At a glance
EIPI charges 1.11% a year, above the 0.77% average of the 4 funds most like it (the most expensive of 5). It has $1.11B in assets, the largest of that group; it paid 7.45% of its price in distributions over the past 12 months, monthly. Over the past year it returned +24.2% with distributions reinvested (S&P 500: +11.5%), the weakest of those 5 funds. Its ten largest positions make up 40.3% of the fund, out of 75 in all.
The short version
FT Energy Income Partners Enhanced Income ETF (EIPI) is an actively managed First Trust fund. It holds pipeline partnerships, utilities and oil and gas companies, and sells call options on part of the portfolio to raise extra income. It had a trailing yield of 7.45% as of October 27, 2026, paid monthly. But its 1.11% expense ratio is the highest among four similar funds, which average 0.77%.
Price history
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EIPI +24.2% 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 | |
|---|---|---|---|---|---|---|
| EIPI official prospectus, to Dec 31, 2025 | — | +9.44% | — | +17.71% | +9.80% | +9.16% |
| EIPI price data to Oct 27, 2026 | +21.0% | +24.2% | — | — | — | +19.4% |
- Over the year to Oct 27, 2026, EIPI returned +24.2%, 5th of 5 among similar funds.
- Its worst full calendar year was 2025 (+13.4%); its best was 2025 (+13.4%).
- The deepest fall in its price history was 12.3% (Apr 2, 2025 to Apr 8, 2025), recovered by Aug 22, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +21.0% | — |
| 2025 | +13.4% | +9.44% |
| 2024 | — | +22.92% |
| 2023 | — | +10.25% |
| 2022 | — | +15.73% |
| 2021 | — | +31.65% |
| 2020 | — | -24.23% |
| 2019 | — | +28.90% |
| 2018 | — | -12.86% |
| 2017 | — | +0.18% |
| 2016 | — | +32.17% |
| 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 |
|---|---|---|
| 2026 (to date) | $1.3000 | |
| 2025 | $2.1200 |
What's inside
As of Aug 31, 2026, the fund held 75 securities; the ten largest made up 40.3% of assets, and 4.55% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| ENTERPRISE PRODUCTS PARTNERS LP | 8.57% | |
| ENERGY TRANSFER LP | 6.84% | |
| MPLX LP | 4.56% | |
| KINDER MORGAN INC | 3.86% | |
| EXXONMOBIL HOLDINGS CORP | 3.38% | |
| ONEOK INC | 3.14% | |
| SHELL PLC | 2.75% | |
| NATIONAL FUEL GAS COMPANY | 2.64% | |
| DUKE ENERGY CORP | 2.29% | |
| PLAINS GP HOLDINGS LP | 2.27% | |
| EOG RESOURCES INC | 2.17% | |
| WILLIAMS COMPANIES INC (THE) | 1.99% | |
| SOUTHERN COMPANY (THE) | 1.80% | |
| CHENIERE ENERGY PARTNERS LP | 1.74% | |
| PUBLIC SERVICE ENTERPRISE GROUP INC | 1.73% |
By country
United States 87.99%United Kingdom 2.75%Canada 2.29%Curaçao 1.16%France 0.54%By asset type
Stocks 95.68%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $12.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.62%, +2.95%, +2.17%.
How it works
EIPI does not track an index. Its sub-advisor, Energy Income Partners, picks the stocks. At least 80% of net assets go to what the prospectus calls Energy Companies. These include the energy sector, utilities other than water utilities, and firms that earn at least half their revenue or profits from activities such as pipelines, refining, power, renewables or energy storage. The fund can own master limited partnerships (MLPs), which are publicly traded partnerships common in the pipeline business. It can also own non-US companies. The manager weighs each company's yield, growth and valuation. Portfolio turnover was 103%, so holdings change often.
To raise income, the fund sells call options on part of its value. Some are covered calls on stocks it owns: it collects a fee, called a premium, and in return gives up gains above a set price. It also sells calls on energy indexes and ETFs that it does not own. The prospectus warns that losses on these uncovered calls are theoretically unlimited. As of August 31, 2026, the fund had 43 option positions, worth -0.69% of net assets.
As of that date, EIPI held 75 companies, and its 10 largest made up 40.3% of assets. The top five were Enterprise Products Partners (8.6%), Energy Transfer (6.8%), MPLX (4.6%), Kinder Morgan (3.9%) and ExxonMobil (3.4%). About 88% was in US companies.
What it really costs
- EIPI charges 1.11% a year, versus an average of 0.77% for the similar funds below (5th of 5, cheapest first).
