## [# Weight Loss ETFs: Effectively Thinning Investor Portfolios](/sections/data-dive/weight-loss-etfs-effectively-thinning-investor-portfolios)
# Weight Loss ETFs: Effectively Thinning Investor Portfolios
\- THNR, OZEM & HRTS have largely disappointed investors as obesity drug popularity surges.
\- The trend of increasing drug sales has not been reflected in specialized ETFs.
\- Monjouro, Zepbound, Wegovy and Ozempic sales are expected to soar while competition increases.
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[By Ron Day](/contributors/ron-day)
Jun 02, 2025
Edited by: David Tony
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ETFs focused on weight-loss drugs have mostly thinned investors’ portfolios this year.
Three exchange-traded funds that offer exposure to the makers of drugs like Wegovy, Ozempic, Monjouro, Zepbound and others are trailing broader markets, even as the hype over the drugs skyrockets.
## HRTS & Peers Underperform
The $51.2 million [**Tema Cardiovascular and Metabolic ETF (HRTS)**](/hrts), the $35.8 million [**Roundhill GLP-1 and Weight Loss ETF (OZEM)**](/ozem) and the $2.9 million [**Amplify Weight Loss Drug & Treatment ETF (THNR)**](/thnr) are all in the red over the past full year.
Over the past three months through Friday, May 30, the funds have been hit particularly hard: HRTS has lost 9.8%, THNR has shed 5.2% and OZEM is down 4.5%. The S&P 500, as measured by the [**Vanguard S&P 500 ETF (VOO)**](/voo), has lost 0.9% over that time.
Their top holdings generally include the big weight-loss drug makers, such as [Eli Lilly & Co. (LLY)](/stock/lly), maker of Zepbound and Wegovy, and Ozempic maker [Novo Nordisk A/S (NVO)](/stock/nvo). HRTS, which is focused on cardiovascular diseases like diabetes, holds those companies while also maintaining [Abbott Laboratories (ABT)](/stock/abt) as its No. 2 allocation.
Behind the decline is the big tumble in shares like LLY, which has plummeted 20% over the past three months. The company cut its full-year profit outlook last month, cutting into the share price after nearly tripling in value over the past three years.
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## OZEM, THNR Miss Out
Still, OZEM and THNR launched only about a year ago, largely missing the run-up in stock prices.
“These funds launched at the tail end of the run up, missing out on much of the gains,” etf.com Senior Analyst Sumit Roy said. Novo Nordisk has dropped 16% this year, which Roy said was due to “rising competition and fears that its drugs are falling behind rivals in their effectiveness.”
It may still be early days in the weight-loss industry. Morgan Stanley recently [upped](https://www.morganstanley.com/insights/articles/weight-loss-medication-market-unstoppable-growth) its outlook, saying the global market for obesity drugs might hit $150 billion in 2035. That would be a 10-fold jump from the $15 billion in sales achieved last year.
*OZEM vs.THNR vs. HRTS—Source: etf.com ETF Comparison Tool & FactSet data*
*Compare ETFs effortlessly with etf.com's Comparison Tool. Find the right funds for your portfolio with detailed side-by-side analysis and insights.* [*Give it a try today.*](https://www.etf.com/tools/etf-comparison)
The companies within the ETFs also aren’t strictly obesity drug makers, noted etf.com Research Lead Kent Thune, CFP. “The recent downside on the broader biotech industry is weighing these ETFs down,” he said.
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[ Ron Day Contributing Editor ](/contributors/ron-day)
Ron Day is Contributing Editor at etf.com. He joined the company in October 2022 and has served as Managing Editor, deputy managing editor and… [View Bio](/contributors/ron-day)
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