FPWR vs ZAP: Grades, Fees and Holdings Compared

First Trust EIP Power Solutions ETF

FPWRCNYSE Arca

Global X U.S. Electrification ETF

ZAPBNasdaq

Overlap

30.6%by weight

Expense ratio

ZAP −0.46pt a year

FPWR0.96%ZAP0.50%

Avg volume · 30D

ZAP 16.6×the volume

FPWR7.37KZAP122K

FPWR vs ZAP Performance

Oct 31, 2025 – Oct 30, 2026

+15.0%FPWR+4.9%ZAP

Expense ratio: FPWR 0.96%; ZAP 0.50%, better
Fund size: FPWR $36M; ZAP $450M
1Y total return: FPWR +15.0%, better; ZAP +4.9%
Yield (12M): FPWR 2.07%, better; ZAP 1.88%
Holdings: FPWR 62; ZAP 47
Avg volume (30D): FPWR 7.37K sh; ZAP 122K sh, better
NAV per share: FPWR $37.63; ZAP $31.56
52W range

ETF.net Grade

Pillar letters and Scores for FPWR, ZAP, with each pillar’s weight
Pillar	FPWR	ZAP
Cost30% weight	F5	B61Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	A86Higher	A71
Tradability15% weight	B59	A75Higher
Holdings10% weight	A70Higher	B67
Durability5% weight	A70	A76Higher

Rank among Grid & Electrification funds

How we build Categories ›

Same Category. FPWR and ZAP are both graded against the same 10 Grid & Electrification funds, so their Grades compare head to head.

Grid & Electrification⁠

Category · 10 funds

See all 10 ›

ZAP ranks 1st and FPWR 8th of 10 funds in the Grid & Electrification Category.

Rank 1BZAPGlobal X U.S. Electrification ETFScore 67
Rank 2BELFYALPS Electrification Infrastructure ETFScore 66
Rank 6CVOLTTema Electrification ETFScore 46
Rank 8CFPWRFirst Trust EIP Power Solutions ETFScore 44
Rank 9CWATSCorgi Battery Energy Storage Systems ETFScore 40

Our read on each fund

ETF.net Research

FPWRCFirst Trust EIP Power Solutions ETF

ZAPBGlobal X U.S. Electrification ETF

In short

FPWR The stock-picker in a category of index trackers. First Trust hands the keys to energy-income specialist EIP, which assembles a power portfolio (grid, gas, nuclear, storage) balanced between dividends and capital appreciation.

ZAP Most electrification funds buy the picks and shovels. ZAP also buys the power company: a US-focused index spanning conventional generation and delivery, alternative power, and grid hardware, priced at the low end of its peer group.

Stated mandate

FPWR The Fund seeks competitive risk-adjusted total returns balanced between dividends and capital appreciation.

ZAP The Fund seeks to track, before fees and expenses, the price and yield performance of the Global X U.S. Electrification Index. It invests at least 80% of net assets in securities of that index, including common stocks and ADRs.

Why people hold it

FPWR Actively run, not indexed: sub-advisor Energy Income Partners picks the names, aiming for risk-adjusted total return split between dividends and capital appreciation.eipinvestments.com
The mandate spans the whole electricity chain: generation, transmission and distribution, grid solutions, storage, nuclear life-extension and small modular reactors, gas and uranium.sec.gov
Picks-and-shovels included: engineering, consulting and construction firms qualify when at least 50% of revenue or profit comes from energy and utility work.sec.gov
Income is built into the design rather than incidental, and the fund distributes on a quarterly schedule.

