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The following is a list of healthcare ETFs that have seen significant institutional outflows over the last three months.

To compile the list, we started with a universe of about 50 healthcare ETFs. We then collected data on institutional flows, and narrowed down the list to focus on the 8 funds that have seen the largest decreases in institutional ownership over the past three months.

The smart money seems to be avoiding these funds--what do you think? Institutional data sourced from Reuters, short float data sourced from Finviz.



The list has been sorted by change in institutional ownership over the last three months.

1. Biotech HOLDRs (NYSEARCA:BBH): Market cap of $807.85M. Institutional investors currently own 998,486 shares vs. 1,204,375 shares held 3 months ago (-17.1% change). Short float at 3.6%, which implies a short ratio of 14.83 days. The fund has gained 1.89% over the last year.

2. iShares Dow Jones US Medical Devices (NYSEARCA:IHI): Market cap of $499.13M. Institutional investors currently own 1,966,259 shares vs. 2,309,832 shares held 3 months ago (-14.87% change). Short float at 6.19%, which implies a short ratio of 8.23 days. The fund has gained 11.32% over the last year.

3. iShares Dow Jones US Healthcare (NYSEARCA:IYH):
Market cap of $593.59M. Institutional investors currently own 2,591,291 shares vs. 2,902,520 shares held 3 months ago (-10.72% change). Short float at 7.07%, which implies a short ratio of 11.36 days. The fund has gained 3% over the last year.

4. Health Care Select Sector SPDR (NYSEARCA:XLV): Market cap of $2.94B. Institutional investors currently own 56,293,193 shares vs. 60,612,761 shares held 3 months ago (-7.13% change). Short float at 21.84%, which implies a short ratio of 3.41 days. The fund has gained 1.51% over the last year.

5. iShares Nasdaq Biotechnology (NASDAQ:IBB): Market cap of $1.53B. Institutional investors currently own 14,599,978 shares vs. 15,341,021 shares held 3 months ago (-4.83% change). Short float at 42.84%, which implies a short ratio of 13.22 days. The fund has gained 15% over the last year.

6. iShares S&P Global Healthcare (NYSEARCA:IXJ): Market cap of $516.31M. Institutional investors currently own 2,176,381 shares vs. 2,249,353 shares held 3 months ago (-3.24% change). Short float at 0%, which implies a short ratio of 0 days. The fund has gained 0.99% over the last year.

7. Vanguard Health Care ETF (NYSEARCA:VHT): Market cap of $622.62M. Institutional investors currently own 2,483,238 shares vs. 2,452,788 shares held 3 months ago (1.24% change). Short float at 0.18%, which implies a short ratio of 0.37 days. The fund has gained 4.84% over the last year.

8. SPDR S&P Biotech (NYSEARCA:XBI): Market cap of $544.09M. Institutional investors currently own 7,001,269 shares vs. 6,009,107 shares held 3 months ago (16.51% change). Short float at 18.24%, which implies a short ratio of 11.78 days. The fund has gained 17.99% over the last year.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: 8 Healthcare ETFs Being Dumped by the Smart Money