The's $1.41 Billion Volume Plummets to 60th in U.S. Volume Rankings

On September 22, 2025, , . . equities, reflecting reduced liquidity relative to broader market benchmarks.

noted that the volume contraction coincided with broader shifts in institutional trading patterns. Analysts highlighted that reduced participation from large-cap-focused funds may have contributed to the drop, though no direct earnings updates or regulatory developments were reported for The on this date. Cross-market correlations remained muted, with sector-specific catalysts absent in the immediate term.

To run this back-test accurately I need to pin down a few implementation details: 1. Universe • Do we look at all U.S. listed equities, or a specific index family (e.g., constituents)? 2. Ranking timestamp • Should the “top-500 by daily volume” list be determined with the same-day close volume and traded at the next day’s open, or do you prefer buy-at-close / sell-at-next-close? 3. Weighting method • Equal-weight each of the 500 names, or volume-weighted / cap-weighted? 4. / slippage • Assume zero, or add a cost per trade? 5. Risk controls • Any stop-loss, take-profit, or max-holding-days rules beyond the 1-day holding period? Let me know your preferences and I’ll set up the data pulls and run the back-test accordingly.