Identifying Transaction Costs in Trading

Michael is a portfolio manager who is evaluating the cost implications of executing trades in the fund he manages. He understands that transaction costs can impact the overall performance of the portfolio. One day, he is considering whether to execute a large trade in one of the fund's holdings. Michael recalls that trading costs typically include a variety of expenses such as commissions, bid-ask spreads, and market impact.

Which of the following is least likely to be considered a transaction cost when executing trades?