The $851 million SPDR Pharmaceuticals ETF (NYSEArca: XPH) is constructed as an equal-weight pharma ETF and it is equally-weighted the right way as Forest and Actavis, XPH’s fifth- and seventh-largest holdings, combine for 8% of the ETF’s weight. That is enough to have XPH, which hit a new all-time high earlier today, up 4.6%. [Fun With Pharma ETFs]

Do not forget the smart beta PowerShares Dynamic Pharmaceuticals Portfolio (NYSEArca: PJP). The $1.1 billion PJP holds just 29 stocks, but two of them are  Forest and Actavis, which combine for 6.7% of the ETF’s weight.

PJP also hit an all-time high earlier Tuesday and is up 3.1% at this writing. The ETF has brought in almost $107.1 million in new assets this year, making it the fourth-best PowerShares in terms of 2014 inflows, according to issuer data. 

SPDR Pharmaceuticals ETF

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