At a glance
FPWR charges 0.96% a year, above the 0.4% average of the 8 funds most like it (the most expensive of 9). It has $29.6M in assets, the 9th largest of that group; it paid 2.11% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +11.9% with distributions reinvested (S&P 500: +11.5%), 2nd of those 9 funds; over three years it returned +21.1% a year. At its worst it fell 32.1% in the 2020 crash (S&P 500: 33.7%) and 15.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 22 months after the lows. Its ten largest positions make up 34.2% of the fund, out of 57 in all.
The short version
First Trust EIP Power Solutions ETF (FPWR) is an actively managed fund in which sub-advisor Energy Income Partners picks companies tied to electric power, from utilities such as Duke Energy to pipeline partnerships such as Energy Transfer. Its mix of utilities and pipelines, aimed at both dividends and price gains, sets it apart from utility index funds. The catch is cost: its 0.96% expense ratio tops all eight similar funds, which average 0.40%.
Price history
The interactive chart needs JavaScript.
FPWR +11.9% 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 | |
|---|---|---|---|---|---|---|
| FPWR official prospectus, to Dec 31, 2025 | — | +16.19% | — | +10.29% | — | +10.34% |
| FPWR price data to Oct 27, 2026 | +14.0% | +11.9% | +21.1% | +11.4% | — | +11.2% |
- Over the year to Oct 27, 2026, FPWR returned +11.9%, 2nd of 9 among similar funds.
- Its 5-year annualized return was +11.4%.
- In the 2020 COVID crash it fell 32.1% and regained its old high 7.6 months after the low.
- Its worst full calendar year was 2023 (-3.4%); its best was 2024 (+22.6%).
- The deepest fall in its price history was 32.3% (Feb 18, 2020 to Mar 23, 2020), recovered by Nov 9, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +14.0% | — |
| 2025 | +16.8% | +16.19% |
| 2024 | +22.6% | +22.45% |
| 2023 | -3.4% | -3.02% |
| 2022 | +5.3% | +5.24% |
| 2021 | +12.3% | +12.36% |
| 2020 | +8.9% | +8.70% |
| 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 | Lost 31.9% over that stretch · deepest drop along the way 32.1%, back to its old high 7.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 4% over that stretch · deepest drop along the way 15.6%, back to its old high 21.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5900 | |
| 2025 | $0.6400 | -13.5% |
| 2024 | $0.7400 | +21.3% |
| 2023 | $0.6100 | +35.6% |
| 2022 | $0.4500 | +9.8% |
| 2021 | $0.4100 | +10.8% |
| 2020 | $0.3700 |
What's inside
As of Jul 31, 2026, the fund held 57 securities; the ten largest made up 34.16% of assets, and 4.55% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| ENERGY TRANSFER LP | 4.86% | |
| ENTERPRISE PRODUCTS PARTNERS LP | 4.70% | |
| NATIONAL FUEL GAS COMPANY | 3.66% | |
| DUKE ENERGY CORP | 3.55% | |
| PPL CORP | 3.20% | |
| KINDER MORGAN INC | 3.06% | |
| WEC ENERGY GROUP INC | 2.87% | |
| MPLX LP | 2.76% | |
| SOUTHERN COMPANY (THE) | 2.75% | |
| XCEL ENERGY INC | 2.75% | |
| CHENIERE ENERGY PARTNERS LP | 2.71% | |
| IDACORP INC | 2.67% | |
| EVERGY INC | 2.44% | |
| VISTRA CORP | 2.38% | |
| ENTERGY CORP | 2.38% |
By country
United States 90.58%Canada 1.93%Spain 1.26%Italy 1.09%Bermuda 0.53%By asset type
Stocks 95.38%By sector
Sectors of the companies held, for the 46.4% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $3.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -3.60%, +1.98%, -1.28%.
How it works
FPWR does not track an index. Its sub-advisor, Energy Income Partners (EIP), keeps at least 80% of net assets in what it calls "Power Solutions Companies": firms that help produce, transmit, store or deliver electricity, or make the power grid cheaper, safer, more reliable or cleaner. That includes utilities (but not water utilities), electrical equipment makers, energy companies, and firms earning at least half their revenue or profits from power or other energy work.
EIP weighs measurable traits, such as steady cash flows and a strong balance sheet, alongside judgment calls about management, how durable the business is and how competitive its assets are. When judging quality, it ignores valuation, meaning how cheap or expensive a stock looks. Position sizes balance each holding's expected return against its risks and the need to spread money around. Holdings change at EIP's discretion; portfolio turnover, a gauge of how much the fund trades, was 67%, per the February 2026 prospectus.
Top holdings Energy Transfer, Enterprise Products Partners and MPLX are master limited partnerships (MLPs): pipeline businesses taxed as partnerships. The fund limits MLPs to comply with tax diversification rules. It is "non-diversified," so it can hold bigger stakes in fewer companies. As of July 31, 2026, about 91% of assets were in US companies, and the fund held no derivatives.
What it really costs
- FPWR charges 0.96% a year, versus an average of 0.4% for the similar funds below (9th of 9, cheapest first).
