MLPI/ NEOS MLP & Energy Infrastructure High Income
Comprehensive risk audit, payout history, and forward-looking dividend projections.
What This Page Shows
- Dividend yield and net yield after fees (13.77% vs 13.09%)
- Risk tier classification: Tier 4 Volatility Harvest
- TTM NAV change: 16.7%
- Income sustainability flags and payout history trends
DivAgent Audit Brief
MLPI is a Tier 4 Volatility Harvest asset yielding 13.77%. It utilizes an aggressive options strategy to generate income, resulting in high immediate yield but significant risk of NAV erosion. NAV stability remains within healthy ranges.
Provider
NEOS
Sector
Energy
Asset Class
Energy Limited Partnership
Expense Ratio
0.68%
AUM
$587.92M
Inception
—
Distribution
monthly
NAV Change (1Y)
16.7%
Who Should Buy MLPI?
MLPI is best suited for Income Maximizers. The fund generates a 13.77% yield through collecting dividends from portfolio companies.
Aggressive income seekers who prioritize high current cash flow over capital appreciation.
You are building a 'forever portfolio' and cannot tolerate NAV (share price) decline.
Quick Audit
- TypeTraditional Equity
- ComplexityHigh
- Tax EfficiencyLow (Ordinary Income)
- VolatilityModerate (Lower Beta)
How MLPI fits in a portfolio
Volatility-harvest funds convert option premium into monthly distributions — at a price.
Tier 4 covers covered-call and option-income strategies (JEPI, JEPQ, SPYI, QQQI, GPIX). Distributions are durable but NAV is capped on the upside and exposed on the downside. The trade is income smoothness for limited capital appreciation.
Suggested allocation
2% – 10%
of an income-focused portfolio
Estimated 12-mo net: -$2,496 to $4,059 (P10–P90 range)
How is this projected?
Income series uses your forecasted distribution rate. NAV drift band is the P10/P50/P90 of historical monthly returns by risk tier. For Tier 5 holdings, the P10 path can show meaningful NAV erosion — this is the educational point, not a bug.
Comparing stated yield to actual total return performance
Return of Capital Note: NEOS funds classify ~95% of distributions as Return of Capital (ROC) for tax purposes. This reflects their tax-loss harvesting strategy, NOT principal liquidation. ROC reduces your cost basis and defers taxes.
Institutional Data Locked
Advanced liquidity metrics for Tier 4 assets are available to Premium members.
Unlock MetricsDivAgent Analyst Verdict
“MLPI is currently serving as a high-yield accelerator. Investors should be aware that master limited partnership. energy infrastructure pass-through entity with complex tax treatment (k-1 forms).”
Risk Profile Audit
Classified as high risk to principal. Significant NAV erosion is possible during volatile markets. Suitable only for income-focused satellite positions.
Price Chart
Live DataCalculate Your Returns
Estimate income for MLPI
~17.20 shares at $58.13
Estimates use the latest forecasted distribution and are not guarantees.
Track MLPI in DivAgentVerified Payout History
Last 5 of 5 Payments| Ex-Dividend Date | Amount | Frequency | Status |
|---|---|---|---|
| Apr 22, 2026 | $0.6670 | Monthly | PAID |
| Mar 18, 2026 | $0.6800 | Monthly | PAID |
| Feb 18, 2026 | $0.6380 | Monthly | PAID |
| Jan 21, 2026 | $0.6610 | Monthly | PAID |
| Dec 24, 2025 | $0.6520 | Monthly | PAID |
Compare MLPI Alternatives
See All ComparisonsMLPI FAQ
Common questions about MLPI dividends, safety, and performance
Institutional Analysis Context
This FAQ section provides institutional-grade analysis of MLPI. DivAgent evaluates dividend ETFs using a proprietary 5-Tier Risk Spectrum that measures income sustainability, NAV erosion risk, and distribution source quality. Data is updated daily from market sources.
DivAgent Data Methodology
Risk Tier Classification
Our 5-Tier Risk Spectrum is not an editorial opinion. It is a quantitative scoring model derived from 36-month volatility, max drawdown depth, and option skew (for derivative funds). A "Tier 1" rating implies volatility comparable to short-term treasuries, while "Tier 5" indicates localized volatility exceeding the S&P 500.
NAV Erosion Calculation
We calculate "Erosion" by stripping out distribution payments to isolate the price performance of the underlying collateral. If a fund's share price drops by more than its distribution yield over a rolling 12-month period, it is flagged as eroding capital. This protects investors from "Yield Traps" that return their own principal as taxable income.
Yield vs. Income
DivAgent distinguishes between "SEC Yield" (standardized) and "Distribution Rate" (cash-on-cash). For option-income ETFs (e.g., Covered Calls), we prioritize the Trailing 12-Month (TTM) distribution rate as a more accurate reflection of realized income, while flagging that future payouts fluctuate with implied volatility.
Performance Benchmarking
All "Total Return" metrics differ from price return. We assume immediate reinvestment of all dividends (DRIP) on the pay date, with no tax friction. This "Net Total Return" metric allows for a true apples-to-apples comparison between high-yield/flat-price funds and low-yield/high-growth funds.