Demand for GLP-1 weight loss drugs has reshaped the healthcare industry. And ETFs such as the Amplify Weight Loss Drug & Treatment ETF (THNR) give investors a way to access this growing market. What was once a small corner of the pharmaceutical market is now expected to become a $130 billion to $150 billion market by 2035.
Key Takeaways
- GLP-1 drugs have changed the weight loss market. As demand continues to grow, this market is expected to become a $130 billion to $150 billion industry by 2035.
- Clinical innovation is rapidly expanding beyond the Novo Nordisk and Eli Lilly duopoly into next-generation oral formulations, genetic treatments, and muscle-preserving therapies.
- Unlike diversified healthcare ETFs, THNR isolates this high-growth theme by targeting the entire clinical and digital infrastructure ecosystem.
Breaking Down THNR’s Top 10 Holdings
Rather than relying solely on large-cap pharmaceutical companies, THNR tracks the VettaFi Weight Loss Drug & Treatment Index (THINR) and has an expense ratio of 0.75%. As of mid-2026, THNR’s 10 largest holdings reflect a mix of established pharmaceutical leaders, biotechnology companies developing next-generation therapies, and healthcare infrastructure providers supporting the broader obesity treatment ecosystem.
Novo Nordisk A/S (NVO) — 9.96% The maker of Ozempic and Wegovy (semaglutide) remains the largest holding in the portfolio. Beyond Ozempic and Wegovy, Novo Nordisk is working on oral GLP-1 therapies and drugs that target obesity-related diseases, including cardiovascular disease and chronic kidney disease.
Eli Lilly and Company (LLY) — 9.10% Eli Lilly has emerged as Novo Nordisk’s biggest competitor in the weight loss drug market. Its drugs, Zepbound and Mounjaro (tirzepatide), target both the GLP-1 and GIP receptors and have delivered more than 20% weight loss in long-term clinical trials.
The company is also developing next-generation weight loss treatments. Recent clinical trial results showed that one of Lilly’s newer drugs helped patients achieve greater weight loss compared with earlier therapies. Lilly continues to expand manufacturing capacity while building out its broader weight loss pipeline.
See More: Healthcare ETFs: From Broad Exposure to Big Breakthroughs
Hims & Hers Health, Inc. (HIMS) — 5.74% One of the few non-drug companies in THNR, Hims & Hers operates a telehealth platform that connects patients with licensed healthcare providers. The company has become part of the weight loss market by offering access to compounded GLP-1 medications, particularly as some insurers reduce coverage for branded drugs.
Scholar Rock Holding Corp. (SRRK) — 5.53% Scholar Rock is focused on a different challenge. Many patients lose muscle as they lose weight on GLP-1 drugs. The company is developing a treatment designed to help preserve lean muscle.
AbbVie Inc. (ABBV) — 5.23% AbbVie is also expanding into the obesity market. The company invested $350 million in ABBV-295, a long-acting amylin drug. Unlike GLP-1 therapies, amylin drugs suppress appetite and slow how quickly the stomach empties. Early Phase 1 trial data showed weight loss of nearly 10% after 12 weeks.
Innovent Biologics, Inc. (1801.HK) — 5.20% Innovent brings international diversification to the portfolio. The China-based company is developing a drug with Eli Lilly that targets both the GLP-1 and glucagon receptors.
Viking Therapeutics, Inc. (VKTX) — 5.11% Viking Therapeutics is developing VK2735, a dual GLP-1/GIP drug. The company is testing both a weekly injection and a once-daily oral version. Phase 2 results showed 14.7% weight loss after 13 weeks. That progress has made Viking a popular takeover candidate.
Arrowhead Pharmaceuticals, Inc. (ARWR) — 5.08% Arrowhead brings genetic medicine into the portfolio. Its experimental RNA interference therapy targets the Activin E pathway, which plays a role in fat storage. Mid-2026 data showed large reductions in visceral and liver fat when the treatment was combined with tirzepatide.
Regeneron Pharmaceuticals, Inc. (REGN) — 4.96% Like Scholar Rock, Regeneron is focused on preserving lean muscle during weight loss. The goal is to maximize fat reduction while preserving skeletal muscle.
AstraZeneca PLC (AZN) — 4.96% Rounding out the top holdings, AstraZeneca is expanding its obesity pipeline by leveraging its established presence in diabetes and cardiovascular disease. Among its key initiatives are licensed oral GLP-1 small-molecule therapies designed to simplify manufacturing and broaden global patient access. AstraZeneca was also one of the companies that gained weight during THNR’s latest index rebalance. During the March 11 rebalance, AstraZeneca’s allocation increased from 5.3% to 7.1%
THNR Takes a More Targeted Approach to Healthcare
The weight loss market is moving beyond today’s leading GLP-1 drugs. As more companies develop new treatments, the next phase of the industry could include oral therapies, combination drugs, muscle-preserving treatments, and new approaches to patient care.
