InvescoThematicInfrastructure#33 of 189 by YTD

Invesco SteelPath MLP & Energy Infrastructure ETFPIPE

S&P 500 Bucket avg Compare

$28.24+1.9%

+$0.52 · Nov 9 close

Buy

AUM: $60M
Fee: 0.75%
Yield: 4.1%

Bumpy · 1Y: 1.3×S&P
Volume: 5K
NAV: $27.71

What's insideAll 29 →

TRGP 8.5%PAGP 6.7%TRP 6.0%WMB 6.0%

52-week range13% below the high

$23.10$32.49

Returns	Today	1W	1M	3M	YTD	1Y	3Y	5Y	Max
Total return	+1.9%	−5.4%	−3.6%	−6.2%	+21.3%	+27.0%	—	—	+24.1%
Peer average	+2.1%	−0.6%	+0.7%	−3.2%	+12.4%	+13.3%	+65.3%	+71.8%	—
S&P 500 · VOO	+2.3%	+0.1%	−3.3%	−2.1%	+11.3%	+13.6%	+81.6%	+75.4%	—

PIPE in One Breath

PIPE Among Infrastructure ETFs

YTD

#1NBETNeuberger Berman+23.4%$52.5M

#2IDGTiShares+22.0%$361M

#3PIPEInvesco+21.3%$60.1M

#4ENFRALPS+21.2%$508M

#5DTCRGlobal X+21.0%$1.9B

#6USNGAmplify+19.6%$9.4M

#7USAIPacer+19.3%$119M

#8MLPXGlobal X+19.3%$3.4B

#9EMLPFirst Trust+17.2%$4.1B

End-of-day Nov 9, 2026 · 30 Infrastructure ETFs by YTD

$10,000 in PIPE

$10,000 in PIPE became

$12,413

In the S&P 500 (VOO)

$12,865

Total return, dividends in · Feb 24, 2025 – Nov 9, 2026 · S&P 500 uses VOO

PIPE’s Top Holdings

Today

TRGPTarga Resources8.5%PAGP6.7%TRP6.0%WMB6.0%LNG5.3%PBA5.2%OKE5.0%ET4.6%KMI4.6%EPD4.5%KEYUF4.4%MPLX4.2%ENB4.2%SOBO3.5%KGS3.3%AM3.0%SUNC3.0%KNTK2.9%GEL2.8%WES2.6%ATGFF2.1%DTM2.0%4 more

TRGP8.5%PAGP6.7%TRP6.0%WMB6.0%LNG5.3%PBA5.2%OKE5.0%ET4.6%KMI4.6%EPD4.5%KEYUF4.4%MPLX4.2%14 more

Oil & Gas MidstreamOilRegulated Gas

Invesco PIPE · 26 holdings · tile size = share of the fund · as of Nov 9, 2026

What PIPE Holds

Today

Oil & Gas Midstream91.7%

TRGP 8.5 · PAGP 6.7 · TRP 6.0 · WMB 6.0 · LNG 5.3 · PBA 5.2 · OKE 5.0

Oil & Gas Equipment & Services5.0%

KGS 3.3 · AROC 1.8

Regulated Gas2.1%

ATGFF 2.1

Asset Management0.8%

AGPXX

Invesco PIPE · share of the fund by industry · as of Nov 9, 2026

Targa’s Share of PIPE

Today

8.5%

$85 of every $1,000 in PIPE is Targa

Targa held by PIPE

$5.1M

Most Targa per dollar

NBET9.0%

PIPE8.5%

TPZ8.5%

TNGY8.0%

Invesco PIPE · each square = $10 of $1,000 · as of Nov 9, 2026

PIPE’s Share of Infrastructure ETFs

Today

0.1%

of the $55.1B in 39 Infrastructure ETFs

PIPE$60.1M0.1%

PAVE$13.0B23.5%

IGF$10.8B19.6%

36 others$31.3B56.8%

Infrastructure ETF AUM · Nov 9, 2026

PIPE Fee per $100 vs Peers

Today

$0.75a year
per $100

$75 a year on $10,000

IFRA$0.30

IGF$0.37

PAVE$0.47

GRID$0.56

PIPE$0.75

EMLP$0.95

Expense ratio · Infrastructure peers · Nov 9, 2026

Inside PIPE

26 holdings · as of Nov 9, 2026

PIPE

Invesco SteelPath MLP & Energy Infrastructure ETF

Today

Oil91.7%TRGP8.5%PAGP6.7%TRP6.0%WMB6.0%LNG5.3%PBA5.2%OKE5.0%ET4.6%KMI4.6%EPD4.5%KEYUF4.4%MPLX4.2%ENB4.2%SOBO8 more holdings18.9% of the fundOil5.0%KGSAROCRegulated Gas2.1%ATGFFAGPXX

Oil91.7%TRGP8.5%PAGP6.7%TRP6.0%WMB6.0%LNGPBA16 more holdings53.8% of the fundKGS AROCATGFFAGPXX

