An MTJ or MR read sensor is formed by depositing a stack in a reverse order with a free layer (FL) deposited on a lower shield, followed by a tunneling barrier layer (for an MTJ) or a conducting spacer layer (for an MR) and, finally, an antiferromagnetically coupled pinning structure and an upper shield. This reverse order permits a series of etching processes to be accurately performed on the lower shield and the stack together with the formation of biasing layers that are coupled to the lower shield and the stack, without adversely affecting the stability of the pinning structure. Further, the distance between the FL and the shield is accurately determined and repeatable even down to the sub-nm regime. An upper shield can then be formed and also coupled to the biasing layers.