At a glance
OZEM charges 0.59% a year, above the 0.39% average of the 6 funds most like it (the 5th cheapest of 7). It has $54.1M in assets, the 5th largest of that group; it paid 1.39% of its price in distributions over the past 12 months, annual. Over the past year it returned +6.8% with distributions reinvested (S&P 500: +11.5%), the weakest of those 7 funds. Its ten largest positions make up 65.9% of the fund, out of 24 in all.
The short version
Roundhill GLP-1 & Weight Loss ETF (OZEM) is an actively managed fund holding about two dozen drugmakers that are developing or selling weight-loss drugs, led by Novo Nordisk and Eli Lilly. It is a narrow, concentrated bet on one theme. About 66% of the fund sits in its 10 largest holdings, only about 44% is in US companies, and its 0.59% expense ratio is above the 0.39% average of similar funds.
Price history
The interactive chart needs JavaScript.
OZEM +6.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| OZEM official prospectus, to Dec 31, 2025 | — | +41.36% | — | — | — | +21.48% |
| Index5 index, same period | — | +22.52% | — | — | — | +17.76% |
| OZEM price data to Oct 27, 2026 | -13.6% | +6.8% | — | — | — | +7.0% |
- Over the year to Oct 27, 2026, OZEM returned +6.8%, 7th of 7 among similar funds.
- Its worst full calendar year was 2025 (+41.9%); its best was 2025 (+41.9%).
- The deepest fall in its price history was 28.7% (Oct 7, 2024 to Apr 8, 2025), recovered by Oct 6, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -13.6% | — |
| 2025 | +41.9% | +41.36% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.4100 |
What's inside
As of Jun 30, 2026, the fund held 24 securities; the ten largest made up 65.9% of assets. It also reported 10.55% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Novo Nordisk A/S | 12.96% | |
| Eli Lilly & Co | 12.69% | |
| Pfizer Inc | 6.38% | |
| Kailera Therapeutics Inc | 6.21% | |
| Viking Therapeutics Inc | 5.86% | |
| CSPC Pharmaceutical Group Ltd | 5.32% | |
| Chugai Pharmaceutical Co Ltd | 4.51% | |
| Ascletis Pharma Inc | 4.20% | |
| Zealand Pharma A/S | 3.92% | |
| Amgen Inc | 3.85% | |
| AstraZeneca PLC | 3.83% | |
| Hanmi Pharm Co Ltd | 3.50% | |
| Structure Therapeutics Inc | 3.05% | |
| Roche Holding AG | 3.03% | |
| MBX Biosciences Inc | 2.80% |
By country
United States 44.22%Denmark 18.76%China 17%Japan 5.75%United Kingdom 3.83%By asset type
Stocks 99.59%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $286K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.03%, +2.40%, +2.02%.
How it works
OZEM does not track an index. Its adviser, Roundhill Financial Inc., picks stocks with its own proprietary method. At least 80% of net assets must go to companies with weight-loss drugs, such as GLP-1 drugs, that the FDA has approved or that are in Phase I, II or III clinical trials. GLP-1 drugs copy a gut hormone that helps control appetite. Companies outside the US qualify if their home-country drug regulator is overseeing the trials or has approved the drug. The adviser favors companies with higher "thematic relevance," meaning how closely their business ties to weight loss. It judges this from company filings and presentations, Wall Street research, industry publications and drug-pipeline trackers.
Each holding must have a market value of at least $100 million and trade an average of $500,000 a day. The adviser resets position sizes at least once a quarter, and portfolio turnover was 66%. The fund can own small, mid-size and large companies, including foreign shares held through depositary receipts (US-traded certificates that stand in for foreign stock).
The fund is "non-diversified," so it can put large amounts into a few stocks, and it is concentrated in health care. As of June 30, 2026, it held 24 companies. Novo Nordisk made up 13.0% and Eli Lilly 12.7%, followed by smaller drug developers such as Kailera Therapeutics and Viking Therapeutics.
What it really costs
- OZEM charges 0.59% a year, versus an average of 0.39% for the similar funds below (5th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $60 in the first year and $738 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| OZEM | $60 | $189 | $329 | $738 |
In a retirement portfolio
OZEM is a concentrated, actively managed bet on one drug theme with a short track record, so it fits better as a small add-on than as a foundation.
