The hardest part of running an exchange fund isn't the redemption, it's the launch.
Building the operational infrastructure, seeding the fund with sufficient diversification, getting the stock mix right from day one — those are the challenges that determine whether an exchange fund actually works. Cache has completed multiple fund closes since launching Unix in August 2024 and has grown to approximately $1.5 billion in platform assets as of May 15th 2026.
On redemptions: because investors enter the fund on different timelines across different quarters, there's no single liquidity event where everyone exits at once. The fund is a perpetual vehicle. Investors who want to redeem after their seven-year holding period receive a diversified basket of securities, and new investors continue entering the fund on an ongoing basis. The fund doesn't wind down — it continues.
Legacy exchange fund providers often return small baskets of five to ten individual stocks at redemption, deliberately minimizing diversification so investors feel trapped. Cache's Flagship redemption basket includes ETFs alongside individual stocks specifically to give investors a genuinely diversified exit.
For the specific mechanics, see how redemptions work before seven years and how redemptions work after seven years.