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 5.12% on a net asset value (NAV) compared to its underlying benchmark, the VettaFi Weight Loss Drug & Treatment Index, at 5.38% for the second quarter (Q2) 2026.
| Cumulative (%) | Annualized (%) | ||||
|---|---|---|---|---|---|
| 1 Mo. | YTD | Since Inception |
1 Yr. | Since Inception |
|
| NAV | 3.01% | 1.93% | 4.50% | 15.21% | 2.11% |
| Closing Price | 3.08% | 1.87% | 4.59% | 15.03% | 2.15% |
| VettaFi Weight Loss Drug & Treatment Index | 3.07% | 2.36% | 6.12% | 16.30% | 2.85% |
Data as of 6/30/26. 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.
| Ticker | Company | Weight (%) |
|---|---|---|
| NVO | Novo Nordisk A/S | 9.78% |
| LLY | Eli Lilly & Co | 9.44% |
| SRRK | Scholar Rock Holding Corp | 5.67% |
| VKTX | Viking Therapeutics Inc | 5.53% |
| HIMS | Hims & Hers Health Inc | 5.33% |
| ABBV | AbbVie Inc | 5.22% |
| 1801 HK | Innovent Biologics Inc | 5.00% |
| ARWR | Arrowhead Pharmaceuticals Inc | 4.99% |
| 4519 JP | Chugai Pharmaceutical Co Ltd | 4.58% |
| 1093 HK | CSPC Pharmaceutical Group Ltd | 4.57% |
Data as of 6/30/26. Holdings and allocations are subject to change at any time and should not be considered a recommendation to buy or sell a security.
Eli Lilly vs Novo Nordisk: Battle for GLP-1 Supremacy
GLP-1 remains one of the fastest growing areas of pharma, with an estimated 1 in 8 adults taking GLP-1 drugs. The second quarter saw market share leader Eli Lilly surge even further against its main rival Novo Nordisk. Lilly grew its revenue by 56% and raised guidance to $82-85 billion, while Novo cut 9,000 jobs after reporting a sales decline of 4%. Lilly’s blockbuster drugs Mounjaro (diabetes) and Zepbound (obesity) have helped push Lilly’s market cap above $1 trillion - the first big pharma to achieve that status.1
GLP3’s, Triple Agonist in the Pipeline - Eli Lilly’s phase 3 drug retatrutide is a triple agonist 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. In clinical trials, the weight loss efficacy exceeded 28%.
First Oral Non-Peptide Approved - On April 1, 2026, the FDA approved orforglipron (Foundayo by Eli Lilly) as the first small-molecule (non-peptide) daily pill for adults with obesity or overweight. Unlike injectable GLP-1s, Foundayo is a small-molecule (non-peptide) drug taken as a pill without food or water restrictions. Lilly noted that Foundayo demonstrated clinically meaningful weight loss in Phase 3 trials, with a safety profile generally consistent with the GLP-1 class. There are no dosing restrictions and the medication doesn’t require refrigeration. Foundayo became available in April at a discounted price on the Lilly Direct platform.2
Cardiovascular Risk Reduction Pill - Novo Nordisk made its new higher-dose oral Ozempic tablets available in US pharmacies in early May. This established it as the only FDA-approved oral GLP-1 for both primary and secondary cardiovascular risk reduction in adults with type 2 diabetes.3 Following the late-2025 launch of the oral Wegovy pill, Novo Nordisk continued to report soaring prescription numbers for its oral RX lineup in Q2 2026.
GLP-1 Shortages Ending - On April 30, 2026, the FDA announced preliminary plans to remove semaglutide, tirzepatide, and liraglutide from the 503B bulks list. This critical regulatory shift aims to phase-out outsource compounding for these drugs, signalling an end to national GLP-1 supply shortages.
GLP-1 Generics on the Way - On June 29, 2026, Sandoz announced that the FDA accepted for review two abbreviated new drug applications (ANDAs) for generic versions of tirzepatide (the active ingredient in Mounjaro and Zepbound).4 This represents the early stages of preparing for generic auto-injectors to hit the market.
More GLP-1 Pipeline Progress
Novo Nordisk advanced amycretin (now assigned the name zenagamtide), a GLP-1 and amylin receptor co-agonist, into Phase 3 trials for obesity after early-stage studies demonstrated striking weight-loss efficacy.5
Viking Therapeutics made key progress with its lead candidate VK2735. The injectable formulation progressed deeper into Phase 3 clinical evaluation, while its oral VK2735 advanced into Phase 2, positioning Viking as a top contender in the race for next-generation oral weight-loss therapies.6
Amgen advanced MariTide (a GIPR/GLP-1 bispecific) into Phase 3 development. The drug has gained significant investor attention for its unique dosing profile and potential for long-term weight maintenance.7
Roche moved its Phase 2 oral GLP-1 candidate CT-388 (enicepatide) forward, building on its acquisition of Carmot Therapeutics.8
Structure Therapeutics showcased promising Phase 2 data for aleniglipron and prepared for Phase 3 initiation for its oral metabolic portfolio.8
Top performers contributing to returns include Eli Lilly (+30.63%), Novo Nordisk (+30.45%), and Arrowhead Pharmaceuticals (30%).
Shares of Eli Lilly rallied due to the continued success of its GLP-1 drugs Mounjaro and Zepbound. Lilly’s direct to consumer platforms have also given it an edge against competitors like Novo and compounding copycat players. Novo Nordisk also experienced a rally in Q2 2026, driven primarily by the blockbuster performance and international expansion of its oral Wegovy pill and strong Q1 earnings results. Arrowhead Pharmaceuticals stock surged over the period due to an exceptional fiscal Q2 earnings report and a strong commercial launch of its cardiometabolic drug, Redemplo (plozasiran). The drug is an RNA-interference therapy used alongside a strict low-fat diet (≤20 grams of fat daily) to significantly reduce triglyceride levels in adults.
Detractors on performance for the period included Regeneron Pharmaceuticals (-19.18%) and CSPC Pharmaceuticals (-21.74%).
Regeneron stock declined due to a melanoma trial setback for its phase 3 drug fianlimab. Regeneron’s GLP-1 pipeline focuses on high-efficacy unimolecular weight loss (phase 3) combined with therapies designed to preserve lean muscle mass and treat cardiovascular comorbidities. CSPC Pharmaceuticals stock declined after reporting weak results. The company reported a significant drop in revenue and severe profit contraction (with reported profits dropping over 40%) due to a decline in finished drug sales and lower license fee income. CSPC has a deal with AstraZeneca giving them rights outside of China to a clinical-ready long-acting obesity asset.
Visit the THNR fund page for more information, including fact sheets, insights, index methodology, and regulatory documents.