What Is the MLPI ETF? Returns, Expense Ratio, Holdings and Alternative ETFs Explained
The Neos MLP & Energy Infrastructure High Income ETF is an actively managed fund that invests in North American energy infrastructure MLPs and uses an options strategy to pursue high monthly distributions. Key points to check are the distribution level, the expense ratio and the energy outlook, and comparison with other midstream ETFs is the main selection criterion. The trading ticker is MLPI.
SubscribeWhat Is the Neos MLP & Energy Infrastructure High Income ETF?
This is an actively managed income ETF that invests in North American energy infrastructure MLPs and related energy companies while pursuing high monthly distributions through an options strategy. It uses option premiums to seek tax-efficient income.
It suits income-oriented investors who want high monthly distributions from midstream energy infrastructure through an options strategy.
The ETF is actively managed by Neos.
How Does the Neos MLP & Energy Infrastructure High Income ETF Invest?
| Item | Details |
|---|---|
| Tracked index | Active (does not track a benchmark) |
| Management style | Active (MLP and options income) |
| Rebalancing frequency | As needed (manager's discretion) |
| Distribution frequency | Monthly |
| Total expense ratio | 0.68% |
The fund invests mainly in North American midstream MLPs and related energy companies that operate oil pipelines and gas infrastructure, and adds an income strategy that uses option premiums. By combining option premiums, dividends and capital gains, it pursues high, tax-efficient monthly distributions.
- Combines options income with midstream MLPs
- Pursues high, tax-efficient monthly distributions
Neos MLP & Energy Infrastructure High Income ETF Size and Costs (AUM and Management Fee)
Assets under management (AUM) stand at $951.0M, and the total expense ratio is 0.68% per year.
Thanks to its options strategy, the fund tends to offer higher distribution income than a typical midstream ETF, but selling options can limit some of its upside in strong rallies.
Neos MLP & Energy Infrastructure High Income ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeMidstream MLPs are affected by oil prices, energy volumes and the interest rate environment. Stable cash flows based on pipeline usage fees make them relatively less sensitive to oil price swings, but because of the nature of the options strategy, higher volatility tends to increase the option premiums that fund distributions.
Money tends to flow into midstream income ETFs when demand for high, tax-efficient monthly distributions is strong, and those flows shift as the energy cycle slows or interest rate conditions change.
Neos MLP & Energy Infrastructure High Income ETF Pros and Cons
Its strength is combining options income with midstream MLPs to pursue high monthly distributions, while its weaknesses are partially capped upside and sensitivity to the energy cycle.
💪 Key Strengths
⚠️ Points to Watch
Neos MLP & Energy Infrastructure High Income ETF Alternative ETFs and Related Products
EMLP, MLPX and PIPE shown in the table are similar ETFs that invest in midstream energy infrastructure and are managed without an options strategy. For more midstream exposure, you can also compare the flagship MLP fund AMLP, the MLP-focused MLPA and the energy infrastructure fund ENFR. They differ in whether they use an options strategy, in their holdings and in their fees, so it is best to choose according to your investment style.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 EMLP | First Trust North American Energy Infrastructure Fund | $43.93 | +0.1% | $4.2B | 0.95% | 2.79% | +15.3% |
 MLPX | Global X MLP & Energy Infrastructure ETF | $74.79 | +0.3% | $3.7B | 0.45% | 4.1% | +27.1% |
 UMI | USCF Midstream Energy Income Fund ETF | $60.53 | +0.1% | $538.9M | 0.69% | 3.84% | +27.6% |
 EINC | VanEck Energy Income ETF | $120.62 | +0.2% | $83.0M | 0.46% | 3.35% | +30.0% |
 PIPE | Invesco SteelPath MLP & Energy Infrastructure ETF | $30.16 | +0.1% | $65.4M | 0.75% | 3.85% | +29.9% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
| WMB | Williams Cos Inc | 0.19% | $74.09 | +3.3% | $90.6B | 29.6 | 2.85% |
| ENB | Enbridge Inc | 0.19% | $48.38 | +0.3% | $109.7B | 25.7 | 5.71% |
| TRP | TC Energy Corp | 0.14% | $62.89 | +0.7% | $65.5B | 26.1 | 3.97% |
| KMI | Kinder Morgan Inc | 0.12% | $33.85 | -0.3% | $75.4B | 21.0 | 3.52% |
| TRGP | Targa Resources Corp | 0.06% | $302.61 | -0.7% | $64.9B | 28.9 | 1.65% |
| PBA | Pembina Pipeline Corp | 0.06% | $49.95 | -0.7% | $29.0B | 24.3 | 4.15% |
Neos MLP & Energy Infrastructure High Income ETF Investor Checkpoints
Here are the points to review before investing in MLPI. As a midstream income ETF, it is important to check distribution sustainability, limits on upside participation, sensitivity to the energy cycle and the expense level in advance.
| Checkpoint | What to check | Current status |
|---|---|---|
| 💵 Expense ratio | Check the fee for active options management | Somewhat high |
| 💰 Distribution level | Possible distribution changes depending on the options environment | May vary |
| 🛢️ Energy cycle | Check the impact of oil prices and energy volumes | Sensitive |
| 📈 Upside cap | Limited upside participation due to option selling | Limited |
Because of the option-selling structure, growth is partially limited compared with plain midstream exposure in strong rallies, and volatility can rise when energy investment slows. You should also consider that the distribution level may change depending on the options environment.
This is an active ETF suited to income-oriented investors who want high monthly distributions from midstream energy infrastructure through an options strategy. If you want exposure without an options strategy, a standard midstream ETF may be the better choice, and if you prioritize high income, MLPI can be an alternative.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of June 4, 2026.
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