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
$64Mtypical dollars traded per day
1.6%your order vs the daily tape
~4bpspread band · ≈$200 on this order
limit ordersthe desk’s read
VBR · $1,000,000 orderNoticeable against the tape. Use limit orders and avoid the open and close auctions.
VANGUARD SMALL CAP VALUE INDEX FUND · LAST $250.14 · AVG VOLUME 257K 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