Webull Surges 6.09 on $260M Volume Ranking 416th in US Equities

On September 22, 2025, , ranking 416th among U.S. equities. The stock’s performance was driven by strategic updates in its trading platform and enhanced user engagement metrics reported in recent filings.

Analysts noted that the firm’s recent focus on expanding its commission-free trading features and improving algorithmic order execution contributed to the upward momentum. These adjustments align with broader market trends favoring cost-efficient brokerage services, though the firm faces ongoing regulatory scrutiny over compliance protocols.

To run this back-test rigorously I need a couple of clarifications and assumptions from you: 1. Universe • Which market should the “top-500” list be drawn from – U.S.-listed common stocks (NYSE + Nasdaq), all A-shares in China, the STOXX Europe universe, etc.? 2. Weighting & execution • Equal-weight the 500 names each day, or weight them by free-float market-cap / trading value? • Assume fills at the next day’s open, the close, or a VWAP price? • Any commission/fee or slippage assumption? 3. Benchmark (optional) • Would you like the strategy compared with an index such as SPY or CSI 300? 4. Risk controls • Should we include stop-loss / max-drawdown / max-holding-days controls? (By default this strategy rebalances daily with a 1-day holding period, so these are usually unnecessary.) Once we lock these in, I’ll generate the data-retrieval plan, pull the daily volume data for the entire universe, create the daily trade list, and run the back-test from 2022-01-03 to 2025-09-22.