Invesco SteelPath MLP & Energy Infrastructure ETF

Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) is an actively managed fund that holds pipeline and energy infrastructure companies in the US and Canada, with master limited partnerships capped at 25% of assets. It paid monthly income with a 3.85% trailing yield as of October 27, 2026. Its 0.75% expense ratio is close to the 0.79% peer average but well above index-based rivals such as ENFR at 0.35%.

• Over the year to Oct 27, 2026, PIPE returned +35.4%, 2nd of 9 among similar funds.
• The deepest fall in its price history was 15.7% (Apr 2, 2025 to Apr 8, 2025), recovered by Jan 21, 2026.

As of Jul 31, 2026, the fund held 25 securities; the ten largest made up 54.12% of assets. It also reported 6.88% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

• Over the three months to Jul 31, 2026, investors added a net $1.5M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -3.29%, +2.61%, +2.34%.

PIPE does not track an index. Its sub-adviser, Invesco Advisers, Inc., picks the holdings and decides how much of each to own. Under normal conditions, at least 80% of net assets goes into master limited partnerships (MLPs) and energy infrastructure companies. An MLP is a publicly traded partnership that is generally taxed as a partnership rather than a corporation. The fund focuses on midstream businesses: companies that gather, process, transport, store or market oil, natural gas and related products. A company counts as energy infrastructure if at least 50% of its assets, income or profits come from such activities.

MLPs can't exceed 25% of total assets, so most of the fund sits in corporations such as Targa Resources, Williams and Kinder Morgan. Up to 40% can go into foreign securities, mainly Canadian ones. Canada made up 26.9% of the fund as of July 31, 2026.

The managers study each business and look for steady cash-flow growth, reliable payouts, sound strategy, respected management and limited exposure to commodity prices. They sell when those traits change materially or when the expected return no longer justifies the risk. The prospectus sets no fixed rebalancing schedule. Turnover was low at 2%. The fund is non-diversified and concentrates in energy, so a few holdings can drive results. It used no derivatives as of July 31, 2026.

• PIPE charges 0.75% a year, versus an average of 0.79% for the similar funds below (6th of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $77 in the first year and $930 over 10 years (assuming a 5% annual return).

PIPE is a concentrated, actively managed bet on one corner of the energy sector, with less than two years of history, so it fits better as a small add-on than as a foundation.

PIPE could add monthly income and exposure to pipeline cash flows. Its trailing yield was 3.85%, or $1.16 per share, as of October 27, 2026. The fund launched on February 20, 2025, so it has no record from the 2008, 2020 or 2022 downturns, and its prospectus shows no official performance yet. Its deepest drop was 15.7%, from April 2 to April 8, 2025. It took about 9.5 months, until January 21, 2026, to recover. That is a short and fairly mild test for an energy fund. Anyone who may need to sell shares in a bad year should expect larger swings than a broad stock fund, because one sector drives the results. Costs are $77 in the first year and $930 over 10 years on $10,000, under the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.