Liquidity and exit

It is 2pm, a margin call has landed, and the liquidity figure on hand is days-to-liquidate on the underlying assets. That figure describes how fast the manager could sell the portfolio. We measure how fast you can get out.

The question. Through which channel does an exit run, how long does the exit take, and what does the exit cost at my position size?

The file. Fund liquidity runs an entry per share class per trading day, with fund_isin (the share-class ISIN) as the key. 90k+ entries in the August 31, 2026 delivery.

What an entry records.

• exit_channel: the holder's route out — on exchange, by NAV redemption, through a periodic tender, in a sponsor market, or at termination.
• liquidity_tier: the channel's tier, from deep to impaired, or active to dormant for tender funds.
• exit_days_typical and exit_capacity_usd_per_day: the length of a full exit at normal size, and the dollars the channel absorbs per day.
• exit_cost_bps_10k through exit_cost_bps_1b: the stressed cost of exiting at seven position sizes, with days-to-liquidate alongside.
• capacity_cadence, next_liquidity_window_date, days_to_termination: timing facts for tender funds and UITs.
• liquidity_status and exit_cost_status: the measurement basis of the entry.
• data_source, data_source_date, staleness_days: the evidence behind a figure and its age.

How we measure. Exchange-traded shares use observed trading volume and prices. Open-end funds use their NAV-redemption structure and filed flow activity. Interval funds use repurchase-window timing and capacity. UITs use sponsor-bid evidence and termination dates. The full method lives in the fund liquidity methodology.

See the profile on a real fund: the exit profile for IVV. Read why portfolio liquidity and share liquidity are different risks. Download sample files.