Covered-call / option-income ETF

MLPI dividend & DRIP calculator

NEOS MLP & Energy Infrastructure High Income ETF

MLPI combines midstream energy infrastructure exposure with a covered call overlay for monthly income, issuing a 1099 rather than a K-1. Energy infrastructure equities already distribute substantial cash; the option overlay adds premium on top while capping some upside, and the combined payout can include return of capital classified per issuer 19a-1 estimates.

Price

$56.42

as of 2026-07-16NEOS Funds (issuer data)

Distribution rate

14.5%

as of 2026-06-30NEOS Funds (issuer data)

SEC 30-day yield

3.4%

as of 2026-06-30NEOS Funds (issuer data)

Expense ratio

0.68%

as of 2026-07-16NEOS Funds (issuer data)

Payout frequency

Monthly

fund’s stated cadence

Upcoming

ex 2026-07-22 · pays 2026-07-24amount TBDex 2026-08-19 · pays 2026-08-21amount TBDex 2026-09-16 · pays 2026-09-18amount TBDfull calendar + feed

Scenario calculator — pre-loaded with MLPI’s latest payout

Outlook

Inputs

Starting investment

Monthly contribution

Years15 yrs

Share price

Distribution / share

Payout frequency

Distribution growth per year

Price growth per year

Effective tax rate on distributions

Use 0% for IRA/Roth. Simplified: one flat rate, federal only.

Reinvest distributions (DRIP)

Stress test

share carries inputs in the link only — nothing stored

Average gross income, final year

$2,157/mo

$25,887/yr gross

Value after 15 yrs

$230,621

Total gain / contributed

+319%

$175,621 gain · 14.8%/yr

Total contributed

$55,000

final-year gross (pre-tax) income ÷ contributed 47.1%

What this scenario says

Contributing $10,000 up front plus $250 a month for 15 years puts in $55,000 of your own money. Under these assumptions the position ends worth $230,621, averaging about $2,157 a month in gross distributions in its final year. That is a total gain of $175,621 (+319%) — about 14.8% a year, money-weighted, counting income and price together.

Your money $55,000Growth + reinvested income $175,621

Income milestones

$100 avg gross/mo around year 1
$250 avg gross/mo around year 3
$500 avg gross/mo around year 6

Resilience check — run automatically

Payout cut 30% at year 2:final average gross income $1,025/mo(−52%)
Crash at year 1: −25% price and 30% payout cut:final average gross income $1,634/mo(−24%)

No scenario without its downside: these variants re-run your exact inputs through standard shocks so the base case never stands alone.

Assumption ledger

Share price: $56.42as of 2026-07-16
Distribution per share (monthly): $0.6576latest payout · as of 2026-07-16
Distribution growth / yr: 0.0%base outlook
Price growth / yr: 1.0%base outlook
Tax rate on distributions: 0.0%your input
Reinvest distributions: yesyour input

Fragile assumptionYour inputs imply roughly 15.0% per year in combined distributions and price growth, sustained for 15 years. Long-run outcomes that high are rare; treat this as an optimistic scenario.
NotePart of this fund type’s distribution is often classified as return of capital, which changes tax treatment and can reflect NAV erosion. Distribution rate is not the same as total return.

Every rate above is held constant for the whole projection — real markets never do that. This is a scenario, not a forecast.

Year-by-year table

Year-by-year projection results
Year	Gross income	Contributed	Ending value
1	$1,728	$13,000	$14,853
2	$2,426	$3,000	$20,457
3	$3,219	$3,000	$26,913
4	$4,118	$3,000	$34,338
5	$5,137	$3,000	$42,862
6	$6,289	$3,000	$52,628
7	$7,590	$3,000	$63,800
8	$9,058	$3,000	$76,560
9	$10,712	$3,000	$91,109
10	$12,573	$3,000	$107,676
11	$14,664	$3,000	$126,511
12	$17,012	$3,000	$147,894
13	$19,644	$3,000	$172,137
14	$22,591	$3,000	$199,585
15	$25,887	$3,000	$230,621

Distribution history

YearOrder7 payouts

Distribution history
Ex-date	Pay date	Per share
2026-06-16	2026-06-18	$0.6576
2026-05-20	2026-05-22	$0.7038
2026-04-22	2026-04-24	$0.6667
2026-03-18	2026-03-20	$0.6800
2026-02-18	2026-02-20	$0.6739
2026-01-21	2026-01-23	$0.6608
2025-12-24	2025-12-26	$0.6524

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Risk & assumption notes

Option-income distributions are variable by construction. Projecting the latest payout forward flat — this page’s default — is already an assumption.
Distributions may include return of capital, which changes tax treatment and can accompany NAV erosion.
Covered-call strategies cap upside; comparing this fund’s distribution rate against an index fund’s total return is a category error.
Taxes are modeled as one flat rate on distributions — a simplification. Qualified dividends, ordinary income, and ROC are taxed differently. See methodology.

