Toast Gains 1.49% on High-Volume Strategy Inclusion But Ranks 386th in Market Activity Amid Data Challenges

On October 2, 2025, Toast (TOST) rose 1.49% with a trading volume of $300 million, ranking 386th in market activity. The stock's performance was influenced by its inclusion in a rolling high-volume basket strategy, which focuses on U.S. listed equities excluding ETFs, ADRs, and penny stocks. The strategy's parameters require precise daily rebalancing of top 500 volume stocks with equal weighting, though practical implementation challenges remain due to data constraints.

Back-test frameworks for such a strategy demand clarification on market scope, price/volume data sources, and rebalancing frequency. Key considerations include whether to use close-to-close pricing, apply minimum liquidity filters, and establish a reliable method for daily constituent updates. The absence of a pre-computed ticker list or suitable proxy index creates operational hurdles, necessitating either a custom dataset or alternative tracking mechanisms for accurate performance evaluation.

To perform this back-test rigorously, confirmation is required on: (1) the exact universe definition (U.S. common stocks only), (2) price/volume source specifications (close-to-close with volume filters), (3) basket construction rules (equal-weighted daily rebalancing), and (4) data implementation methods (pre-computed ticker lists or proxy indices). These parameters will determine the feasibility and accuracy of the rolling high-volume basket strategy's historical performance assessment.