Abstract: For decades, architects have designed cache replacement policies to reduce cache misses. Since not all cache misses affect processor performance equally, researchers have also proposed cache replacement policies focused on reducing the total miss cost rather than the total miss count. However, all prior cost-aware replacement policies have been proposed specifically for data caching and are either inappropriate or unnecessarily complex for instruction caching. This paper presents EMISSARY, the first cost-aware cache replacement family of policies specifically designed for instruction caching. Observing that modern architectures entirely tolerate many instruction cache misses, EMISSARY resists evicting those cache lines whose misses cause costly decode starvations. In the context of a modern processor with fetch-directed instruction prefetching and other aggressive front-end features, EMISSARY applied to L2 cache instructions delivers an impressive 3.24% geomean speedup (up to 23.7%) and a geomean energy savings of 2.1% (up to 17.7%) when evaluated on widely used server applications with large code footprints. This speedup is 21.6% of the total speedup obtained by an unrealizable L2 cache with a zero-cycle miss latency for all capacity and conflict instruction misses.