Amplify Weight Loss Drug & Treatment ETF (THNR) First Quarter Commentary 2026
The Amplify Weight Loss Drug & Treatment ETF (THNR) seeks investment results that generally correspond to the performance of the VettaFi Weight Loss Drug & Treatment Index. THNR provides access to global companies involved in the pharmaceutical manufacturing of GLP-1 agonist or enablers of such businesses.
THNR returned -3.03% on a net asset value (NAV) basis compared to its underlying benchmark, the VettaFi Weight Loss Drug & Treatment Index at -2.86% for the first quarter (Q1) 2026.
| Cumulative (%) | Annualized (%) | |||
| YTD | Since Inception | 1 Yr. | Since Inception | |
| NAV | -3.03% | -0.58% | 15.42% | -0.31% |
| Closing Price | -2.52% | 0.08% | 16.02% | 0.04% |
| VettaFi Weight Loss & Drug Treatment Index | -2.86% | 0.71% | 16.40% | 0.38% |
Data as of 3/31/26. Fund inception date: 5/20/2024. Total expense ratio is 0.59%. The performance data quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Click here for recent month end performance. Brokerage commissions will reduce returns. NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding. The closing price is the last price at which the fund traded.
Top 10 Holdings
| Ticker | Company | Weight (%) | Ticker | Company | Weight (%) |
|---|---|---|---|---|---|
| NVO | Novo Nordisk A/S | 11.68% | 1093 HK | CSPC Pharmaceutical Group Ltd | 5.25% |
| LLY | Eli Lilly & Co | 11.40% | ABBV | AbbVie Inc | 4.76% |
| REGN | Regeneron Pharmaceuticals Inc | 6.72% | AZN | AstraZeneca PLC | 4.68% |
| AMGN | Amgen Inc | 6.36% | ARWR | Arrowhead Pharmaceuticals Inc | 4.67% |
| 4519 JP | Chugai Pharmaceutical Co Ltd | 6.15% | PFE | Pfizer Inc | 4.67% |
Data as of 3/31/26. Holdings and allocations are subject to change at any time and should not be considered a recommendation to buy or sell a security.
2026 Year of Obesity Pills
There are now two GLP-1 obesity pills approved by the FDA. Eli Lilly’s orforglipron (Foundayo) once-daily pill has secured FDA approval for weight loss.1 The drug resulted in an average 21% weight loss in 72 weeks. The pill can be taken any time of the day without food or water restrictions. Novo Nordisk’s one-a-day Wegovy pill was also approved in December. Its drug caused 17% weight loss in 64 weeks. While the results are not as great as the injectable forms of these drugs, the added oral convenience and lower cost is groundbreaking, and they do not require cold storage. Lower cost oral options are also more likely to receive insurance approval.
GLP-3s and More in the Pipeline2
Retatrutide is a triple agonist from Eli Lilly in the pipeline that simultaneously activates 3 receptors: GLP-1, GIP, and glucagon. By targeting three pathways, the drug will suppress appetite, improve glucose control, and boost calorie burning. These drugs are in late-stage clinical trials. Another drug in the pipeline is a higher dose version of Wegovy, which is in phase 3 clinical trials. Novo Nordisk has a new combo drug called CagriSema including cagrilintide and semaglutide, targeting higher weight loss than semaglutide alone. The FDA response is anticipated in 2026. Survodutide (Boehringer Ingelheim/Zealand) is a dual glucagon/GLP-1 receptor agonist in Phase 3 trials for obesity and MASH (metabolic dysfunction-associated steatohepatitis). Maridebart caftaglutide (Amgen) is a GIP receptor agonist/GLP-1 receptor antagonist (Maritide) targeting significant weight loss, with potential approval in 2028 or beyond. VK2735 (Viking Therapeutics) has a dual GLP-1/GIP agonist being developed in both injectable and oral formulations, with Phase 3 trials initiated in 2025. Other key milestones in addition to recently introduced oral drugs are tests for more indications including Alzheimer’s disease, osteoarthritis, Parkinson’s, and substance/alcohol addiction. Generic versions of many drugs will also be coming out in 2028.
Top performers contributing to returns include Shionogi & Co (+21.4%), Merck & Co. (+15.1%), and Pfizer (14.7%).
Shionogi stock has shown positive momentum in early 2026, with investors assessing its valuation after the large RADICAVA ALS drug leading therapy acquisition from Tanabe.3 Merck stock is not rallying on GLP-1 news, but rather on the strength of its Keytruda immunotherapy pipeline including promising HIV treatment results.4 Pfizer is showing progress in weight loss drugs post its acquisition of Metsera.5 Investors are also rewarding their expansion into oncology.
Detractors on performance for the period included Novo Nordisk (-25.3%) and Eli Lilly (-14.3%).
Novo Nordisk has lost 40% of its value since its 2024 peak.6 The downturn has been driven by intense competition from Eli Lilly in the GLP-1 weight-loss market, disappointing trial results for new, next-generation drugs (CagriSema), and anticipated pricing pressures on Wegovy in the U.S. due to tariffs. Eli Lilly may be the current market leader in GLP-1, but it has been subject to concerns about pricing pressure and rising manufacturing costs amid more competition.7
Visit the THNR fund page for more information, including fact sheets, insights, index methodology, and regulatory documents.
2Scientific American. How Eli Lilly’s New GLP 1 Pill Stacks Up Against Wegovy and Other Weight Loss Drugs. April 2, 2026.
3Yahoo Finance. Tanabe Pharma America Announces Finalization of RADICAVA (Edaravone) Transfer to Shionogi. April 1, 2026.
4Investor’s Business Daily. Merck Stock Jumps on Keytruda Ovarian Cancer Breakthrough. February 27, 2026.
5The Motley Fool. Prediction: Buying Pfizer Stock Today Could Set You Up for Life. March 29, 2026.
6Reuters. Novo Nordisk slump wipes out last Wegovy era gains after trial setback. February 23, 2026.
7The Motley Fool. Why Eli Lilly Stock Slumped Today. February 24, 2026.
Index Definition: An index is unmanaged and it’s not possible to invest directly in an index. The VettaFi Weight Loss Drug & Treatment Index is a float-adjusted market cap weighted index comprised of global companies who are weight loss drug manufacturers or telehealth providers facilitating access of them.
A non-diversified fund and can invest a greater portion of its assets in securities of individual issuers which could cause greater fluctuations than a diversified fund. A narrowly focused portfolio concentrated in the pharmaceutical industry or healthcare sector, may exhibit higher volatility and be vulnerable to factors affecting them due to regulation, litigation, costs and competition.
Small and/or mid-capitalization companies may be more vulnerable to adverse general market or economic developments. Investments in foreign securities, especially in emerging markets, involve greater volatility and political, economic, and currency risks and differences in accounting methods beyond those of securities of U.S. issuers.
Amplify Investments LLC serves as the investment adviser to the Fund. Penserra Capital Management LLC serves as investment sub-adviser to the Fund.
Carefully consider the Funds’ investment objectives, risk factors, charges, and expenses before investing. This and additional information can be found in Amplify Funds statutory and summary prospectus, which may be obtained by calling 855-267-3837 or by visiting AmplifyETFs.com. Read the prospectus carefully before investing.
Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.
Amplify ETFs are distributed by Foreside Fund Services, LLC.