ETF Evaluator:
NEOS MLP & Engy Infras Hi Inc ETF (MLPI)
Follow This ETF
(as of Jul 31)
Best Performing in Energy Limited Partnership Over the Last Year
| 27.2% | Invesco SteelPath MLP & Enrgy Infras ETF (PIPE) |
| 25.4% | VanEck Energy Income ETF (EINC) |
| 24.3% | Barclays ETN+ Select MLP (ATMP) |
| 23.7% | Alerian Energy Infrastructure ETF (ENFR) |
| 23.0% | USCF Midstream Energy Income ETF (UMI) |
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Risk
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ETF Details
NEOS MLP & Engy Infras Hi Inc ETF Overview
NEOS MLP & Engy Infras Hi Inc ETF (MLPI) is an actively managed Sector Equity Energy Limited Partnership exchange-traded fund (ETF). Neos Funds launched the ETF in 2025.
The investment seeks to generate high monthly income in a tax efficient manner with the potential for equity appreciation.
Under normal circumstances, the fund invests at least 80% of its net assets, plus borrowings for investment purposes, in securities of energy infrastructure MLPs and energy infrastructure companies, which the managers define as those companies included in the MLP & Energy Infrastructure Index. It is non-diversified.
About NEOS MLP & Engy Infras Hi Inc ETF (MLPI)
There are 2 members of the management team with an average tenure of 0.53 years: Garrett Paolella (2025) and Troy Cates (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
NEOS MLP & Engy Infras Hi Inc ETF has 32 securities in its portfolio. The top 10 holdings constitute 62.1% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
NEOS MLP & Engy Infras Hi Inc ETF is part of the Equity global asset class and is within the Sector Equity ETF group. NEOS MLP & Engy Infras Hi Inc ETF has 23.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 73.8% There is 23.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). NEOS MLP & Engy Infras Hi Inc ETF has 1.4% of the portfolio in cash.
Assets Under Management
The fund has $675 million in total assets, which is below the $1 billion average for the Energy Limited Partnership category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
MLPI Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The NEOS MLP & Engy Infras Hi Inc ETF expense ratio is above average compared to funds in the Energy Limited Partnership category. NEOS MLP & Engy Infras Hi Inc ETF has an expense ratio of 0.68%, which is 11% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. NEOS MLP & Engy Infras Hi Inc ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 21% for the Energy Limited Partnership category.
Recently, in the month of June 2026, NEOS MLP & Engy Infras Hi Inc ETF returned 1.9%, which earned it a grade of C, as the Energy Limited Partnership category had an average return of 1.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
NEOS MLP & Engy Infras Hi Inc ETF has a trailing yield of 0.00%, which is below the 5.28% category average.
The fund normally distributes its income monthly and its capital gains monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
NEOS MLP & Engy Infras Hi Inc ETF Grades
Year to date, the ETF has returned 18.1%, 1.6 percentage points worse than the category, which translates into a grade of C.
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MLPI Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MLPI Return (NAV) | 1.9% | 0.9% | na | na | na | na |
| MLPI Return (Price) | 2.1% | 0.8% | na | na | na | na |
| NAV +/- Price Return | -0.240% | 0.109% | na | na | na | na |
| Energy Limited Partnership Avg | 1.4% | 0.8% | 20.3% | 23.2% | 19.0% | 9.1% |
| MLPI Grade (NAV) | C | C | na | na | na | na |
| +/- Category (NAV) | 0.5% | 0.0% | na | na | na | na |
| MLPI Tax-Cost Ratio | na | na | na | na | na | na |
MLPI Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MLPI Return (NAV) | 18.1% | na | na | na | na | na | na | na | na | na | na |
| MLPI Return (Price) | 18.2% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.005% | na | na | na | na | na | na | na | na | na | na |
| Energy Limited Partnership Avg | 19.8% | 6.0% | 34.2% | 17.3% | 23.5% | 38.2% | -26.5% | 13.9% | -14.9% | -4.6% | 27.4% |
| MLPI Grade (NAV) | C | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -1.6% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 676 Mil |
| Share Class Assets: | $ 676 Mil |
| Turnover: | na |
| Expense Ratio: | 0.68% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Monthly |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 0.5 years | |||
| Average Tenure: 0.5 years | |||
| Managers (Year): Paolella Garrett (2025), Cates Troy (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 32 |
| % in Top 10 Holdings: | 62.1% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 23.9% |
Portfolio Allocation |
|
| Domestic Stock: | 73.8% |
| Foreign Stock: | 23.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.9% |
| Cash: | 1.4% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Neos Funds |
| Phone Number: | 833-833-1311 |
| Website: | |
| Inception Date: | December 17, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.68% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.76% |
