FTXO Volume Spikes as Big Bank Bets Draw Upgrades

First Trust Nasdaq Bank ETF (FTXO) has seen unusual trading volume, which is 18× higher than its average daily volume.

The ETF’s largest holdings are drawing attention as several marquee banks receive fresh bullish analyst calls. Citigroup, Bank of America, and PNC Financial all saw Buy ratings reiterated with notably higher price targets, while Citigroup is also in focus as it considers acquiring a U.S. regional bank. Wells Fargo remains a key holding as analysts highlight its discounted valuation and strong U.S. exposure, and JPMorgan features in commentary around Netflix’s price hikes, with the bank estimating the move could add $1.7 billion in annualized revenue for the streamer without significantly hurting customer engagement.