- Of that, 1.1% is the management fee; the rest covers other fund expenses.
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
In a retirement portfolio
EIPI aims for high monthly distributions by combining dividends from energy companies with premiums from selling call options.
EIPI's main appeal is income. Its trailing yield was 7.45% as of October 27, 2026 ($1.69 per share), paid monthly. Part of that income comes from option premiums, which are usually taxed as ordinary income. The prospectus also warns that payouts may exceed the fund's income and could be cut. The ETF started trading in May 2024, so it has no record through 2008, 2020 or 2022. Its deepest drop was 12.3%, from April 2 to April 8, 2025. It recovered by August 22, 2025, about 4.5 months later. The prospectus shows a longer record that includes a 24.23% loss in 2020 and a 42.48% fall in the first quarter of 2020. That is a reminder that energy stocks can drop sharply in a year when you may need to sell. Costs are high: 1.11% a year, against a 0.77% average for similar funds. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income seekers who want monthly payouts from pipelines and utilities; the trailing yield was 7.45% as of October 27, 2026.
- Investors who want an actively managed energy mix that spans MLPs like Enterprise Products Partners, oil majors like ExxonMobil and utilities like Duke Energy.
- Holders using IRAs or other tax-advantaged accounts, where option income taxed as ordinary income creates less of a tax drag.
Look elsewhere if
- Cost-conscious investors: the 1.11% expense ratio is the highest among similar funds, while VanEck Energy Income ETF (EINC) charges 0.47%.
- Investors who want the full upside of energy rallies; its 24.2% one-year return trailed all four similar funds as of October 27, 2026.
- Anyone who needs broad diversification: the fund is concentrated in energy, and its top 10 holdings were 40.3% of assets as of August 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| EIPI this fund | — | 1.11% | $1.11B | +24.2% | — |
| EIPX FT Energy Income Partners Strategy ETF | 73% | 0.95% | $563.5M | +32.4% | +21.5% |
| UMI USCF Midstream Energy Income Fund ETF | 36% | 0.85% | $485.2M | +32.9% | +26.7% |
| MDST Westwood Salient Enhanced Midstream Income … | 33% | 0.8% | $287.2M | +25.7% | — |
| EINC VanEck Energy Income ETF | 31% | 0.47% | $108.7M | +34.8% | +28.4% |
Questions investors ask
Does EIPI pay monthly dividends?
Yes. EIPI pays distributions monthly. Over the 12 months to October 27, 2026, it paid $1.69 per share, a trailing yield of 7.45%. The money comes from the dividends its energy holdings pay plus premiums from selling call options. The prospectus warns that distributions may exceed the fund's income and gains, and that the fund may have to cut them if income runs short. So the payout is not guaranteed.
What's the difference between EIPI and EIPX?
Both are First Trust ETFs run by the same sub-advisor, Energy Income Partners, and their holdings overlap by 73%. EIPI's prospectus adds a call-option strategy to raise income, so EIPX's own prospectus is worth checking for how it differs. EIPX costs less, at 0.95% a year against EIPI's 1.11%. As of October 27, 2026, EIPX returned 32.4% over one year, while EIPI returned 24.2%. EIPI is larger, with about $1.11 billion in net assets.
Is EIPI good for retirement income?
It may suit retirees who want high monthly income from energy companies, but it comes with trade-offs. The trailing yield was 7.45% as of October 27, 2026. The fund is concentrated in one sector and costs 1.11% a year. Its option income is usually taxed as ordinary income. Selling calls also limits gains in strong rallies. The prospectus shows a 24.23% loss in 2020, a period before the ETF began trading in May 2024.
How does EIPI's covered call strategy work?
EIPI sells call options on part of its portfolio and collects a fee, called a premium, for each one. In return, it gives up gains above a set price on those shares. It also sells calls on energy indexes and ETFs it does not own. The prospectus says losses on these uncovered calls are theoretically unlimited. As of August 31, 2026, the fund had 43 option positions, worth -0.69% of net assets.
What are EIPI's top holdings?
As of August 31, 2026, EIPI's largest holdings were Enterprise Products Partners (8.6%), Energy Transfer (6.8%), MPLX (4.6%), Kinder Morgan (3.9%) and ExxonMobil (3.4%). ONEOK, Shell, National Fuel Gas, Duke Energy and Plains GP Holdings completed the top 10. Together, the top 10 made up 40.3% of the fund, which held 75 companies. The fund leans heavily toward pipeline companies, many of them master limited partnerships, along with utilities and oil producers.