One of the big news items out during Wednesday’s after-hours session was Coca-Cola’s (NYSE: KO) purchase of a 10% stake in Green Mountain Coffee Roasters (NasdaqGM: GMCR).

Dow component Coca-Cola, the world’s largest beverage maker, will pay $1.25 billion to K-cup giant Green Mountain in a deal that will make Coke products among the featured items in Green Mountain’s Keurig Cold platform. Keurig Cold, Green Mountain’s upcoming rival to SodaStream (NasdaqGM: SODA) products, will debut next year.

The news sent shares of Coca-Cola up 1.4% during Wednesday’s after-hours session, an uncommon move for the normally sleepy shares, but the real news was the 45% surge notched by Green Mountain, enough to take the stock to a new all-time high.

Although Green Mountain is a member of the NASDAQ 100 and the PowerShares QQQ (NasdaqGS: QQQ), news of the company’s tie-up with Coca-Cola has the potential to benefit another ETF: The PowerShares Dynamic Food & Beverage Portfolio (NYSEArca: PBJ).

Unlike many of the most widely held consumer staples ETFs, PBJ is not cap-weighted. Rather, it is a smart beta ETF that weights its 30 holdings based on price momentum, earnings momentum, quality, management action, and value. [This Staples ETF is Ready to Pop]

That has resulted in a top-10 lineup where Coca-Cola and Green Mountain are the sixth- and ninth-largest holdings, respectively. The stocks combine for 8.2% of the ETF’s weight.

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