Amplify Weight Loss Drug & Treatment ETF (THNR) 3rd Quarter Commentary 2025

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 expected to economically benefit from weight loss drug development. 

THNR returned 3.64% on a net asset value (NAV) compared to its underlying benchmark, the VettaFi Weight Loss Drug & Treatment Index at 3.87% for the third quarter (Q3) 2025. View Standardized Performance

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. For most recent month-end performance, visit  AmplifyETFs.com/THNR. 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.

3 Ways the GLP-1 Market Has Changed Shape 

Three takeaways: 1) The market has continued to grow.  2) The race for an oral pill is ramping up, and 3) Manufacturing is getting more competitive. Novo Nordisk and Eli Lilly’s quarterly earnings revealed shifting dynamics in the lucrative obesity space. Novo’s sales rose 18% during the first half compared to the same period last year, but the Danish pharma lowered its revenue and profit outlook for the rest of 2025 due to slower-than-expected growth. Lilly, meanwhile, is taking over the space thanks to the popularity of Zepbound, its tirzepatide drug for obesity. The company reported that revenue rose 38% during the second quarter of the year, and 41% for the first half. Lilly also upped its 2025 guidance due to strong demand for its GLP-1 drugs. The quarterly results highlighted how the two companies are competing against each other as other drugmakers wait on the sidelines for their candidates to move through the clinic.¹

New Oral Drugs Offer More Options

Two new oral GLP1 medications have helped trim body weight in recently published studies. The FDA approved Rybelsus, an oral version of semaglutide manufactured by the drug company Novo Nordisk, in a higher-dose version of the drug, 25 milligrams. The trial followed more than 300 participants for up to 64 weeks, who saw on average a nearly 14% drop in body weight among people taking the drug. The other trial tested Orforglipron, a different oral GLP-1 made by the pharmaceutical company Eli Lilly. The orforglipron trial followed more than 3,000 participants for up to 72 weeks. People on the highest dose lost an average of about 11% of their body weight.²

GLP1’s Work, But When Stopped Effects Stop Too

People who stop taking GLP-1 medications like Wegovy and Zepbound started to regain weight in a short amount of time, a new study suggests. Researchers analyzed 11 different studies to understand weight outcomes after stopping anti-obesity medications called glucagon-like peptide-1 receptor agonists, or GLP-1s, which mimic the GLP-1 hormone that is produced in the gut after eating. A team, from Peking University People’s Hospital in China, found that most began to regain weight within about two months of stopping treatment. In many cases, that weight gain continued for several months before leveling off. The study was published on Tuesday in the journal BMC Medicine.³

Top performers contributing to returns include Metsera (+57%) and Zealand Pharma (+30%)

Pfizer acquired Metsera for $7.3 billion as it tries to gain a foothold in the lucrative weight-loss market.⁴ Zealand Pharma’s recent earnings call for the second quarter of 2025 revealed significant strides in its obesity drug pipeline, financial performance, and a strategic partnership with Roche. The company is focusing on its obesity pipeline with promising drug candidates. Cash reserves increased significantly, supporting future R&D efforts. New leadership appointments aim to strengthen scientific and development capabilities.⁵

Detractors on performance for the period included Novo Nordisk (-19%) and Chugai Pharmaceuticals (-16%)

Novo Nordisk now lags behind competitor Eli Lilly and is seeing sales decline.⁶ Chinese drugmaker Chugai declined on levies on branded drugs.⁷

Visit the THNR fund page for more information, including fact sheets, insights, index methodology, and regulatory documents.