ZAP 0.50% expense ratio, tied for cheapest in its electrification cohort and comfortably under the 0.75% cohort median.
Three lanes in one basket: conventional electricity generation, transmission and distribution; alternative power; and grid and smart-grid technology. Pays quarterly.globalxetfs.com
Revenue screens keep the theme tight: grid and alternative names need 50%+ of revenue from the theme, conventional utilities 75% to get in.globalxetfs.com
Deliberately domestic. The index sticks to US-listed electrification names, while a peer like GRID tracks a global smart-grid benchmark.sec.gov sec.gov 2

Worth knowing

FPWR Active talent costs: 0.96% a year, while index-based rivals ELFY and ZAP charge 0.50% and GRID 0.56%.
A small fund that trades lightly, so the bid-ask spread can matter as much as the expense ratio when you enter or exit.
It traded as the First Trust EIP Carbon Impact ETF (ECLN) until September 2025, when the strategy and name changed, so earlier results reflect a different mandate.businesswire.com

ZAP Launched December 2024, so the track record is short and there is little history to judge it against.
About 40 holdings, and the prospectus says the fund concentrates its investments. Moves in power and grid names land with full force.sec.gov
Self-indexed: Global X owns the index its own fund tracks, and an affiliate administers it. Common in thematics, still worth knowing.sec.gov

Full FPWR profile⁠

Full ZAP profile⁠

FPWR vs ZAP Holdings

As of Oct 13, 2026

How FPWR and ZAP differ

Overlap by weight

30.6%

Shared holdings make up 57.5% of ZAP and 35.5% of FPWR.

Level by level

Holdings19 in both30.6%
Countryby domicile95.9%
Asset classEquity100%

Sector

No Sector split for ZAP.

Country, concentration and asset class

Country by domicile

Country weights in FPWR and ZAP, widest gap first
Country	More in FPWRMore in ZAP	FPWR	ZAP
United Kingdom	ZAP +4.1 points	0.0%	4.1%
United States	FPWR +1.5 points	95.8%	94.3%
Spain	FPWR +1.3 points	1.3%	0.0%
Italy	FPWR +1.0 points	1.0%	0.0%
Canada	FPWR +0.3 points	1.9%	1.6%

Concentration

Weight in the 10 largest Holdings

FPWR36.7%
ZAP43.8%

Securities held

FPWR59
ZAP46

Asset class

FPWR: Equity
ZAP: Equity

Holdings

Only in FPWR40
In both19
Only in ZAP27

Only in FPWR

40 securities, 59.6% of FPWR by weight

Energy Transfer LP4.98%
Enterprise Products Partners L.P.4.90%
National Fuel Gas Company3.26%
WEC Energy Group, Inc.3.17%
Kinder Morgan, Inc.3.16%
PPL Corporation2.98%
CMS Energy Corporation2.83%
Mplx Lp2.79%
Cheniere Energy Partners, L.P.2.69%
DTE Energy Company2.55%
ONE Gas, Inc.2.21%
Cheniere Energy, Inc.1.89%
Atmos Energy Corporation1.78%
Sempra1.75%
New Jersey Resources Corporation1.55%
CenterPoint Energy, Inc.1.32%
ONEOK, Inc.1.10%
Targa Resources Corp.1.10%
Iberdrola, S.A. (ADR)1.10%
Generac Holdings Inc.1.02%
The Williams Companies, Inc.1.00%
Enel SpA (ADR)0.98%
Jacobs Solutions Inc.0.91%
ATCO Ltd.0.75%
EQT Corporation0.71%
Devon Energy Corporation0.71%
First Solar, Inc.0.70%
DT Midstream, Inc.0.64%
EOG Resources, Inc.0.60%
HA Sustainable Infrastructure Capital, Inc.0.57%
AltaGas Ltd.0.57%
Southwest Gas Holdings, Inc.0.52%
NiSource Inc.0.51%
Cummins Inc.0.50%
Chesapeake Utilities Corporation0.48%
Brookfield Renewable Partners LP0.45%
Gulfport Energy Corporation0.25%
UGI Corporation0.24%
Archrock, Inc.0.21%
EDP Renewables SA0.15%

Only in ZAP

27 securities, 42.5% of ZAP by weight

Bloom Energy Corp- A5.36%
Ametek Inc4.49%
Eaton Corp PLC4.46%
Consolidated Edison Inc4.13%
Exelon Corp3.80%
National Grid Plc-Sp Adr3.77%
Eversource Energy2.69%
Hubbell Inc2.68%
Edison International2.45%
Talen Energy Corp1.61%
Emera Inc1.50%
Pinnacle West Capital1.29%
Txnm Energy Inc0.68%
Enersys0.67%
Ormat Technologies Inc0.58%
Portland General Electric Co0.57%
Northwestern Energy Group0.47%
Avista Corp0.31%
Plug Power Inc0.23%
Hawaiian Electric Inds0.16%
Nuscale Power Corp0.14%
American Superconductor Corp0.14%
Fuelcell Energy Inc0.09%
Ameresco Inc-Cl A0.07%
Other Payable & Receivables0.07%
Eos Energy Enterprises Inc0.07%
Evgo Inc0.01%

Weight gaps

All 19 Holdings in both funds, largest gap first.

