MLPI vs XLEI: Infrastructure or Energy-Sector Income?
MLPI invests in MLPs and energy infrastructure companies with a disclosed call-option strategy. XLEI invests in XLE and sells calls on that energy-sector ETF. Their energy exposures differ, and owning MLPI does not mean receiving the K-1 forms associated with directly owning partnership units.
Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
MLPI has lagged XLEI over the year to date, posting a 10.88% total return against 27.23%. Figures are total returns: price change plus every distribution reinvested.
Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 30, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Dec 2025” measures every fund from December 18, 2025 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the shared window since Dec 2025. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the shared window since Dec 2025) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Distribution rate and SEC yield
Metric
MLPI
XLEI
Forward distribution rate
15.00%
16.24%
Trailing 12-month yield
13.24%
18.86%
30-day SEC yield
3.47%
—
Total return (price change plus reinvested distributions) is the Total returns section above. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.
Total return against the stated underlying is on XLEI vs XLE.
Side-by-side snapshot
Side-by-side snapshot. Each row is one metric;
each column is one fund.
Seeks to deliver high monthly income with exposure to master limited partnerships through an overlay strategy.
Seeks monthly income by investing at least 80% of net assets in S&P 500 energy companies — directly or through the Energy Select Sector SPDR Fund (XLE) — combined with investments that produce premium income.
Bottom lineChoose MLPI if you want infrastructure-oriented option income with fund-level tax reporting. Choose XLEI if you want XLE-oriented energy income and accept its sector and call exposure. Distributions can change. Compare net total returns, holdings, and final tax reporting; a payout rate is not a return forecast or proof of capital preservation.
MLPs and infrastructure versus S&P 500 energy exposure
MLPI invests in MLPs and energy infrastructure companies with a disclosed call-option strategy. XLEI invests in XLE and sells calls on that energy-sector ETF. Their energy exposures differ, and owning MLPI does not mean receiving the K-1 forms associated with directly owning partnership units.
MLPI
XLEI
Approach
MLPs and infrastructure companies with call options
XLE holdings and written XLE calls
Risk review
Infrastructure concentration, regulation, and option obligations
Energy-sector concentration, commodity sensitivity, and call obligations
Expense ratio
0.68%
0.35%
Portfolio fit
Review combined holdings and weights
Review combined holdings and weights
How the risk works
Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.
Capped upside and premium dependence. MLPI and XLEI generate income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
NEOS is known for developing specialized income-focused ETFs that employ strategies like covered calls, hedging, and enhanced yields across various asset classes. The firm manages 19 funds organized into nine distinct families, including offerings in equity high income, fixed income enhancement, digital assets, and alternative strategies, with popular tickers like SPYI (S&P 500 covered call), QQQI (Nasdaq-100 covered call), and QQQH (Nasdaq-100 hedged equity income). NEOS distinguishes itself in the ETF landscape through its emphasis on income generation and downside protection strategies rather than traditional growth approaches.
See our curated list of related YouTube videos on MLPI.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
State Street Global Advisors (SSGA) is one of the largest ETF providers globally, known for its flagship SPDR suite of exchange-traded products that serve both institutional and retail investors across a broad range of asset classes. Their 88-fund lineup spans diverse strategies including sector exposure (Select Sector SPDR), income generation (Income and Select Sector SPDR Premium Income families), commodities (including the widely-held GLD gold ETF), bonds, ESG-focused investments, and thematic allocations, with popular tickers like DIA (Diamonds Trust), FEZ (Eurozone exposure), and JNK (high-yield bonds) among their most recognized funds. The issuer is characterized by its comprehensive coverage across multiple market segments and its emphasis on both traditional index-based products and specialized strategies like covered call income funds and factor-based investing.
See our curated list of related YouTube videos on XLEI.
MLPI (NEOS MLP & Energy Infrastructure High Income ETF) and XLEI (State Street® Energy Select Sector SPDR® Premium Income ETF) are both monthly-pay dividend ETFs, but they take different approaches.
XLEI offers the higher yield at 16.24% vs 15.00% for MLPI. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
XLEI is cheaper with an expense ratio of 0.35% compared to 0.68%.
They have different reference exposures: MLPI is linked to Master limited partnerships while XLEI is linked to Energy Select Sector SPDR Fund (XLE), which means their performance drivers differ.
XLEI is the larger fund by assets ($126M), but assets alone do not establish trading costs or liquidity.
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On a $10,000 investment, MLPI would generate roughly $125.00 cash per distribution, while XLEI would produce $135.33 cash per distribution, at current distribution rates. Both pay monthly distributions.
MLPI yield15.00%
XLEI yield16.24%
Cash diff on $10K$10.33
Cost & efficiency
Over 10 years on $10,000, MLPI would cost approximately $680 in fees vs $350 for XLEI (simplified, not compounded). The $330.00 difference may be offset by yield or performance.
MLPI ER0.68%
XLEI ER0.35%
Strategy & risk
MLPI invests in MLPs and energy infrastructure companies with a disclosed call-option strategy. XLEI invests in XLE and sells calls on that energy-sector ETF. Their energy exposures differ, and owning MLPI does not mean receiving the K-1 forms associated with directly owning partnership units. Beta describes historical benchmark sensitivity, not guaranteed downside protection.
Fund details
MLPI is managed by NEOS (launched 12/18/2025) with $46.4M in assets. XLEI is managed by State Street (launched 07/29/2025) with $126M in assets.
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Frequently asked questions
Do MLPI shareholders receive K-1s because the fund owns MLPs?
NEOS states that MLPI provides Form 1099 reporting rather than the K-1s typically associated with direct MLP ownership. That does not make every distribution tax-free: use final Form 1099-DIV reporting and distinguish it from preliminary Section 19(a) estimates. A fund's tax wrapper and its underlying partnership holdings are different levels of ownership.
How should I compare risk and ownership costs?
Use matching dates and definitions for returns, distributions, and fees. Beta describes historical benchmark sensitivity, not guaranteed downside protection. Check current bid-ask spreads and premiums or discounts; AUM alone does not determine the price available for your order.
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