As the industry continues to expand, THNR offers investors a way to follow the broader growth of weight loss innovation rather than relying solely on the companies leading the market today.
For more news, information, and analysis visit the Thematic Investing Content Hub.
VettaFi LLC (“VettaFi”) is the index provider for THNR for which it receives an index licensing fee. However, THNR is not issued, sponsored, endorsed, or sold by VettaFi, and VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of THNR.
Facts Only
* GLP-1 drugs have altered the weight loss market.
* The weight loss market is expected to reach $130 billion to $150 billion by 2035.
* Clinical innovation extends beyond Novo Nordisk and Eli Lilly into oral formulations, genetic treatments, and muscle-preserving therapies.
* The Amplify Weight Loss Drug & Treatment ETF (THNR) targets the clinical and digital infrastructure ecosystem of weight loss treatment.
* THNR's top holdings include Novo Nordisk A/S (NVO), holding 9.96%.
* Eli Lilly and Company (LLY) holds 9.10% of the portfolio.
* Hims & Hers Health, Inc. (HIMS) operates a telehealth platform connecting patients with healthcare providers.
* Scholar Rock Holding Corp. (SRRK) develops treatments to help preserve lean muscle lost during weight loss on GLP-1 drugs.
* AbbVie Inc. (ABBV) invested $350 million in ABBV-295, a long-acting amylin drug.
* Innovent Biologics, Inc. (1801.HK) is developing a drug with Eli Lilly targeting GLP-1 and glucagon receptors.
* Viking Therapeutics, Inc. (VKTX) is developing VK2735, a dual GLP-1/GIP drug.
* Arrowhead Pharmaceuticals, Inc. (ARWR) develops an RNA interference therapy targeting the Activin E pathway.
* AstraZeneca PLC (AZN) is expanding its obesity pipeline with licensed oral GLP-1 therapies.
Executive Summary
The demand for GLP-1 weight loss drugs has significantly reshaped the healthcare industry, with expectations that the market will expand to between $130 billion and $150 billion by 2035. This growth is driven by ongoing clinical innovation extending beyond the established duopoly of Novo Nordisk and Eli Lilly into next-generation oral formulations, genetic treatments, and muscle-preserving therapies. The Amplify Weight Loss Drug & Treatment ETF (THNR) provides an investment avenue to access this growing market by focusing on the entire clinical and digital infrastructure ecosystem supporting weight loss treatment.
The portfolio within THNR includes major pharmaceutical players like Novo Nordisk, which manufactures Ozempic and Wegovy and is developing oral GLP-1 treatments, and Eli Lilly, which competes with Zepbound and Mounjaro. Beyond these drug makers, the index also incorporates companies addressing related needs, such as Hims & Hers Health, which offers telehealth access to compounded medications, Scholar Rock Holding Corp., focused on muscle preservation, and AbbVie, which is expanding into the obesity market with amylin drugs. Other holdings diversify the exposure through international entities like Innovent Biologics and companies developing dual-action GLP-1/GIP drugs, such as Viking Therapeutics.
Full Take
The narrative presents a shift in focus from a narrow pharmaceutical competition to a broader ecosystem involving clinical innovation, digital access, and ancillary treatments like muscle preservation. The structure of THNR suggests an attempt to capture the entire growth trajectory rather than just existing leaders, which is a valid strategic approach for thematic investing in dynamic sectors. However, relying on this theme requires acknowledging the volatility inherent when chasing projected market size, particularly with an anticipated figure of $130-$150 billion by 2035.
The inclusion of entities like Hims & Hers and Scholar Rock acknowledges that weight loss is a multi-faceted challenge involving access (telehealth) and secondary complications (muscle loss), broadening the thematic scope beyond pure pharmacology. This creates an opportunity to analyze whether the index effectively captures emerging, non-GLP-1 related growth drivers or if it remains heavily weighted by incumbent drug developers. The focus on next-generation modalities—oral therapies, dual receptor targeting, and genetic approaches—indicates a forward-looking thesis about innovation outpacing current market structures.
The tension lies in balancing the certainty of established pharmaceutical giants against the potential of emerging technologies embedded within an index structure. One must question whether tracking the "entire clinical and digital infrastructure ecosystem" sufficiently mitigates risk from regulatory shifts or the failure of specific innovative pipeline candidates, rather than just reflecting aggregated market momentum. Further inquiry should focus on how rapidly true structural innovation will force a re-evaluation of these components versus simple extrapolation of current trends.
Sentinel — Human
The text reads like a synthesized analysis of a specific investment theme, effectively weaving factual data with forward-looking market commentary, leaning toward human financial journalism standards.