FactSet Rises 2.24% as Dollar Volume Dives 41.46% to Rank 361st in U.S. Equities

FactSet (FDS) closed on Sept. 22, 2025, , , . . equities, reflecting a mixed liquidity profile despite its intraday price performance. Market participants noted the divergence between the security’s price action and its declining trading activity, which may signal shifting institutional positioning or algorithmic trading patterns.

The firm’s latest back-test framework requires clarification on several operational parameters. Key questions remain about the universe scope—whether to include all U.S. . The ranking methodology also needs refinement, including whether to use closing prices for portfolio entry or next-day open prices, and how to determine exit timing (next-day close vs. open). These decisions directly impact the strategy’s execution and risk exposure.

Portfolio construction details are similarly critical. . Daily full rebalancing is suggested, though this would necessitate a high turnover rate. Trading costs, including commissions and slippage, must also be defined to accurately assess performance metrics.

A benchmark, such as SPY, could provide context for evaluating the strategy’s effectiveness. Once these parameters are finalized, the back-test will proceed with a structured data-retrieval plan to ensure methodological consistency and statistical validity.