Amplify Weight Loss Drug & Treatment ETF (THNR) 4th Quarter Commentary 2025
The Amplify Weight Loss Drug & Treatment ETF (THNR) seeks investments 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 9.05% on a net asset value (NAV) compared to its underlying benchmark, the VettaFi Weight Loss Drug & Treatment Index, which returned to 9.38% for the fourth quarter (Q4) 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.
2026 Year of Obesity Pills1
FDA approval for GLP-1 obesity pills has potential to accelerate the use and adoption of GLP-1 drugs as a more convenient and cheaper option to injectables. Pills are likely to cost $150 versus high-cost injections. Novo Nordisk has already received approval of a once-daily Wegovy pill and a GLP-1 from the company’s chief rival Eli Lilly is expected to be approved in the next few months. Pills could attract new patients to seek treatment for the first time, expanding the broader weight loss and diabetes drug market, potentially boosting sales for leading GLP-1 manufacturers Novo Nordisk and Eli Lilly. Structure Therapeutics says it expects oral weight loss drugs to capture 25-50% of the GLP-1 drug market by 2030.2
Tirzepatide Sales Have Grown at a Rapid Rate3
In the first 9 months of 2025, Eli Lilly’s Tirzepatide, marketed as Monjauro for diabetes and Zepbound for weight loss, has generated $24.8 billion in revenue, making it the world’s best-selling drug. It has now also been approved as a treatment for sleep apnea. Lilly has stolen the lead from Danish rival Novo Nordisk’s semaglutide drugs Ozempic and Wegovy, with both losing market share. Novo has applied for label extensions for semaglutide to treat other conditions such as fatty liver and oral versions of these drugs could help increase market share.
BALANCE Aims to Expand Coverage4
The BALANCE Model, which stands for Better Approaches to Lifestyle and Nutrition for Comprehensive Health, aims to increase access to select glucagon‐like peptide‐1 (GLP-1) medications and healthy lifestyle interventions to help people on Medicare and Medicaid improve their health. As part of this voluntary model, CMS will negotiate drug pricing and coverage terms with manufacturers of GLP-1 medications on the behalf of state Medicaid agencies and Medicare Part D plan sponsors.
Top performers that contributed returns include Eli Lilly (+41.06%), Regeneron Pharmaceuticals (+37.44%), and Chugai Pharmaceuticals (+22.26%)
GLP-1 pharma manufacturer Eli Lilly remains in the lead in terms of market share for GLP-1 drugs with tirzepatide even as it lags behind rival Novo Nordisk for oral pill approval. Lilly’s Q4 2025 YOY profits are expected be up in excess of 40%. The company just announced a strategic partnership with Nimbus Therapeutics to develop an oral obesity treatment to help expand its pipeline beyond injectables.5 Biotech name Regeneron is throwing itself into the obesity market, licensing a dual GLP-1/GIP receptor agonist from the Chinese biopharma Hansoh Pharmaceuticals Group. The deal will see Regeneron work with Hansoh on a late-stage GLP1/GIP agonist HS-20094.6 Japanese drug maker Chugai gained on reports that Lilly’s oral GLP-1 orforglipron, discovered by Chugai, achieved all primary and key secondary endpoints for weight maintenance in a Phase 3 trial.7 Participants switching from Wegovy to orforglipron largely maintained prior weight loss, and Lilly has filed orforglipron with the U.S. FDA for obesity treatment.
Detractors on performance for the period included Hims & Hers (-42.75%), Novo Nordisk (-8.31%) and Innovent Biologics (-20.93%)
Telehealth company Hims and Hers is down on increased competition in the compounded pharmacy space. While it initially generated revenue due to high cost and shortages, many of those bottlenecks are now being overcome with lower-cost branded options and more competitors such as Amazon Pharmacy are coming online to take market share. While Novo Nordisk has lost its market share lead versus Eli Lilly and has been hurt by trade issues, recent approvals for an oral version of Wegovy could revive the stock. Chinese biotech Innovent is down more in sympathy with China biotech names than anything related to GLP-1 developments. An experimental GLP-1/glucagon (GCP) dual receptor agonist mazdutide from Eli Lilly and its Chinese partner Innovent beat Novo Nordisk’s reigning GLP-1 semaglutide in a phase 3 study across both blood sugar and weight loss metrics.8 This opens the door for GLP-1 market share gains in China.
Visit the THNR fund page for more information, including fact sheets, insights, index methodology, and regulatory documents.
2https://finance.yahoo.com/news/structure-expects-pills-capture-25-195957608.html
3https://www.fool.com/investing/2025/11/22/2-major-stocks-want-to-dominate-the-glp-1-market/
4https://www.cms.gov/priorities/innovation/innovationmodels/balance#:~:text=Problem:%20GLP%2D1%20drugs%20for,by%20promoting%20evidence%2Dbased%20prevention.
5https://www.msn.com/en-us/health/other/what-to-expect-from-eli-lilly-s-q4-2025-earnings-report/ar-AA1U7Tik
6https://www.biospace.com/business/amid-rough-waters-regeneron-puts-nearly-2b-on-the-line-for-chinese-obesity-drug
7https://www.tipranks.com/news/company-announcements/chugai-highlights-positive-phase-3-results-and-fda-filing-for-lillys-oral-glp-1-orforglipron
8https://www.fiercepharma.com/pharma/innovent-and-lillys-mazdutide-trumps-novos-semaglutide-head-head-diabetes-weight-loss-study
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 manufacturers or enablers of the GLP-1 pharmaceutical business.
Carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. This and other information can be found in the Fund’s statutory and summary prospectuses, which may be obtained at AmplifyETFs.com. Read the prospectus carefully before investing.
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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.
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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.
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Amplify ETFs are distributed by Foreside Fund Services, LLC.