#	Ticker	Company	Weight ▼
1	TRGP	Targa Resources	8.51%
2	PAGP	Plains GP LP	6.74%
3	TRP	TC Energy	6.03%
4	WMB	Williams Cos /The	6.01%
5	LNG	Cheniere Energy	5.32%
6	PBA	Pembina Pipeline	5.24%
7	OKE	Oneok	4.99%
8	ET	Energy Transfer LP	4.57%
9	KMI	Kinder Morgan	4.55%
10	EPD	Enterprise Products Partners LP	4.48%

See all 29 holdings ↓

OilOilRegulated GasAsset Management

Invesco PIPE · current holdings by weight · as of Nov 9, 2026 · each tile is one holding · top 20 = 90.4%

All PIPE Holdings

29 holdings · as of Nov 9, 2026

PIPE

PIPE’s Holdings

Today

#
1	TRGPTarga Resources	Energy	8.51%	$851.26	19K	$5.1M
2	PAGPPlains GP LP	Energy	6.74%	$674.03	157K	$4.0M
3	TRPTC Energy	Energy	6.03%	$602.88	58K	$3.6M
4	WMBWilliams Cos /The	Energy	6.01%	$600.67	56K	$3.6M
5	LNGCheniere Energy	Energy	5.32%	$532.36	11K	$3.2M
6	PBAPembina Pipeline	Energy	5.24%	$523.96	65K	$3.1M
7	OKEOneok	Energy	4.99%	$499.48	35K	$3.0M
8	ETEnergy Transfer LP	Energy	4.57%	$457.27	145K	$2.7M
9	KMIKinder Morgan	Energy	4.55%	$455.39	91K	$2.7M
10	EPDEnterprise Products Partners LP	Energy	4.48%	$447.61	72K	$2.7M
11	KEYUFKeyera	Energy	4.43%	$443.46	74K	$2.7M
12	MPLXMPLX LP	Energy	4.17%	$416.83	45K	$2.5M
13	ENBEnbridge	Energy	4.16%	$415.61	53K	$2.5M
14	SOBOSouth Bow	Energy	3.51%	$351.36	68K	$2.1M
15	KGSKodiak Gas Services	Energy	3.26%	$325.77	47K	$2.0M

Invesco PIPE · every reported holding · per $10,000 = dollars of each holding in a $10,000 stake · as of Nov 9, 2026

How It Compares

PIPE

Invesco SteelPath MLP & Energy Infrastructure ETF’s Peers

Today


PAVE	Global XRead Desk	0.47%	+4.3%	+12.8%	$13.0B
IGF	iSharesRead Desk	0.37%	+2.2%	+12.2%	$10.8B
GRID	First TrustRead Desk	0.56%	+4.4%	+4.6%	$10.4B
EMLP	First TrustRead Desk	0.95%	+1.0%	+18.4%	$4.1B
IFRA	iSharesRead Desk	0.30%	+3.1%	+12.7%	$3.9B
PIPE	InvescoThis fundRead Desk	0.75%	+1.9%	+27.0%	$60M

Infrastructure peers · Today’s and past-year returns · as of Nov 10, 2026 · sorted by AUM

Head to Head

Put PIPE head to head with PAVE →

PAVE vs PIPE

YTD

PAVEGlobal X · InfrastructurePIPEInvesco · Infrastructure

Year to date

+11.8%

+21.3%

PIPE wins+9.5 pts

Past year

+12.8%

+27.0%

PIPE wins+14.2 pts

Fee

0.47%

0.75%

PAVE winslower fee

Yield

0.8%

4.1%

PIPE wins+3.3 pts

AUM

$13.0B

$60.1M

PAVE215.5× more

3–1PIPE wins

Global X PAVE and Invesco PIPE · year-to-date · as of Nov 10, 2026 · AUM not scored

Infrastructure vs Thematic

Average · YTD

PAVE

+11.8%

PIPE

+21.3%

Thematic average

+6.9%

PAVE, PIPE and the average thematic ETF · Today return · as of Nov 10, 2026

PIPE vs VOO

YTD

PIPE · Invesco SteelPath MLP & Energy Infrastructure

+21.3%

VOO · S&P 500

+11.3%

Gap

10.0 pts

Invesco PIPE and Vanguard VOO · Today total return · as of Nov 10, 2026

PIPE vs Its Peer Average

YTD

PIPEAvsBPeer average

1D+1.9%+2.1%

1M−3.6%+0.7%

3M−6.2%−3.2%

YTD+21.3%+12.4%

1Y+27.0%+13.3%

3Y[…]+65.3%

5Y[…]+71.8%

2–3Peer average wins

38 Infrastructure peers · each row scaled to its leader

How Bumpy Is PIPE?

