{
  "schema_version": 1,
  "as_of": "2026-11-06",
  "status": "research_reference_only",
  "broker": "Interactive Brokers Pro",
  "schedule": "US public tiered, low monthly volume",
  "currency": "USD",
  "authorization": "用户尚未开户，授权选择相对低成本券商作为本次及以后研究费用参照；并未授权开户、交易或付费订阅。",
  "scope": "未来研究优先读取本文件，重新核实当期费率并另存版本；不追溯改写已归档结果。旧研究保留原成本口径。",
  "account_eligibility_verified": false,
  "trading_permissions_verified": false,
  "broker_entity": "待税务居民、居住地及实际开户主体确定",
  "etf": {
    "commission_per_share": 0.0035,
    "minimum_per_order": 0.35,
    "maximum_fraction_of_trade": 0.01,
    "venue_clearing_budget_per_share": 0.0032,
    "sell_regulatory_fraction": 2.06e-05,
    "cat_per_share": 3e-06,
    "one_way_spread_bps": {
      "UST": 12.5,
      "UBT": 17.0,
      "TYD": 15.0,
      "TMF": 5.0,
      "other_assumed": 2.0
    },
    "additional_slippage_bps": 1.0,
    "spread_evidence": "UST/UBT发行人2026-11-04附近30日中位全点差的一半；其他为假设；必须做敏感性。",
    "fund_expenses": "真实复权收益已包含基金内部费用与融资影响，不另扣；账户无外部利息不代表内部融资免费。",
    "source": "https://www.interactivebrokers.com/en/pricing/commissions-stocks.php"
  },
  "margin": {
    "historical_reference": "DFF，仅使用在上一交易日之前已有观测；不是完整券商历史BM",
    "spread_first_100000": 0.015,
    "spread_next_900000": 0.01,
    "spread_above_1000000": 0.0075,
    "day_count": "ACT/360",
    "source": "https://www.interactivebrokers.com/en/trading/margin-rates.php"
  },
  "micro_treasury_futures": {
    "products": [
      "MTN",
      "MWN"
    ],
    "broker_commission_per_contract_side": 0.25,
    "exchange_fee_per_contract_side": 0.3,
    "regulatory_allowance_per_contract_side": 0.02,
    "tick_dollars": {
      "MTN": 1.5625,
      "MWN": 3.125
    },
    "one_way_slippage_ticks_assumed": 1,
    "data_monthly_cbot_l1_nonprofessional": 1.55,
    "data_purchased": false,
    "historical_license_fee": null,
    "note": "费用预算不等于实际账户报价；实时行情订阅不等于获得多年结算数据。代理$10000单位不代表真实DV01匹配合约数。",
    "sources": [
      "https://www.interactivebrokers.com/en/pricing/commissions-futures.php",
      "https://www.interactivebrokers.com/en/accounts/fees/CBOT.php",
      "https://www.interactivebrokers.com/en/pricing/market-data-pricing.php?menu=B"
    ]
  },
  "cash_interest": {
    "no_interest_first_dollars": 10000,
    "full_rate_nav_threshold": 100000,
    "reference_spread_below_benchmark": 0.005,
    "futures_margin_cash_interest": 0,
    "source": "https://www.interactivebrokers.com/en/accounts/fees/pricing-interest-rates.php"
  },
  "excluded_pending_account": [
    "个人所得及资本利得税",
    "跨境预扣税",
    "换汇",
    "账户主体特有费用与限制"
  ],
  "historical_limit": "当前佣金与利差结构施加到历史行情，利率代理随时间变化；不是还原全部历史券商费率。",
  "verification": "IBKR official US tiered schedule rechecked 2026-11-06: 0.0035/share, minimum 0.35/order, maximum 1%. Other fees remain research allowances, not complete historical schedule or actual fractional-share bills.",
  "run_assumptions": "All instruments 3bps spread/slippage; no margin; total-return fractional research units, approximate order-fee model. Personal tax and FX excluded."
}