Exchange fund

我同grok讨论的。想问一下各位财主，大家会考虑CACHE吗？它是近几年新开的，以前Eaton Vance的人搞的。

成为Madoff的几率大不大？Grok说exchange fund 不容易有Fraud, 你相信吗？

 

 

 

Comparison of Cache Exchange Fund with Major Providers (Goldman Sachs, Morgan Stanley/Eaton Vance)

Exchange funds allow investors to diversify concentrated stock positions tax-deferred under IRS Section 721, typically with a 7-year lockup and 20% illiquid assets (e.g., real estate). Below is a side-by-side comparison of Cache with Goldman Sachs and Morgan Stanley (Eaton Vance), the major providers identified in sources. The comparison covers structure, cost, service, anti-fraud measures, diversification, and other major considerations (e.g., minimum investment, AUM, accessibility). Data is based on 2025 sources, with estimates where specifics are not public (e.g., Goldman Sachs and Morgan Stanley details require advisor contact). Cache stands out for accessibility, while Goldman Sachs and Morgan Stanley target ultra-high-net-worth clients.

 

Category	Cache	Goldman Sachs	Morgan Stanley (Eaton Vance)
Structure	Modern fintech exchange fund launched 2024; benchmarked to Nasdaq-100 or S&P 500; uses "Index Sync" for 20–25 stocks + ETF rebalancing; 20% illiquid real estate via external managers; monthly closings for faster diversification; SEC-registered advisor.	Traditional exchange fund for qualified purchasers; benchmarked to S&P 500 or custom indices; pooled contributed stocks with 20% illiquid assets (real estate/private equity); quarterly/annual closings; SEC-registered; focuses on institutional/high-net-worth structures.	Traditional exchange fund (Eaton Vance legacy since 1975); benchmarked to S&P 500; pooled stocks with 20% illiquid assets; annual closings; SEC-registered; integrated with Morgan Stanley wealth management for customized structures.
Cost	Minimum $100K; 0% upfront; 0.40–0.95% annual management fee (tiered by size, monthly on gross AUM); 0.25% post-7 years; no servicing/redemption fees. For $100K: $950/year lockup; $250/year post-7.	Minimum $5M; 1.0–2.0% upfront placement fee; 0.54–0.70% management + ~0.25% servicing (total 0.79–0.95% annual); ~0.79–0.95% post-7 years (estimated, no reduction). For $5M: $50K–$100K upfront; $39.5K–$47.5K/year lockup.	Minimum $5M; 1.0–2.0% upfront placement fee; 0.85–0.95% management + ~0.25% servicing (total 1.1–1.2% annual); ~1.1–1.2% post-7 years (estimated, no reduction). For $5M: $50K–$100K upfront; $55K–$60K/year lockup.
Service	Retail-focused fintech; excellent client service (testimonials praise responsiveness); monthly closings for quick entry; performance reports (e.g., Q3 2024: +2.24% vs. Nasdaq-100 +2.12%); BNY Mellon statements; tech platform for tracking; advisor partnerships (e.g., CFP usage).	Institutional/high-net-worth service; dedicated advisors for customized portfolios; quarterly reports; integrated with Goldman Sachs wealth management; strong support for ultra-wealthy clients but less retail-friendly.	Comprehensive wealth management integration (Eaton Vance legacy); personalized advisor service; annual/quarterly reports; robust support for high-net-worth clients with tax/planning services; less emphasis on retail accessibility.
Anti-Fraud Measures	SEC-registered; BNY Mellon/Apex Clearing third-party custody (prevents direct access); external real estate managers with independent appraisals; fiduciary duty; Form ADV disclosures; SIPC ($500K) + private insurance; transparent reporting (e.g., audited NAV); no fraud history.	SEC-registered; third-party custody (e.g., State Street or similar); fiduciary duty; Form ADV disclosures; SIPC/private insurance; audited financials; institutional oversight; strong compliance from Goldman Sachs' global infrastructure; no major fraud in exchange funds.	SEC-registered; third-party custody (e.g., State Street); fiduciary duty; Form ADV disclosures; SIPC/private insurance; audited financials (Eaton Vance legacy); integrated Morgan Stanley compliance; no fraud history; robust anti-fraud from institutional scale.
Diversification	Index Sync: 20–25 stocks + ETF rebalancing to track Nasdaq-100/S&P 500; monthly closings for diverse contributions; 20% real estate via external managers; strong performance (e.g., 25.1% vs. Nasdaq-100 17.4%, 2024); $300M AUM supports variety but risks tech concentration from investor base.	Pooled contributed stocks to track S&P 500/custom indices; annual/quarterly closings; 20% illiquid assets; large AUM ($10B+ est.) ensures diverse contributions; institutional matching for broad diversification; low tracking error from scale.	Pooled stocks to track S&P 500; annual closings; 20% illiquid assets; $100B+ AUM enables extensive diversification from varied high-net-worth contributions; Eaton Vance legacy provides refined matching; minimal tracking error.
Other Major Considerations	Minimum $100K (retail-accessible); 7-year lockup; tax-deferred under IRS §721; $625M AUM (2025); fintech platform; advisor partnerships; excellent service for tech professionals; newer (2024 launch) but no fraud history; SIPC/private insurance; partial redemptions allowed post-7 years.	Minimum $5M (qualified purchasers); 7-year lockup; tax-deferred; $10B+ AUM est.; institutional focus; customized tax/planning; strong global brand; long history; SIPC/private insurance; less retail-friendly; annual closings limit entry.	Minimum $5M (qualified purchasers); 7-year lockup; tax-deferred; $100B+ AUM; integrated wealth management; Eaton Vance legacy (1975); personalized service; SIPC/private insurance; high accessibility for ultra-wealthy; annual closings.

Key Insights

• Cache excels in cost and accessibility for accredited investors with concentrated stock (e.g., tech employees), but its newer status (2024 launch) and smaller AUM ($625M) may raise diversification concerns from limited contributions. It offers modern service (fintech platform, monthly closings) and strong anti-fraud (BNY Mellon custody).
• Goldman Sachs and Morgan Stanley provide institutional-grade diversification and service with massive AUM and long histories, but higher costs and $5M minimums limit accessibility. Both have robust anti-fraud (SEC oversight, custody), similar to Cache.
• Other Considerations: All defer taxes under IRS §721 with 7-year lockup and 20% illiquid assets; Cache is best for smaller investors, while GS/MS suit ultra-wealthy. No major fraud issues across providers; SIPC/private insurance covers custodial failure, not firm fraud. For SPY/QQQ put options, Cache offers tax efficiency but less liquidity vs. puts' 6–15% cost.

Verify details via providers' websites (usecache.com, am.gs.com, advisor.morganstanley.com) or Form ADV on SEC's IAPD.