PIPE vs PAVE

APIPE

BPAVE

Measures won3–1PIPE wins · of 6 · 5Y

$10,000 · 5Y$36,298SMH · PAVE $19,862

Lowest cost0.03%VOO · $3 on $10k

Most income4.11%PIPE · $411 on $10k

Smallest drop−8.9%VOO · worst fall in 1Y

Held in common0.0%PIPE and PAVE

PIPE

PAVE

Invesco SteelPath MLP & Energy Infrastructure ETF · $60MGlobal X - U.S. Infrastructure Development ETF · $13.0B

[…]3 years · per year[…] · $18,295+22.3%

[…]5 years · per year[…] · $19,862+14.7%

0.75%Expense ratio$75 · $47 on $10k · lower wins0.47%

4.11%12-mo yield$411 · $81 on $10k0.81%

−10.7%Worst dropSmaller wins−15.3%

17.4%VolatilityLower wins21.9%

3–1PIPE wins

$10,000 · 5 yearsAll four, one scale

Shared top holdingsPIPE · PAVE

They share no top holdings, or holdings aren’t on file […]

Held in common0.0%

End-of-day Nov 9, 2026 · $10,000 5 years ago, dividends reinvested · ● winner of the row · each row scaled to the bigger of the two

All Four

5Y4 funds

#
1	SMH	VanEck Semiconductor ETFRead Desk	0.35%	0.23%	+5.1%	+35.3%	+39.3%	+50.1%	+29.4%	−33.1%	$60.7B
2	BPAVE	Global X - U.S. Infrastructure Development ETFRead Desk	0.47%	0.81%	+4.3%	+11.8%	+12.8%	+22.3%	+14.7%	−15.3%	$13.0B
3	VOO	Vanguard S&P 500 ETFRead Desk	0.03%	1.07%	+2.3%	+11.3%	+13.6%	+22.0%	+11.9%	−8.9%	$1.00T
4	APIPE	Invesco SteelPath MLP & Energy Infrastructure ETFRead Desk	0.75%	4.11%	+1.9%	+21.3%	+27.0%	new	new	−10.7%	$60M

End-of-day Nov 9, 2026 · total return, dividends in · 3Y and 5Y per year · A and B = the pair in versus

All Four

5Y4 funds

#
1	SMH	VanEck Semiconductor ETFRead Desk	0.35%	0.23%	+5.1%	+35.3%	+39.3%	+50.1%	+29.4%	−33.1%	$60.7B
2	BPAVE	Global X - U.S. Infrastructure Development ETFRead Desk	0.47%	0.81%	+4.3%	+11.8%	+12.8%	+22.3%	+14.7%	−15.3%	$13.0B
3	VOO	Vanguard S&P 500 ETFRead Desk	0.03%	1.07%	+2.3%	+11.3%	+13.6%	+22.0%	+11.9%	−8.9%	$1.00T
4	APIPE	Invesco SteelPath MLP & Energy Infrastructure ETFRead Desk	0.75%	4.11%	+1.9%	+21.3%	+27.0%	new	new	−10.7%	$60M

End-of-day Nov 9, 2026 · total return, dividends in · 3Y and 5Y per year · A and B = the pair in versus

Cards for this view

PIPE vs PAVE

PIPE

Invesco SteelPath MLP & Energy Infrastructure

[…]

PAVE

Global X - U.S. Infrastructure Development

$19,862

MeasurePIPEPAVE

Fee0.75%0.47%

Cost on $10k a year$75$47

Yield4.11%0.81%

5 years, per year[…]+14.7%

3 years, per year[…]+22.3%

Worst drop · 1Y−10.7%−15.3%

Volatility · 1Y17.4%21.9%

3–1measures won
PIPE first

0.0%

holdings shared

Nov 9, 2026 · $10,000 five years ago, dividends reinvested

SPYM vs SPY

YTD

SPDRSPYM

+11.3%

SPYSPDR

+11.2%

+11.3%Year to date+11.2%

1.0%Yield1.0%

$179BAssets$778B

1–0SPYM wins

End-of-day Nov 9, 2026

SOXX vs SMH

YTD

iSharesSOXX

+46.5%

SMHVanEck

+35.3%

+46.5%Year to date+35.3%

0.33% · $33Fee · on $10k a year0.35% · $35

$37.5BAssets$60.7B

2–0SOXX wins

End-of-day Nov 9, 2026

VOO vs IVV

YTD

VanguardVOO

+11.3%

IVViShares

+11.3%

+11.3%Year to date+11.3%

1.1%Yield1.1%

$1.00TAssets$875B

0–0level

End-of-day Nov 9, 2026

Overlap: PIPE, PAVE, VOO, SMH

Today

18.8%most shared, VOO and SMH

PIPEPAVEVOOSMH

PIPE—0.0%0.4%0.0%

PAVE0.0%—2.6%0.0%

VOO0.4%2.6%—18.8%

SMH0.0%0.0%18.8%—

End-of-day Nov 9, 2026 · share held in common · outlined: the pair in versus

Income After Fees on $10,000

$336most kept, PIPE

PIPE$411 − $75 = $336

VOO$107 − $3 = $104

PAVE$81 − $47 = $34

SMH$23 − $35 = −$12

KeptFee

End-of-day Nov 9, 2026 · yield in dollars minus the fee