- Of that, 0.95% is the management fee; the rest covers other fund expenses.
In a retirement portfolio
It is a concentrated, actively managed bet on utilities, pipelines and other power companies, so it fits better as a small add-on than as a portfolio's foundation.
FPWR could add a targeted stake in utilities and pipelines. It launched in 2019, so it has no 2008 record. In the 2020 COVID crash it fell about 32%, its deepest drop, and recovered in 7.6 months. From the market's January 2022 peak to its October low, FPWR lost just 4%, though that included a 15.6% fall in the final month that took 21.6 months to recover. Its worst calendar year was 2023, down 3.02%. Calendar-year figures hide sharp swings: 2020 ended up 8.7%, yet a retiree who needed cash that March faced a steep loss.
Income is modest: a 2.11% trailing 12-month yield as of October 27, 2026, paid quarterly. Its 0.96% expense ratio sits well above the 0.40% average of similar funds. Past results don't predict future returns, and a retirement plan needs to weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want one fund mixing utilities like Duke Energy and Southern Company with pipeline partnerships like Energy Transfer, chosen by an active manager.
- People wanting some exposure to energy master limited partnerships (MLPs) such as MPLX and Cheniere Energy Partners without owning partnership units directly.
- Investors seeking both dividends and price gains: its stated goal balances the two, and its trailing yield was 2.11% as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: its 0.96% expense ratio tops all eight similar funds, while utility index funds like XLU, VPU and FUTY charge 0.08% to 0.09%.
- Investors who prefer larger funds: FPWR had $29.6 million in net assets as of July 31, 2026, the smallest of nine comparable funds.
- Anyone needing broad diversification or price stability: it is non-diversified, concentrated in energy infrastructure, and fell about 32% in the early 2020 crash.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FPWR this fund | — | 0.96% | $29.6M | +11.9% | +21.1% |
| EMLP First Trust North American Energy Infrastru… | 69% | 0.95% | $4.13B | +18.7% | +22.9% |
| RSPU Invesco S&P 500 Equal Weight Utilities ETF | 44% | 0.4% | $538.5M | -1.5% | +18.0% |
| PUI Invesco Dorsey Wright Utilities Momentum ETF | 44% | 0.6% | $54.6M | -5.9% | +16.7% |
| FXU First Trust Utilities AlphaDEX Fund | 43% | 0.63% | $831.0M | +4.1% | +22.3% |
| VPU Vanguard Utilities ETF | 42% | 0.09% | $10.08B | -4.1% | +17.0% |
| FUTY Fidelity MSCI Utilities Index ETF | 42% | 0.084% | $2.32B | -4.0% | +17.0% |
| IDU iShares U.S. Utilities ETF | 41% | 0.39% | $1.46B | -2.5% | +17.2% |
Questions investors ask
Is FPWR good for retirement income?
Only partly. It provides modest income rather than high income. FPWR's trailing 12-month yield was 2.11% as of October 27, 2026, paid quarterly, and its stated goal balances dividends with price gains. It is concentrated in utilities, pipelines and other power companies, fell about 32% in the 2020 crash, and charges 0.96% a year. It may suit retirees who want a small power-sector stake alongside broader holdings, rather than a main source of income.
Does FPWR pay monthly dividends?
No. FPWR pays distributions quarterly, not monthly. Over the 12 months through October 27, 2026, it paid $0.78 per share, a trailing yield of 2.11%. Fund expenses, 0.96% a year here, come out of the fund's assets, which leaves less to pass on to shareholders. Payouts from stock funds like this one can rise or fall from quarter to quarter, depending on what its utility and pipeline holdings pay out.
What's the difference between FPWR and EMLP?
They overlap heavily but differ sharply in size. Both are First Trust funds, their portfolios overlap by about 69%, and costs are nearly identical: 0.96% for FPWR versus 0.95% for First Trust North American Energy Infrastructure Fund (EMLP). EMLP had about $4.13 billion in net assets versus FPWR's $29.6 million as of July 31, 2026. EMLP also returned more as of October 27, 2026: 18.7% versus 11.9% over one year, and 22.9% versus 21.1% a year over three years.
Is FPWR's expense ratio high?
Yes, compared with similar funds. FPWR charges 0.96% a year, per its February 2026 prospectus, almost all of it a 0.95% management fee. That is higher than all eight similar funds we compared, which average 0.40%. First Trust's EMLP charges a nearly identical 0.95%, while utility index funds such as Vanguard Utilities ETF (0.09%) and Utilities Select Sector SPDR Fund (0.08%) cost far less, though they focus on utility stocks rather than FPWR's actively chosen mix of utilities and pipelines.
What are FPWR's top holdings?
As of July 31, 2026, FPWR's largest holdings were Energy Transfer (4.9%), Enterprise Products Partners (4.7%), National Fuel Gas (3.7%), Duke Energy (3.5%), PPL (3.2%) and Kinder Morgan (3.1%). WEC Energy Group, MPLX, Southern Company and Xcel Energy rounded out the top 10, which made up 34.2% of a 57-holding portfolio. About 91% of assets were in US companies, with small stakes in Canada, Spain and Italy.