Asset liquidity
A fund holding short-term, frequently traded instruments will usually have different liquidity characteristics from one holding assets that are difficult to sell quickly.
The portfolio determines how easily the fund itself can raise cash.
Redemption rules
Funds can have cut-off times, settlement periods, minimum balances or other withdrawal conditions.
Read the actual redemption terms rather than assuming every fund provides instant access.
Stress can change the picture
Market stress can make normally liquid assets harder to sell or widen the cost of selling them.
Liquidity should be treated as a property that can change, not a permanent guarantee.
General information only. Investment products can lose value, and terms, fees and regulation can change.