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
$33Mtypical dollars traded per day
3.0%your order vs the daily tape
~8bpspread band · ≈$400 on this order
limit ordersthe desk’s read
VPLS · $1,000,000 orderNoticeable against the tape. Use limit orders and avoid the open and close auctions.
VANGUARD CORE-PLUS BOND ETF · LAST $74.48 · AVG VOLUME 443K 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