Introducing Cobol: Cache's S&P 500 Growth Exchange Fund for Accredited Investors

On July 1, 2026, Cache will launch Cobol, our newest exchange fund. Cobol is an Access Series fund, which means it's available to accredited investors with a $100,000 minimum contribution. It is benchmarked to the S&P 500 Growth Index.

Until now, accredited investors at Cache could access exchange funds benchmarked to the Nasdaq-100 through our existing Access Series fund, Fortran. Cobol adds a new option: the S&P 500 Growth Index, which represents a cross-sector mix of the fastest-growing large-cap companies in the U.S. market, spanning technology, healthcare, media, consumer brands, and more.

If you're a qualified purchaser, you may recognize this benchmark. Mosaic, our Flagship Series fund, tracks the same S&P 500 Growth Index but is only available to qualified purchasers ($5M+ in investable assets). Cobol brings that same benchmark exposure to a broader set of investors.

What is the S&P 500 Growth Index?

The S&P 500 Growth Index is a subset of the S&P 500 that tracks U.S. large-cap and mid-cap companies with higher forecasted growth rates. These companies are typically characterized by higher price-to-book ratios and expected earnings growth. The index captures exposure across multiple sectors, not just technology. It includes innovative healthcare companies, next-generation media and communication platforms, and the consumer brands reshaping how people live and spend.

How Cobol works

Cobol works like every other Cache Exchange Fund. You contribute your appreciated stock into the fund alongside other investors. The contribution is tax-deferred under IRC Section 721. You receive fund shares representing ownership of a diversified portfolio benchmarked to the S&P 500 Growth Index.

After the seven-year holding period required by the IRS, you can redeem your fund shares for a diversified basket targeting 20 to 25 individual stocks. Your original cost basis carries over, and no capital gains taxes are triggered on the exchange or the redemption. For a deeper look at how redemption works and what you receive, see our complete guide to how exchange funds work.

To understand the financial impact of deferring taxes through an exchange fund, try our exchange fund calculator.

Fund details

Not sure which eligibility tier you fall into? Read our guide to accredited investor vs. qualified purchaser.

What to expect on timing

For most positions, we anticipate matching contributions on July 1. For our highest-demand names, we'll begin sequencing allocations in Q3. Including other stocks as part of a basket can improve the timeline for high-demand names. Getting started early matters.

How Cobol fits alongside other strategies

An exchange fund addresses one part of the concentrated stock problem: diversifying the core position tax-efficiently. But most concentrated portfolios aren't a single block of shares. They're a stack of tax lots acquired at different times, at different cost bases, with different holding periods.

Cache Tax-Aware Long/Short, in partnership with Brooklyn Investment Group, is designed to work alongside an exchange fund placement. It generates tax losses and diversifies gradually over time, and it can be particularly useful for lots that don't fit cleanly into an exchange fund.

To see how Cobol, Long/Short, and selective selling could work together for your specific position, run the numbers in our Concentrated Stock Calculator.

Cache's exchange fund lineup

With Cobol, Cache offers five exchange funds across two series:

Flagship Series (Qualified Purchasers):

• Unix — Nasdaq-100
• Bedrock — S&P 500
• Mosaic — S&P 500 Growth

Access Series (Accredited Investors):

• Fortran — Nasdaq-100
• Cobol — S&P 500 Growth (launching July 1, 2026)

For a broader comparison of how Cache's exchange funds stack up against other providers, see our list of exchange fund providers.

Get started

Visit your investor dashboard to explore fund details for Cobol and see your updated matching. If you're new to Cache, start the enrollment flow to check capacity for your stock.

If you work with a financial advisor, they can access Cobol through the Cache advisor portal.

Disclosures

Cache Exchange Fund, Cobol, LLC anticipates accepting investors on July 1st, 2026 and is open to Accredited Investors. Investments are not accepted until an offering document is completed and accepted by Cache. Cache Exchange Fund, Mosaic, LLC is currently accepting investors and is open to Qualified Purchasers only. Exchange funds also have fund and operating expenses that are not included in the annual management fee.

S&P 500 Growth Index: Tracks large-cap and mid-cap U.S. companies with higher forecasted growth rates. Investments cannot be made directly in the index.