InvescoThematicInfrastructure#31 of 189 by YTD

Invesco SteelPath MLP & Energy Infrastructure ETFPIPE

1D 1M 3M YTD 1Y3Y5YMAX

S&P 500 Compare

$27.72−0.4%

−$0.11 · Nov 6 close

Buy

AUM: $60M
Fee: 0.75%
Yield: 4.2%

Bumpy · 1Y: 1.3×S&P
Volume: 21K
NAV: $27.71

What's insideAll 29 →

TRGP 8.7%PAGP 6.9%TRP 6.1%WMB 6.0%

52-week range15% below the high

$23.03$32.49

Returns	1D	1M	3M	YTD	1Y	3Y	5Y	MAX
Total return	−0.4%	−5.7%	−6.8%	+19.1%	+25.4%	—	—	+21.8%
Peer average	−0.1%	−0.6%	−4.7%	+10.0%	+10.6%	+66.1%	+70.5%	—
S&P 500 · VOO	+0.3%	−5.0%	−4.6%	+8.7%	+9.8%	+80.8%	+71.8%	—

PIPE in One Breath

PIPE Among Infrastructure ETFs

YTD

#1NBETNeuberger Berman+21.6%$52.5M

#2ENFRALPS+19.5%$508M

#3PIPEInvesco+19.1%$60.1M

#4IDGTiShares+18.5%$361M

#5DTCRGlobal X+18.3%$1.9B

#6MLPXGlobal X+17.9%$3.4B

#7USAIPacer+16.9%$119M

#8EMLPFirst Trust+16.1%$4.1B

#9USNGAmplify+15.6%$9.4M

End-of-day Nov 8, 2026 · 30 Infrastructure ETFs by YTD

$10,000 in PIPE

$10,000 in PIPE became

$12,185

In the S&P 500 (VOO)

$12,570

Total return, dividends in · Feb 24, 2025 – Nov 6, 2026 · S&P 500 uses VOO

PIPE’s Top Holdings

Today

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

TRGPTarga Resources8.7%PAGP6.9%TRP6.1%WMB6.0%LNG5.3%PBA5.1%OKE5.0%ET4.6%KMI4.6%KEYUF4.5%EPD4.4%ENB4.2%14 more

Oil & Gas MidstreamOilRegulated Gas

Invesco PIPE · 26 holdings · tile size = share of the fund · as of Nov 6, 2026

What PIPE Holds

Today

Oil & Gas Midstream92.0%

TRGP 8.7 · PAGP 6.9 · TRP 6.1 · WMB 6.0 · LNG 5.3 · PBA 5.1 · OKE 5.0

Oil & Gas Equipment & Services4.7%

KGS 3.0 · AROC 1.7

Regulated Gas2.1%

ATGFF 2.1

Asset Management0.8%

AGPXX

Invesco PIPE · share of the fund by industry · as of Nov 6, 2026

Targa’s Share of PIPE

Today

8.7%

$87 of every $1,000 in PIPE is Targa

Targa held by PIPE

$5.2M

Most Targa per dollar

NBET9.3%

TPZ8.8%

PIPE8.7%

TNGY8.3%

Invesco PIPE · each square = $10 of $1,000 · as of Nov 6, 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 8, 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 8, 2026

Inside PIPE

26 holdings · as of Nov 6, 2026

PIPE

Invesco SteelPath MLP & Energy Infrastructure ETF

Today

Oil92.0%TRGP8.7%PAGP6.9%TRP6.1%WMB6.0%LNG5.3%PBA5.1%OKE5.0%ET4.6%KMI4.6%KEYUF4.5%EPD4.4%ENB4.2%MPLX4.2%SOBO8 more holdings18.9% of the fundOil4.7%KGSAROCRegulated Gas2.1%ATGFFAGPXX

Oil92.0%TRGP8.7%PAGP6.9%TRP6.1%WMB6.0%LNGPBA16 more holdings53.9% of the fundKGS AROCATGFFAGPXX

#	Ticker	Company	Weight ▼
1	TRGP	Targa Resources	8.69%
2	PAGP	Plains GP LP	6.85%
3	TRP	TC Energy	6.05%
4	WMB	Williams Cos /The	5.98%
5	LNG	Cheniere Energy	5.32%
6	PBA	Pembina Pipeline	5.13%
7	OKE	Oneok	5.02%
8	ET	Energy Transfer LP	4.61%
9	KMI	Kinder Morgan	4.56%
10	KEYUF	Keyera	4.48%

See all 29 holdings ↓

OilOilRegulated GasAsset Management

Invesco PIPE · current holdings by weight · as of Nov 6, 2026 · each tile is one holding · top 20 = 90.5%

