Alternatives
Best MLPI Alternatives in 2026
Midstream and MLP ETFs to consider alongside the NEOS MLP High Income ETF.
Data updated August 2026 · 7 ETFs
Who this page is for
Best for
- MLPI holders comparing similar funds, fees, payouts, and strategy design
- Energy-income investors comparing an options overlay with conventional midstream funds
- Investors who will compare total return and NAV trend alongside distribution rate
Not a fit for
- Investors seeking broad energy-sector diversification beyond pipelines and midstream firms
- Anyone treating a current distribution rate as guaranteed future income
- Investors choosing from headline yield alone without reviewing the underlying exposure
Analysis
MLPI combines midstream exposure with an index-options income strategy. AMLP and MLPA emphasize MLPs through different portfolio and tax structures, while MLPX, ENFR, EMLP, and TPYP broaden the universe toward corporate midstream operators. Those choices affect corporate tax drag, K-1 exposure, concentration, fees, and sensitivity to energy infrastructure cash flows. MLPI's option premium can lift current distributions but may surrender part of a strong rally. A fair comparison therefore puts after-tax structure and total return beside the headline yield.
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Top picks
Top 3 MLPI alternatives by assets under management.
Yield distribution
Expense ratio distribution
Income projection
Estimated income if the current average distribution rate of 4.69% held for a full year with share prices unchanged. Distribution rate is not total return—a fund can pay a large distribution while its share price falls—so treat these as an upper-bound illustration, not a forecast.
| Investment | Annual income | Monthly income | Weekly income |
|---|---|---|---|
| $10,000 | $469 | $39 | $9 |
| $25,000 | $1,171 | $98 | $23 |
| $50,000 | $2,343 | $195 | $45 |
| $100,000 | $4,686 | $390 | $90 |
Issuer breakdown
Distribution of ETFs by fund issuer. Larger issuers often offer lower expense ratios and higher liquidity.
All 7 ETFs
| Ticker | Name | Issuer | Yield | Expense ratio | AUM | Frequency |
|---|---|---|---|---|---|---|
| AMLP | Alerian MLP ETF | ALPS | 7.45% | 0.85% | $12.9B | Quarterly |
| EMLP | First Trust North American Energy Infrastructure Fund | First Trust | 2.84% | 0.96% | $4.1B | Quarterly |
| MLPX | Global X MLP & Energy Infrastructure ETF | Global X | 4.03% | 0.45% | $3.6B | Quarterly |
| MLPA | Global X MLP ETF | Global X | 7.19% | 0.45% | $2.3B | Quarterly |
| TPYP | Tortoise North American Pipeline Fund | Tortoise Capital | 3.26% | 0.40% | $871M | Quarterly |
| ENFR | Alerian Energy Infrastructure ETF | ALPS | 3.91% | 0.35% | $517M | Quarterly |
| USAI | Pacer American Energy Independence ETF | Pacer | 4.12% | 0.75% | $131M | Monthly |
Frequently asked questions
What are the best mlpi alternatives?
This page lists the top 7 ETFs in this category ranked by key metrics. The list includes funds from issuers like ALPS, First Trust, Global X, Tortoise Capital and more.
How often is this list updated?
The data on this page is refreshed regularly using the latest available distribution rates, expense ratios, and AUM figures. Last updated August 2026.
What is the average yield of these ETFs?
The average distribution yield across the 7 ETFs on this list is 4.69%. Individual yields range from 2.84% to 7.45%.
What is the closest alternative to MLPI?
AMLP is the largest familiar MLP benchmark, while MLPX and ENFR offer broader midstream exposure. They do not use MLPI's same option-income design.
What should I compare when choosing a MLPI alternative?
Compare MLP versus C-corporation exposure, fund-level tax treatment, K-1 policy, option coverage, fees, concentration, distribution composition, and total return.
Does a higher-yielding MLPI alternative produce a better return?
Not necessarily. Distribution rate measures cash paid, not wealth created. Compare total return, NAV trend, fees, distribution composition, and the amount of upside surrendered by any options overlay.
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The metrics and risks behind this list, explained in the Academy.
From the blog
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