No, cash is the most liquid asset, and goods can be bought and sold anytime and anywhere, while funds are only financial assets in circulation, which are circulated through subscription and redemption, and cannot be received immediately.

T+ 1 transaction is implemented for fund subscription and redemption. The fund needs to be obtained on the second trading day for subscription on the same day, and the fund needs to be obtained on the second trading day for redemption on the same day. Therefore, the fund is not a highly liquid product and cannot be circulated as cash.