FENY vs PIPE

FENYAFidelity MSCI Energy Index ETF

PIPECInvesco SteelPath MLP & Energy Infrastructure ETF

In short

FENY One of the cheapest ways to own U.S. energy: 0.08% a year for roughly 110 energy stocks tracked through MSCI's full-market benchmark. No stock picking, no clever tilts, just the sector at cost.

PIPE Invesco's SteelPath team goes narrow: roughly two dozen pipeline and energy infrastructure names, paid out monthly. This is the toll-booth end of energy rather than the drillers, and it charges accordingly.

Stated mandate

FENY Seeks investment returns that generally correspond, before fees and expenses, to the performance of the MSCI USA IMI Energy 25/50 Index. The fund invests at least 80% of assets in securities included in that index and uses representative sampling.

PIPE The Fund seeks total return.

Why people hold it

• FENY Costs 0.08% a year against a 0.45% median for broad energy funds. Only XLE matches it; VDE, IYE and ENFR all charge more.
• Tracks MSCI's USA IMI energy benchmark, a full-market read on the sector, so the basket runs roughly 110 names deep rather than a short list.
• Returns have lined up closely with the index it follows, and it trades actively. As implementations of broad energy go, this is one of the tidiest in the group.
• Running since 2013, so it has a long record through both oil booms and busts, and Fidelity has kept it plain vanilla the whole way.

• PIPE Concentrated by design: roughly two dozen pipeline and midstream names, so infrastructure actually drives the portfolio instead of hiding behind oil majors in a broad energy index.
• Distributions land monthly, and the prospectus mandate is total return rather than yield maximization, so the portfolio isn't boxed into chasing the fattest payouts.
• Runs under Invesco's SteelPath banner, the firm's MLP and energy infrastructure line, so the midstream focus is the whole product, not a tilt bolted onto a sector fund.

Worth knowing

• FENY One sector, one country. Oil and gas prices set the mood here, and the swings run wider than a total-market fund's.
• The index weights by company size, so even with roughly 110 holdings a handful of giants carry most of the load.
• Distributions land quarterly, not monthly, which matters if you are pacing income.

• PIPE At 0.75% a year it sits well above broad energy trackers like XLE, FENY and VDE (all under 0.10%) and above midstream peer ENFR at 0.35%.
• Launched in 2025 and lightly traded, which usually means wider bid-ask spreads and a shorter track record than the entrenched sector funds.
• Roughly two dozen names inside one slice of energy: individual companies and pipeline-sector swings carry real weight here.

Full FENY profile⁠

Full PIPE profile⁠