Holding weights in FPWR and ZAP, widest gap first
Holding	More in FPWRMore in ZAP	FPWR	ZAP
Quanta Services, Inc.PWR	ZAP +4.43 points	0.47%	4.90%
Constellation Energy CorporationCEG	ZAP +3.98 points	0.23%	4.21%
Vistra Corp.VST	ZAP +3.90 points	0.21%	4.11%
Dominion Energy, Inc.D	ZAP +2.33 points	1.92%	4.25%
IDACORP, Inc.IDA	FPWR +2.06 points	2.87%	0.81%
NextEra Energy, Inc.NEE	ZAP +1.84 points	1.78%	3.62%
Clearway Energy, Inc. (Class C)CWEN	FPWR +1.66 points	1.95%	0.29%
American Electric Power Company, Inc.AEP	ZAP +1.65 points	2.30%	3.95%
The Southern CompanySO	ZAP +1.62 points	2.29%	3.91%
Public Service Enterprise Group IncorporatedPEG	ZAP +1.40 points	2.28%	3.68%
Ameren CorporationAEE	ZAP +1.26 points	1.81%	3.07%
Entergy CorporationETR	ZAP +1.26 points	2.56%	3.82%
MasTec, Inc.MTZ	ZAP +1.04 points	0.27%	1.31%
Xcel Energy Inc.XEL	ZAP +1.00 points	2.88%	3.88%
FirstEnergy Corp.FE	ZAP +0.91 points	1.97%	2.88%
Evergy, Inc.EVRG	FPWR +0.54 points	2.55%	2.01%
OGE Energy Corp.OGE	FPWR +0.44 points	1.50%	1.06%
Duke Energy CorporationDUK	ZAP +0.31 points	3.59%	3.90%
Alliant Energy CorporationLNT	FPWR +0.22 points	2.06%	1.84%

All 59 FPWR holdings⁠All 48 ZAP holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FPWR vs ZAP Cost

Overpaying FPWR vs ZAP

$8,055

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FPWR 0.96%
$18,034
ZAP 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

FPWR 0.96%
ZAP 0.50%
Overpaying

Year by year

Year	FPWR	ZAP	Overpaying
10	$1,695	$900	$795
20	$6,383	$3,460	$2,923
30	$18,034	$9,979	$8,055

Expense ratio

0.96%FPWR
0.50%ZAP, cheaper

ZAP0.50%FPWR0.96%

0.35%0.96%

Middle half of Grid & Electrification funds
Median 0.53%

ZAP 4th cheapest of 10 funds

FPWR 10th cheapest of 10 funds

FPWR vs ZAP Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FPWR 2.07%, better; ZAP 1.88%
Payout (12M): FPWR $0.78; ZAP $0.59
Last payment: FPWR $0.22; ZAP $0.15
Ex-dividend: FPWR Sep 24, 2026; ZAP Oct 5, 2026
Paid on: FPWR Sep 30, 2026; ZAP Oct 8, 2026
Frequency: FPWR Quarterly; ZAP Quarterly

Distribution history

Per share, 2019 to 2026, same scale for both

FPWRQuarterly · 28 paymentsAll FPWR payments⁠

ZAPQuarterly · 8 paymentsAll ZAP payments⁠

FPWR vs ZAP Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FPWR 13.4%ZAP 15.2%since Jan 2025
Return per unit of riskSharpe ratio, 3 years: FPWR 1.19ZAP 0.87since Jan 2025
Worst fallMax drawdown, 5 years: FPWR −19.8%ZAP −13.0%since Dec 2024
Market sensitivityBeta, 5 years: FPWR 0.56ZAP 0.55; Market = 1

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