Software Dynamic Translation (SDT) systems have been used for program instrumentation, dynamic optimization, security policy enforcement, intrusion detection, and many other uses. To be widely applicable, the overhead (runtime, memory usage, and power consumption) should be as low as possible. For instance, if an SDT system is protecting a web server against possible attacks, but causes 30% slowdown, a company may need 30% more machines to handle the web traffic they expect. Consequently, the causes of SDT overhead should be studied rigorously. This work evaluates many alternative policies for the creation of fragments within the Strata SDT framework. In particular, we examine the effects of ending translation at conditional branches; ending translation at unconditional branches; whether to use partial inlining for call instructions; whether to build the target of calls immediately or lazily; whether to align branch targets; and how to place code to transition back to the dynamic tran...