Yes, the Cache Exchange Fund has a lockup period, typically for the first two years after an investor contributes their assets. During this lockup period, investors are generally not allowed to redeem their shares from the fund.
Exchange funds are a long-term investment, and typically require a seven-year holding period to receive the full benefits. A two-year lockup encourages a self-selection of investors with a long-term outlook, aligning investor interests with the fund's goal of long-term capital appreciation and risk reduction through diversification.