2025 Wrapped: Scaling to $1B+ With Precision — and What’s Next

Our Flagship Funds report a 98%-99% correlation to the S&P 500 and Nasdaq-100 benchmarks.

Srikanth Narayan

Founder and CEO

Christopher Lange

Head of Investments

Scaling an Exchange Fund, the Hard Way

Exchange funds aren’t easy to build or scale. That’s why there are so few of them.

They’re assembled one contribution at a time, from individuals contributing their stocks, at different moments and under different market conditions. Historically, that complexity favored large incumbents and discouraged new entrants from even attempting the journey.

In 2025, we showed that the category doesn’t have to be a duopoly.

As Cache grew nearly 4× over the year, our exchange funds remained closely aligned with their benchmarks. In fact, alignment improved as portfolios matured.

The Numbers

These results reflect our Flagship Funds*, which today hold the majority of assets on the platform.

UNIX (Nasdaq-100 Benchmark)

Unix launched August 2024, and has achieved a correlation to Nasdaq-100 of 0.99.

In 2025, it returned 21.65% after fees and expenses (vs. 21.02% for the Nasdaq-100).

Bedrock (S&P 500 Benchmark)

Bedrock launched on July 16th, 2025, and has achieved a correlation to S&P 500 of 0.98.

Since it launch, Bedrock has returned 10.47% after fees and expenses (vs. 9.90% for the S&P 500).

Big Moments That Mattered

2025 also included a few step-function moments for the platform.

We launched Bedrock, benchmarked to the S&P 500, expanding Cache beyond growth-heavy portfolios to broad-market diversification.

We introduced Index Sync, a structural breakthrough that allows us to dynamically align portfolios to their benchmarks using an integrated ETF sleeve. It’s now a core part of how we manage drift, fill sector gaps, and scale responsibly.

We ran two major closes using this architecture, including our Fall Aperture, which became the largest close in Cache’s history on December 3rd.

And yes, we wrapped the year with Cache on the big screen in Times Square. A surreal moment, and a reminder of how far the platform has come in a short time.

A Product People Want to Talk About

One of the most telling signals this year didn’t come from performance data.

Many new clients told us they heard about Cache from a friend or colleague.

That doesn’t happen because of marketing. It happens when a product solves a real problem cleanly enough that people are willing to attach their name to it. When people find a solution that delivers value as promised and presents the trade-offs transparently, they talk.

Cache Exchange Fund Reviews: How Investors Decided to Trust Cache from Cache Financials Inc on Vimeo

What’s Next

We’re entering 2026 with momentum and a full product roadmap.

Our Winter Aperture is now open, with a coordinated close across all three funds on March 11. Our newest fund, Mosaic, benchmarked to S&P 500 Growth, will launch that day as well.

• Upgraded Collar Advance, with rates as low as 3.7% in annual borrowing costs
• Cash contributions to Exchange Funds, adding flexibility and seeking to further improve portfolio alignment ‍
• Borrowing against Exchange Fund shares, a frequent request that we are working on with multiple banks

And we have more in the works that we’re not ready to announce just yet.

Closing Thoughts

In 2025, Cache proved that it can scale responsibly and deliver results as designed—even through significant growth and change. That consistency is what enabled investors to engage with confidence.

To our clients and partners: thank you for trusting us with something deeply personal. And to the team at Cache—scaling to $1B+ with this level of discipline doesn’t happen by accident.

Here’s to 2026. We’re just getting started.