Those are IHF’s second- through fifth-largest holdings, respectively, a group that combines for over 31% of the $404.3 million ETF’s weight, according to iShares data.

At current market values, any of those IHF constituents would qualify as “big” targets as Cigna is currently the smallest with a market value of about $22 billion. That means a deal for just one of the aforementioned IHF holdings could represent a sizable portion of all of $35.8 billion in health care deals seen in the fourth quarter of 2013, according to Modern Healthcare.

Still, it is worth noting that the health care providers segment saw the busiest pace of deal-making in the last three quarters of 2013 with 284 total transactions, according to Modern Healthcare.

iShares U.S. Healthcare Providers ETF

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