Cache Surpasses $1 Billion in Assets: How We Reawakened a Dormant Category
Srikanth Narayan
Founder and CEO
A Powerful Solution, Hidden in Plain Sight
For over fifty years, exchange funds have existed quietly in the financial backwaters.
They solved a real problem, but only for a narrow set of investors, primarily ultra-wealthy families with a private banking relationship. The structure worked, but the experience rarely evolved. High minimums, high fees, opaque processes, and slow execution became accepted constraints rather than problems to solve.
By the early 2020s, when I first began exploring an exchange fund for my own portfolio, they felt more like a relic than a product in active development. It felt frozen in time.
The World Had Changed
The way Americans build wealth has shifted over the last few decades.
Equity compensation has become a primary driver of net worth for employees at many of the largest companies in the country, particularly in tech.
range annually.
Source: https://quiet.com/essays/can-silicon-valleys-equity/
At the same time, public markets experienced a historic expansion, further amplifying single stock exposure across portfolios. Since its 2009 lows, the S&P 500 has grown nearly 10x, while the Nasdaq-100 has grown over 20x.
The outcome is predictable: more investors now face concentration risk, and earlier in their financial lives. Still, the industry consensus was that demand for exchange funds existed only among the ultra-wealthy.
Demand was building up quietly. The access wasn’t.
What Cache Set Out to Do
Cache was built with a simple mission: help our clients keep more of their hard-earned equity. Unlike traditional brokerages that typically offer an extensive menu of investment products, we focus on one thing only: concentrated stock positions.
The Cache Exchange Fund became the foundation of that effort.
The goal was not to invent a new financial structure but to modernize access to an existing one. That meant lowering barriers, improving transparency, and building predictable execution into a product that historically required bespoke relationships to navigate.
From Launch to $1 Billion
Just twenty months after launch, Cache has crossed $1 billion in total platform assets.
What began as a single exchange fund in March 2024 has grown into a broader platform spanning multiple benchmarks and investor profiles, supported by advisors and investors looking for practical ways to manage concentration without forcing a taxable sale.
The pace of adoption matters, not as momentum for its own sake, but as evidence of unmet demand.
History shows that when friction is removed from a high-value financial product, adoption accelerates quickly:
- Charles Schwab introduced the discount brokerage model. Within six years, it reached $1 billion in assets.
- Wealthfront introduced the robo-advisor model. In roughly 2.5 years, it reached the same mark.
- Cache modernized access to tax-efficient diversification. In less than two years, the platform surpassed $1 billion in assets.
Source: https://www.wealthfront.com/blog/one-billion-assets-under-management/
Scale Paired With Discipline
In 2025 alone, Cache grew ~4×. But growth only matters if there’s consistent value being delivered.
Throughout 2025, our exchange funds tracked their benchmarks in line with our expectations. For example, our flagship exchange fund, UNIX, achieved a 0.99 correlation to the Nasdaq-100 in Q3 2025.
This combination matters.
Together, they suggest something more durable: a breakthrough product returning a category to relevance.
Where This Leaves the Category
In 2025, concentration risk moved from a niche concern to a mainstream planning conversation. Exchange funds are now evaluated alongside other core tools, not brought in for special situations.
Crossing $1 billion is a marker of relevance, and it’s just the beginning.
The forces creating concentrated portfolios continue to accelerate. Stock-based compensation, entrepreneurial liquidity events, and long market cycles are not slowing down. The need for thoughtful, tax-aware diversification is becoming more common.
Cache’s focus remains the same: build practical tools that help investors make the most of their concentrated stock positions.
We look forward to helping you do more in 2026!
And there's one last close for 2025 on Dec 30th. Let us know if we can help!
The Cache Exchange Fund can help.
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