View

PIPE

How Bumpy

1.3×the S&P 500’s swings

CalmerBumpierS&P 1×PIPE

Calm rank among 7 infrastructure funds#4

Other infrastructure funds0.8× to 1.9×

Invesco PIPE · daily swings over the past year vs the S&P 500

PIPE

Worst Drop

−10.7%from its Sep 1 high

Still below the high−9.0%

$10,000 at the high is now$9,100

Invesco PIPE · fall from the highest close, past year

PIPE

On a Bad Day

−0.3×rose, on average, when the S&P 500 fell

PIPE’s worst day: Wednesday, Nov 4

PIPE

−4.0%

S&P 500

1.7%

Up days54 of every 100

S&P 500 up days52 of every 100

Invesco PIPE · average move on days the S&P 500 fell

PIPE

Return for the Bumps

1Y#1 of 7 infrastructure funds

#1PIPEInvesco

most for the bumps

#2EMLPFirst Trust

calmest ride

#3MLPXGlobal X

#4IGFiShares

#5IFRAiShares

#6PAVEGlobal X

#7GRIDFirst Trust

Ranked by return above cash for each unit of bumpiness (Sharpe ratio) · cash = 3.8%

PIPE

Cost

Today

$75a year per $10,000

IFRA

$30

IGF

$37

MLPX

$45

PAVE

$47

GRID

$56

PIPE

$75

EMLP

$95

Expense ratio 0.75%, taken from the fund’s value

PIPE

Volatility & Beta

17.3%annual volatility

S&P 500 volatility13.7%

Downside volatility12.0%

Beta vs SPY−0.06

Correlation vs SPY−0.04

Beta rank, lowest first, of 7#2

Daily total returns × √252 · past 254 trading days

PIPE

Max Drawdown

−10.7%peak to trough

Peak closeSep 1, 2026

Current drawdown−9.0%

Worst day−3.97% · Nov 4

Closing prices, dividends in

PIPE

Up / Down Capture

−31%down capture vs SPY

Down days

−31%

Up days

S&P 500

100%

Up ÷ down capture[…]

Up days53.9% (S&P 52.4%)

Average daily move on SPY up days and down days

PIPE

Sharpe & Sortino vs Peers

Fund	Sharpe	Sortino	Volatility	Max DD	Beta	Fee / $10k
PIPE	1.45	2.10	17.3%	−10.7%	−0.06	$75
EMLP	1.41	2.20	11.2%	−7.9%	−0.01	$95
MLPX	1.27	1.90	17.9%	−10.0%	−0.13	$45
IGF	0.76	1.14	11.5%	−10.4%	0.36	$37
IFRA	0.54	0.80	15.8%	−13.7%	0.63	$30
PAVE	0.42	0.60	21.8%	−15.3%	1.12	$47
GRID	0.05	0.07	26.2%	−23.5%	1.47	$56

Sharpe = (return − 3.8% cash) ÷ volatility · Sortino uses downside volatility only

PIPE

Trading

Today

+1.91%above its holdings’ value

Close$28.24

NAV$27.71

Fee per $10,000$75 a year

Avg. volume 30D3K shares

Premium / discount history starts once daily NAV is saved

Close vs net asset value, Nov 9

The Details

PIPE

Fund Facts

Today

2025launched Feb 20

Tracks[…]

Exchange · CUSIPCBOE

StructureETF

Leverage1x

Cost on $10,000$75 a year

Go deeper

Prospectus & documents Trading & liquidity Fees & costs Distributions

Invesco PIPE · fund facts · as of Nov 10, 2026

PIPE

Payouts by Year

$0.10per share, Oct 2026

Distribution yield4.1%

PaidEvery month

Latest ex-date · paidOct 19 · Oct 23, 2026

12 payouts added up$1.16 a share

Invesco PIPE · distributions by ex-date · 2025–2026

All Fund FactsDocuments · trading · fees · every payout

Prospectus & Documents

Official documents are being connected from SEC EDGAR: […]. Read the issuer’s prospectus before investing.

Trading & Liquidity

Net asset value$27.71

Premium / discount[…]

Median spread · 30D[…]

Volume today5K

Average volume · 30D3K

Shares outstanding[…]

Options[…]

Fees & Costs

Net expense ratio0.75%

Gross expense ratio[…]

Management fee[…]

Cost on $10,000 a year$75.00

Our risk indicator4/5

Estimated yearly cost excludes trading costs and assumes constant assets.

Distributions

Ex-date	Paid	Per share
Oct 19, 2026	Oct 23, 2026	$0.10
Sep 21, 2026	Sep 25, 2026	$0.10
Aug 24, 2026	Aug 28, 2026	$0.10
Jul 20, 2026	Jul 24, 2026	$0.10
Jun 22, 2026	Jun 26, 2026	$0.10
May 18, 2026	May 22, 2026	$0.10
Apr 20, 2026	Apr 24, 2026	$0.10
Mar 23, 2026	Mar 27, 2026	$0.10
Feb 23, 2026	Feb 27, 2026	$0.0900
Jan 20, 2026	Jan 23, 2026	$0.0900
Dec 22, 2025	Dec 26, 2025	$0.0900
Nov 24, 2025	Nov 28, 2025	$0.0900

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