Questions people ask

Why does MLPI show a distribution rate of 14.5% but a SEC yield of 3.4%?

The distribution rate annualizes recent payouts; the SEC 30-day yield measures net investment income under a standardized formula. For option-income funds the gap is normal — premiums and return of capital can fund distributions well above earned income. Neither number is a forecast of total return.

Is MLPI's distribution guaranteed to continue at this level?

No. Its distributions depend on option premiums and market conditions, and funds like this have raised and cut payouts without notice. That's why this page's calculator includes a distribution-cut stress preset.

Can this page tell me whether to buy MLPI?

No — and it doesn't try. This is an educational scenario tool: it shows the arithmetic consequences of assumptions you choose. It makes no recommendations and no predictions.

What is the difference between MLPI and MLPX?

MLPX is an index fund holding midstream equities and paying quarterly from their dividends. MLPI holds similar exposure but writes call options for extra monthly income, trading away part of the sector's price upside for premium.

MLPI versus peers — income now or growth kept?

Versus lab

Starting investment

Monthly contribution

Years10 yrs

Tax rate on distributions

Applies to both sides. 0% = tax-advantaged.

MLPIincome fund

NEOS MLP & Energy Infrastructure High Income ETF

Dist. rate: 14.5%
SEC yield: 3.4%
Expense: 0.68%

Price growth /yr

assumption — no issuer return history

Payout growth /yr

assumption — variable option-income payout held flat

Avg gross income, final year: $1,048/mo
Ending value: $107,676
Total gain / contributed: +169%(15.2%/yr)
Distributions collected: $62,848

Generates high current distributions — useful if you spend the cash flow
Income keeps flowing in flat or choppy markets

MLPXfund

Global X MLP & Energy Infrastructure ETF

Dist. rate: 4.0%
SEC yield: 4.3%
Expense: 0.45%

$0.7570/share · latest payout

Price growth /yr

assumption — no issuer return history

Payout growth /yr

3y payout history

Avg gross income, final year: $404/mo
Ending value: $75,750
Total gain / contributed: +89%(9.9%/yr)
Distributions collected: $21,261

Different income engine — compare the data panel, not the headline rate

Under these assumptions MLPI leads on both income and ending value. A clean sweep usually means the growth assumptions strongly favor one side — before reading anything into it, ask whether that side’s implied combined payout and price-growth assumptions over 10 years are realistic. Nudge the growth fields above and watch how fast the sweep disappears.

Both sides run the identical deposit schedule with DRIP on and taxes off (0% — set a rate above for taxable accounts). Growth defaults come from each fund’s own record where available (payout history; issuer-reported returns) — but history is not a forecast, and this is not a recommendation.

MLPX SPYI IYRI Income goal calculator

Educational scenario modeling only — not investment, tax, or financial advice. Results are hypothetical outcomes of your assumptions, not forecasts.

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MLPI dividend & DRIP calculator

Upcoming

Scenario calculator — pre-loaded with MLPI’s latest payout

Outlook

Inputs

Stress test

What this scenario says

Income milestones

Resilience check — run automatically

Assumption ledger

Distribution history

Payout-declared alertsemail only · one-click unsubscribe

Risk & assumption notes

Questions people ask

MLPI versus peers — income now or growth kept?

Versus lab

Related

MLPI dividend & DRIP calculator

Upcoming

Scenario calculator — pre-loaded with MLPI’s latest payout

Outlook

Inputs

Stress test

What this scenario says

Income milestones

Resilience check — run automatically

Assumption ledger

Distribution history

Payout-declared alertsemail only · one-click unsubscribe

Risk & assumption notes

Questions people ask

MLPI versus peers — income now or growth kept?

Versus lab

Related