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 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.
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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.
