A thematic obesity ETF concentrates nearly 30% in two stocks versus the diluted GLP-1 exposure in XLV.
The LeaderShares Dr. Bill Grace Global Obesity ETF (OZEM) holds Eli Lilly at 16% and Novo Nordisk at 13%, giving it a 29% allocation to GLP-1 leaders. This compares to the broader Health Care Select Sector SPDR Fund (XLV), which spreads exposure across the entire S&P 500 healthcare sector.
Eli Lilly reported Q1 2026 revenue of $19.8 billion, up 55.5% year over year. Mounjaro sales reached $8.66 billion, a 125% increase, while Zepbound hit $4.16 billion, up 80%. The Health Care Select Sector SPDR Fund (XLV) returned 21.61% over the past year, but its diluted GLP-1 exposure limits gains from the obesity trade.
OZEM’s concentrated position in GLP-1 leaders has outperformed XLV’s broader healthcare allocation, though a 13% cash position has weighed on performance.