Trade Cost Estimator
The fee table says 0.03%; the fill says otherwise. For a real order size, this instrument reads the tape — how much of the day’s volume you are, what the spread likely takes, and when the right move is a phone call, not a market order.
Volume & price are primary data · spread is a liquidity-band model, stated as an estimate
$156Mtypical dollars traded per day
0.6%your order vs the daily tape
~4bpspread band · ≈$200 on this order
clean fillthe desk’s read
IEI · $1,000,000 orderA rounding error against daily volume — market or marketable-limit orders are fine.
ISHARES 3-7 YEAR TREASURY BOND ETF · LAST $116.75 · AVG VOLUME 1.3M SHARES · ETF LIQUIDITY IS DEEPER THAN THE SCREEN — AUTHORIZED PARTICIPANTS CAN CREATE SHARES AGAINST THE UNDERLYING BOOK, WHICH IS WHY THE ISSUER’S CAPITAL-MARKETS DESK EXISTS