Cache Exchange Fund Platform Scales to Over $1B in Assets

Cache 2025 Review details how the platform maintained 98-99% benchmark correlation during rapid growth

Jan. 28, 2026 at 2:07pm by Ben Kaplan

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Cache Financials Inc. released its Cache 2025 Review, detailing how its Cache Exchange Funds platform scaled from approximately $290 million to over $1 billion in total assets in 2025 while maintaining very tight precision across its flagship exchange funds. The report outlines how Cache achieved this growth without sacrificing portfolio behavior, a longstanding challenge for exchange funds.

Why it matters

The ability of the Cache Exchange Funds to scale significantly in assets while maintaining tight benchmark alignment is noteworthy, as exchange funds have historically struggled to preserve portfolio precision as they grow. This suggests Cache has developed a robust platform and investment approach that can accommodate large inflows without compromising the core value proposition for investors.

The details

According to the Cache 2025 Review, the company's flagship exchange funds delivered tight benchmark alignment throughout 2025, even as assets grew more than threefold. The UNIX fund, which is aligned with the Nasdaq-100 Index, had a 0.99 correlation and delivered a 21.65% return after fees in 2025, compared to 21.02% for the Nasdaq-100. The Bedrock fund, which is aligned with the S&P 500 Index, had a 0.98 correlation and delivered a 10.47% return after fees since its inception on July 16th, compared to 9.90% for the S&P 500. The report states that as assets scaled, portfolio tracking tightened, and sector exposure, beta, and risk characteristics remained within designed thresholds.

  • Cache Exchange Funds scaled from approximately $290 million to over $1 billion in total assets in 2025.
  • The Bedrock fund, which is aligned with the S&P 500 Index, launched on July 16th.

The players

Cache Financials Inc.

The parent company of Cache Securities LLC, a registered broker-dealer, and Cache Advisors LLC, an SEC-registered investment adviser.

Srikanth Narayan

The CEO and cofounder of Cache.

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What they’re saying

“We could have grown the business much faster in 2025, but precision defines our thesis and is how investors should think about exchange funds.”

— Srikanth Narayan, CEO and cofounder

The takeaway

Cache's ability to scale its exchange fund platform to over $1 billion in assets while maintaining tight benchmark correlation and portfolio precision is a significant accomplishment in the exchange fund space, which has historically struggled with preserving these key attributes as assets grow. This suggests Cache has developed a robust investment approach and operational capabilities that can accommodate large inflows without compromising the core value proposition for investors.