access to it.

In 2024, we proved that the model worked. In 2025, we’re showing how well it can perform.

Cache’s Flagship funds, UNIX (Nasdaq-100) and Bedrock (S&P 500), continue to demonstrate that disciplined engineering, thoughtful composition, and tax-sensitive design can achieve what traditional exchange funds promised but rarely delivered: precision without compromise.

This quarter’s results reflect that evolution: not just strong returns, but a maturing system built for endurance.

Our Flagship Exchange Funds achieved tight alignment with their benchmarks

The Market Context

U.S. equities extended their gains in the third quarter, buoyed by resilient earnings and an accommodative Federal Reserve. The Fed’s 25-basis-point rate cut in September lifted sentiment and valuations, pushing forward P/E multiples above historical averages (22.8× for the S&P 500).

While optimism returned, concentration risk persisted. A small group of technology companies continued to drive index performance, underscoring the importance of true diversification—particularly for investors with significant exposure to a single stock.

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Fund Highlights: Bedrock

Benchmark: S&P 500
Launch Date: July 16, 2025
Q3 Return (Net of Fees): +9.14 %
Benchmark (S&P 500): +7.06 %
Outperformance: +2.08 %
Beta: 1.03 to S&P 500

In its first quarter, Bedrock achieved positive alpha and tight alignment with the benchmark.

A late-July ETF rebalance using AAUS optimized exposure to the S&P 500’s constituents. Bi-weekly subscriptions continue to refine composition and symmetry, advancing Bedrock’s design goal: institutional precision made accessible.

Bedrock vs S&P 500 - Performance since Inception

Fund Highlights: UNIX

Benchmark: Nasdaq-100
Q3 Return (Net of Fees): +12.01 %
Benchmark (NDX): +9.01 %
Outperformance: +3.00 %
Correlation: 0.99
Beta: 1.04
Since Inception (Aug 30, 2024): +39.32 % vs. +27.11 % for NDX (+12.21 % Alpha)

UNIX continued its record of strong execution, outperforming for the fourth consecutive quarter.

Early-quarter overweights in NVDA, AAPL, AVGO, and GOOGL contributed to excess return before normalization later in the period.

In July, UNIX executed an Index Sync transaction via AAUS to refine sector exposure and enhance tracking precision. By quarter-end, correlation to the Nasdaq-100 stood at 0.99—a hallmark of Cache’s engineering-led approach to index alignment.

UNIX vs. Nasdaq-100 - Performance since Inception

Performance Follows Structure

The third quarter underscored what defines Cache’s advantage: performance follows structure.

Through methodical index-alignment and bi-weekly subscription windows, Cache continues to narrow the gap between individual investor access and institutional-level diversification.

The Fall Aperture (Dec 3rd 2025): Expanded Access Before Year-End

In addition to our regular bi-weekly closes, Cache will hold a special close on December 3rd across all Exchange Funds: Bedrock (S&P 500), Mosaic (S&P 500 Growth), and UNIX (Nasdaq-100).

We call this the Fall Aperture. This coordinated close temporarily increases capacity for high-demand, previously constrained stocks, creating added room for qualified investors to diversify before year-end. An Index Sync transaction will be undertaken across the portfolios in December to align with their benchmarks.

With markets near record highs, this is an opportunity for investors to reassess single-name exposure and take advantage of expanded fund capacity. Many who were previously waitlisted will now be eligible, making December 3 one of the final opportunities this year to achieve diversification without realizing capital gains.

👉 See if you qualify for the Dec 3rd close.

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The job titles and companies mentioned are for illustrative purposes only and are not endorsements but examples of the types of investors in the Cache Exchange Fund.

Disclosures

Securities are offered through Cache Securities LLC, Member FINRA/SIPC. Advisory services are provided by Cache Advisors LLC, an SEC-registered investment adviser to the Cache Exchange Funds. Both entities are under the common control of Cache Financials, Inc. (“Cache”). Registration does not imply a certain level of skill or training.

Performance data represents past performance and is not indicative of future results. Benchmark data is sourced from Bloomberg as of September 30, 2025. Returns are shown net of fees and expenses.

“Index Sync” refers to the Cache Exchange Fund strategy of investing indirectly in unaffiliated Exchange-Traded Funds (ETFs) that track broad market indices, providing greater diversification than holding contributed securities directly. Index Sync is available only to certain Qualified Purchaser funds. Alpha Architect U.S. Equity ETF (AAUS) is advised by Empowered Funds, LLC (doing business as ETF Architect) with Alpha Architect, LLC as sub-adviser. Cache is not affiliated with either firm.

The S&P 500 Index represents 500 leading U.S. companies and is widely viewed as a measure of large-cap equities. The S&P Growth Index tracks large- and mid-cap companies with higher forecasted growth rates. The Nasdaq-100 (NDX) includes 100 of the largest non-financial companies listed on the Nasdaq exchange. Indices are unmanaged and cannot be invested in directly.

Correlation measures how closely an investment’s returns move relative to a benchmark. Beta measures volatility relative to a benchmark; values above 1 indicate higher volatility, and values below 1 indicate lower volatility. A tracking error of 0.00% represents perfect correlation. All measures are historical and not predictive of future results.

Cache Exchange Funds are alternative investments available only to eligible investors. They are designed for long-term investors willing to accept limited liquidity and higher fees than traditional investments. Exchange funds defer but do not eliminate capital gains taxes. Diversification does not guarantee profit or protect against loss. All investments carry risk, including loss of principal.

Cache Exchange Fund Mosaic, LLC is a newly launched fund with an anticipated first close on December 3, 2025, benchmarked to the S&P Growth Index. Cache Exchange Funds are benchmarked to indices but do not directly track their performance. Portfolio exposure is maintained through contributed securities and diversified ETFs, which are subject to change. Holdings information is current as of publication.

Cache Financials Inc. | 95 Third St, Floor 2, San Francisco, CA 94103.