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MLPI
NEOS MLP & Energy Infrastructure High Income ETF
NEOS Investment Management, LLC
Verdict
Weighted score · Pro 🔒
Fund Identity
What it is, who runs it, where it lives.
The NEOS MLP & Energy Infrastructure High Income ETF seeks to generate high monthly income in a tax efficient manner with the potential for equity appreciation..
The Fund is an actively-managed ETF that invests at least 80% of its net assets in energy infrastructure MLPs and energy infrastructure companies comprising the MerQube North America MLP & Energy Infrastructure Index, generally using full replication. Simultaneously, the Fund writes (sells) call options—primarily FLEX Options—on one or more MLP ETFs to generate high monthly income from option premiums. The options strategy effectively converts a portion of the potential upside of the MLP & Energy Infrastructure Index into current income, with options generally having approximately one-month expirations. The Adviser may also employ a call spread strategy by purchasing out-of-the-money long calls in addition to the written calls.
Ticker
MLPI
Issuer
NEOS Investment Management, LLC
Exchange
BATS
Inception
2025-12-18 · 0.6 yrs
Mgmt style
Active
Replication
Physical (full replication) for equity/MLP sleeve; Derivatives (options/futures) for income overlay via written call options (primarily FLEX Options) on MLP ETFs
Index-based
—
Leverage
None
Strategy & Options Mechanics
How the portfolio is built and where the income comes from.
PORTFOLIO
Hybrid
actively managed
OPTIONS OVERLAY
Strategy
Covered Calls (written call options on MLP ETFs); alternatively a call spread (written calls plus purchased out-of-the-money long calls for a net credit)
generates income
Underlying
MLP ETFs (ETFs that invest principally in energy infrastructure MLPs)
income exposure
MONTHLY
10.0%
DIST. RATE
100% ROC
Section 1256 (60/40)
Section 1256 (60/40)
Underlying
MLP ETFs (ETFs that invest principally in energy infrastructure MLPs)
Strategy
Covered Calls (written call options on MLP ETFs); alternatively a call spread (written calls plus purchased out-of-the-money long calls for a net credit)
Tax
Section 1256 (60/40)
The Fund primarily writes (sells) call options, primarily FLEX Options, on one or more MLP ETFs to generate monthly income from premiums; options generally expire in approximately one month and are held to or near expiration. The strategy caps upside participation in the MLP & Energy Infrastructure Index beyond the strike price of the written calls. Options qualify as Section 1256 Contracts, providing 60% long-term / 40% short-term capital gain tax treatment regardless of holding period.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · DEC '25 – AUG '26
DEC '25AUG '26
Flat-NAV reinvestment hurdle
0.0%
Share of each distribution you’d need to reinvest just to hold NAV flat. 0% — the fund is covering its payout without eroding NAV.
Distribution & Tax
Where the yield comes from — and how it’s taxed.
Composition · Recent Distribution
100%
ROC
Return of Capital — constructive100%
Net Investment Income0%
Frequency
Monthly
Dist. rate
9.99%
ROC %
100%
30-day SEC
not reported
Consistency
2 w/o cut
YOC · 1yr-ago buyer
10.8%
Tax Treatment — Section 1256 (60/40)
SECTION 1256 (60/40)
Distribution Composition (Recent)
ROC is not free money — it lowers your cost basis. When shares are sold, capital gains are computed against the lower basis.
Composition · Narrative
The July 2026 distribution of $0.6834 per share is 100% estimated return of capital with no net investment income or capital gains components. On a fiscal year-to-date basis, 92% of cumulative distributions ($4.3253 of $4.7262) are estimated return of capital, with 8% from net investment income. These are book-basis estimates and final tax characterization may differ.
Distribution & Return of Capital
Per-month payout split and the running return-of-capital share · last 8 months.
DIST ($/sh)ROC %
Return of capital ($/sh)
Net investment income ($/sh)
Monthly ROC %
Calendar-year ROC (YTD est.)
Distribution Growth & Schedule
Per-period growth of the payout, the latest schedule, and how long distributions take to repay NAV.
Distribution Growth by Lookback Period
Latest Distribution Schedule
Record date
2026-07-22
Ex-dividend
2026-07-22
Pay date
—
Payback Period
10.0 yr
Dist. Since Incep.
$5.4
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
28
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
No moving-average series.
Price $53.83
50-DMA $—
200-DMA $—
Liquidity
Avg daily volume
393K
Avg dollar volume
$20,302,866
Bid/ask spread
0.15%
Premium/discount
+0.11%
Turnover
0%
Estimated bid/ask spread ~0.23% (moderate). Average daily dollar volume ~$20.3M (liquid). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Stable. Source: shares×price (Massive, monthly).
AUM ($)
$861M
$861M$433M$6M
DEC '25AUG '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
MLPI · 2026-08-10
Prepared by Streamfolio
Research aid, not investment advice.
Prepared by Streamfolio
Research aid, not investment advice.