OZEM launched on May 21, 2024, so it has not been through the 2008, 2020 or 2022 market crashes. It has also completed only one full calendar year, 2025, when it gained 41.4%. Its deepest drop was 28.7%, from October 7, 2024 to April 8, 2025, and it took about six months to recover, by October 6, 2025. In 2026 it had fallen 13.6% through October 27. A retiree forced to sell during a slide like that would lock in losses. Income is small: the trailing yield was 1.39% as of October 27, 2026, paid once a year. Costs add up too. On a $10,000 investment, the SEC's standard example shows $60 in the first year and $738 over 10 years. Past results don't predict the future, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small, targeted position in GLP-1 and weight-loss drug makers, from Novo Nordisk and Eli Lilly to early-stage biotechs.
- People comfortable with a fund where the 10 largest holdings make up about 66% of assets and price swings were about 23% a year.
- Investors who want weight-loss drug exposure across the US, Denmark, China, Japan and South Korea, not just US companies.
Look elsewhere if
- Cost-conscious investors: broad health care funds like XLV (0.08%) and VHT (0.09%) cost far less than OZEM's 0.59%.
- Retirees who need regular income, since the trailing yield was 1.39% as of October 27, 2026, paid only once a year.
- Anyone wanting a long track record: the fund launched in May 2024 and fell 28.7% in its deepest drop.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| OZEM this fund | — | 0.59% | $54.1M | +6.8% | — |
| THNR Amplify Weight Loss Drug & Treatment ETF | 61% | 0.59% | $4.4M | +8.1% | — |
| PPH VanEck Pharmaceutical ETF | 26% | 0.36% | $879.5M | +26.4% | +17.9% |
| MEDX Horizon Kinetics Medical ETF | 23% | 0.85% | $19.1M | +19.1% | +13.9% |
| IYH iShares U.S. Healthcare ETF | 20% | 0.39% | $3.56B | +23.8% | +15.0% |
| XLV Health Care Select Sector SPDR Fund | 20% | 0.08% | $40.60B | +30.2% | +16.2% |
| VHT Vanguard Health Care ETF | 20% | 0.09% | $22.04B | +28.9% | +16.9% |
Questions investors ask
Is OZEM good for retirement?
For most retirement portfolios, OZEM fits better as a small satellite position than as a core holding. It is a concentrated bet on weight-loss drugs, with about 66% in its top 10 stocks. It fell 28.7% between October 2024 and April 2025, and it was down 13.6% for 2026 through October 27. Its yield was 1.39% as of October 27, 2026, paid once a year, so it offers little income.
What are OZEM's top holdings?
As of June 30, 2026, OZEM's largest holdings were Novo Nordisk (13.0%), Eli Lilly (12.7%), Pfizer (6.4%), Kailera Therapeutics (6.2%) and Viking Therapeutics (5.9%). Next came CSPC Pharmaceutical, Chugai Pharmaceutical, Ascletis Pharma, Zealand Pharma and Amgen. The fund held 24 companies in total. About 44% was in US companies, 18.8% in Danish companies and 17% in Chinese companies.
What's the difference between OZEM and THNR?
OZEM and the Amplify Weight Loss Drug & Treatment ETF (THNR) cover the same theme, and about 61% of their holdings overlap. Both charge 0.59% a year. OZEM is much larger, with $54.1 million in net assets against THNR's $4.4 million as of June 30, 2026. Over the year to October 27, 2026, THNR returned 8.1% and OZEM returned 6.8%. OZEM is actively managed by Roundhill Financial.
Does OZEM pay dividends?
Yes, but not much, and only once a year. OZEM paid $0.41 per share over the trailing 12 months, a yield of 1.39% as of October 27, 2026. The fund's stated goal is capital growth, not income. Many of its holdings are smaller drug developers that are still running clinical trials, so a large or steady payout is unlikely to be a focus.
What is OZEM's expense ratio?
OZEM's expense ratio is 0.59%, according to its prospectus filed April 30, 2026. In the SEC's standard example, that comes to about $60 in the first year on a $10,000 investment and $738 over 10 years. Similar funds average 0.39%. Broad health care funds cost far less: XLV charges 0.08% and VHT charges 0.09%, though they hold the whole sector, not just weight-loss drug makers.