All PIPE Holdings

29 holdings · as of Nov 6, 2026

PIPE

PIPE’s Holdings

Today

#
1	TRGPTarga Resources	Energy	8.69%	$868.81	19K	$5.2M
2	PAGPPlains GP LP	Energy	6.85%	$685.48	157K	$4.1M
3	TRPTC Energy	Energy	6.05%	$605.33	58K	$3.7M
4	WMBWilliams Cos /The	Energy	5.98%	$598.33	56K	$3.6M
5	LNGCheniere Energy	Energy	5.32%	$531.96	11K	$3.2M
6	PBAPembina Pipeline	Energy	5.13%	$513.43	65K	$3.1M
7	OKEOneok	Energy	5.02%	$502.39	35K	$3.0M
8	ETEnergy Transfer LP	Energy	4.61%	$460.77	145K	$2.8M
9	KMIKinder Morgan	Energy	4.56%	$455.89	91K	$2.8M
10	KEYUFKeyera	Energy	4.48%	$447.67	74K	$2.7M
11	EPDEnterprise Products Partners LP	Energy	4.40%	$439.77	72K	$2.7M
12	ENBEnbridge	Energy	4.24%	$423.64	53K	$2.6M
13	MPLXMPLX LP	Energy	4.19%	$418.85	45K	$2.5M
14	SOBOSouth Bow	Energy	3.55%	$355.02	68K	$2.1M
15	SUNCSunococorp LLC	Energy	3.11%	$311.44	30K	$1.9M

Invesco PIPE · every reported holding · per $10,000 = dollars of each holding in a $10,000 stake · as of Nov 6, 2026

How It Compares

PIPE

Invesco SteelPath MLP & Energy Infrastructure ETF’s Peers


PAVE	Global XRead Desk	0.47%	+7.7%	+7.2%	$13.0B
IGF	iSharesRead Desk	0.37%	+9.4%	+7.6%	$10.8B
GRID	First TrustRead Desk	0.56%	−1.0%	+1.4%	$10.4B
EMLP	First TrustRead Desk	0.95%	+17.7%	+16.1%	$4.1B
IFRA	iSharesRead Desk	0.30%	+8.5%	+7.6%	$3.9B
PIPE	InvescoThis fundRead Desk	0.75%	+25.4%	+19.1%	$60M

Infrastructure peers · Past-year and ytd returns · as of Nov 9, 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

+7.2%

+19.1%

PIPE wins+11.9 pts

Past year

+7.7%

+25.4%

PIPE wins+17.8 pts

Fee

0.47%

0.75%

PAVE winslower fee

Yield

0.8%

4.2%

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 9, 2026 · AUM not scored

Infrastructure vs Thematic

Average · 1Y

PAVE

+7.7%

PIPE

+25.4%

Thematic average

+1.6%

PAVE, PIPE and the average thematic ETF · 1Y return · as of Nov 9, 2026

PIPE vs VOO

PIPE · Invesco SteelPath MLP & Energy Infrastructure

+25.4%

VOO · S&P 500

+9.8%

Gap

15.7 pts

Invesco PIPE and Vanguard VOO · 1Y total return · as of Nov 9, 2026

PIPE vs Its Peer Average

YTD

PIPEAvsBPeer average

1D−0.4%−0.1%

1M−5.7%−0.6%

3M−6.8%−4.7%

YTD+19.1%+10.0%

1Y+25.4%+10.6%

3Y[…]+66.1%

5Y[…]+70.5%

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−10.7%

$10,000 at the high is now$8,930

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#2 of 7 infrastructure funds

#1EMLPFirst Trust

most for the bumps

#2PIPEInvesco

#3MLPXGlobal X

#4IGFiShares

#5IFRAiShares

#6PAVEGlobal X

#7GRIDFirst Trust

lost money

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 volatility13.6%

Downside volatility12.0%

Beta vs SPY−0.07

Correlation vs SPY−0.06

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−10.7%

Worst day−3.97% · Nov 4

Closing prices, dividends in

PIPE

Up / Down Capture

−29%down capture vs SPY

Down days

−29%

Up days

S&P 500

100%

Up ÷ down capture[…]

Up days53.5% (S&P 52.0%)

Average daily move on SPY up days and down days

PIPE

Sharpe & Sortino vs Peers

Fund	Sharpe	Sortino	Volatility	Max DD	Beta	Fee / $10k
EMLP	1.25	1.95	11.2%	−7.9%	−0.02	$95
PIPE	1.23	1.77	17.3%	−10.7%	−0.07	$75
MLPX	1.10	1.65	17.9%	−10.0%	−0.13	$45
IGF	0.51	0.75	11.3%	−10.4%	0.34	$37
IFRA	0.29	0.43	15.5%	−13.7%	0.61	$30
PAVE	0.16	0.22	21.4%	−15.3%	1.10	$47
GRID	−0.19	−0.26	25.9%	−23.5%	1.46	$56

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

PIPE

Trading

Today

+0.04%above its holdings’ value

Close$27.72

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 6

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 9, 2026

PIPE

Payouts by Year

$0.10per share, Oct 2026

Distribution yield4.2%

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 today21K

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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