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
$5Mtypical dollars traded per day
21.4%your order vs the daily tape
~15bpspread band · ≈$750 on this order
work the orderthe desk’s read
USVM · $1,000,000 orderThis order IS the market for stretches of the day. Work it in slices, or use the fund's liquidity provider.
USAA MSCI USA SMALL CAP VALUE MOMENTUM BLEND INDEX ETF · LAST $105.10 · AVG VOLUME 44K 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