On Holding AG Shares Drop 4.02% Amid 166% Surge in $340M Volume Ranking 341st in Trading Activity

On Sept. 25, 2025, On Holding AG (ONON) closed down 4.02% with a trading volume of $340 million, a 166.09% increase from the previous day’s volume. The stock ranked 341st in terms of trading activity among listed equities.

The decline followed mixed market sentiment as analysts highlighted short-term profit-taking after recent gains. Institutional selling pressure was noted in midday trade, though no major corporate announcements directly linked to On’s operations were reported. The sector-wide rotation into defensive assets also contributed to the underperformance, with athletic footwear and apparel stocks facing broader distribution channel challenges.

To run this back-test I need a few additional details: 1. Market universe • U.S. listed common shares only (NYSE / NASDAQ / AMEX), or another market? 2. Price you’d like the trade executed on • Buy at the day’s close and sell at the next day’s close (default), or buy at next day’s open? 3. Weighting method for the 500 names • Equal-weighted (default) or volume-weighted / cap-weighted? 4. Corporate-action treatment • OK to use split-adjusted prices and volumes (standard practice)? Let me know (or just confirm the defaults) and I’ll proceed with the back-test.