diff --git a/BitFaster.Caching.UnitTests/Lru/FastConcurrentLruTests.cs b/BitFaster.Caching.UnitTests/Lru/FastConcurrentLruTests.cs
index 4083e0fd..9c009f7c 100644
--- a/BitFaster.Caching.UnitTests/Lru/FastConcurrentLruTests.cs
+++ b/BitFaster.Caching.UnitTests/Lru/FastConcurrentLruTests.cs
@@ -2,7 +2,6 @@
 using BitFaster.Caching.Lru;
 using System;
 using System.Collections.Generic;
-using System.Text;
 using Xunit;
 
 namespace BitFaster.Caching.UnitTests.Lru
@@ -35,5 +34,21 @@ public void ConstructPartitionCtorReturnsCapacity()
 
             x.Capacity.Should().Be(3);
         }
+
+        [Fact]
+        public void MetricsHasValueIsFalse()
+        {
+            var x = new FastConcurrentLru<int, int>(3);
+
+            x.Metrics.HasValue.Should().BeFalse();
+        }
+
+        [Fact]
+        public void EventsHasValueIsFalse()
+        {
+            var x = new FastConcurrentLru<int, int>(3);
+
+            x.Events.HasValue.Should().BeFalse();
+        }
     }
 }
diff --git a/BitFaster.Caching.UnitTests/Lru/FastConcurrentTLruTests.cs b/BitFaster.Caching.UnitTests/Lru/FastConcurrentTLruTests.cs
index 188c15b3..39b92577 100644
--- a/BitFaster.Caching.UnitTests/Lru/FastConcurrentTLruTests.cs
+++ b/BitFaster.Caching.UnitTests/Lru/FastConcurrentTLruTests.cs
@@ -53,5 +53,21 @@ public async Task WhenItemsAreExpiredExpireRemovesExpiredItems()
 
             lru.Count.Should().Be(0);
         }
+
+        [Fact]
+        public void MetricsHasValueIsFalse()
+        {
+            var x = new FastConcurrentTLru<int, int>(3, TimeSpan.FromSeconds(1));
+
+            x.Metrics.HasValue.Should().BeFalse();
+        }
+
+        [Fact]
+        public void EventsHasValueIsFalse()
+        {
+            var x = new FastConcurrentTLru<int, int>(3, TimeSpan.FromSeconds(1));
+
+            x.Events.HasValue.Should().BeFalse();
+        }
     }
 }
diff --git a/BitFaster.Caching/Lru/ConcurrentLruCore.cs b/BitFaster.Caching/Lru/ConcurrentLruCore.cs
index d3c74a1f..e6b81123 100644
--- a/BitFaster.Caching/Lru/ConcurrentLruCore.cs
+++ b/BitFaster.Caching/Lru/ConcurrentLruCore.cs
@@ -104,10 +104,10 @@ public ConcurrentLruCore(
         public int Capacity => this.capacity.Hot + this.capacity.Warm + this.capacity.Cold;
 
         ///<inheritdoc/>
-        public Optional<ICacheMetrics> Metrics => new(new Proxy(this));
+        public Optional<ICacheMetrics> Metrics => CreateMetrics(this);
 
         ///<inheritdoc/>
-        public Optional<ICacheEvents<K, V>> Events => new(new Proxy(this));
+        public Optional<ICacheEvents<K, V>> Events => CreateEvents(this);
 
         ///<inheritdoc/>
         public CachePolicy Policy => CreatePolicy(this);
@@ -782,6 +782,26 @@ private static CachePolicy CreatePolicy(ConcurrentLruCore<K, V, I, P, T> lru)
             return new CachePolicy(new Optional<IBoundedPolicy>(p), lru.itemPolicy.CanDiscard() ? new Optional<ITimePolicy>(p) : Optional<ITimePolicy>.None()); 
         }
 
+        private static Optional<ICacheMetrics> CreateMetrics(ConcurrentLruCore<K, V, I, P, T> lru)
+        {
+            if (typeof(T) == typeof(NoTelemetryPolicy<K, V>))
+            {
+                return Optional<ICacheMetrics>.None();
+            }
+
+            return new(new Proxy(lru));
+        }
+
+        private static Optional<ICacheEvents<K, V>> CreateEvents(ConcurrentLruCore<K, V, I, P, T> lru)
+        {
+            if (typeof(T) == typeof(NoTelemetryPolicy<K, V>))
+            {
+                return Optional<ICacheEvents<K, V>>.None();
+            }
+
+            return new(new Proxy(lru));
+        }
+
         // To get JIT optimizations, policies must be structs.
         // If the structs are returned directly via properties, they will be copied. Since  
         // telemetryPolicy is a mutable struct, copy is bad. One workaround is to store the