NEOS MLP & Energy Infrastructure High Income ETF (MLPI) offers direct exposure to high-quality midstream MLPs with an out-of-the-money covered call overlay. MLPI's physical structure enables investors to capture both underlying MLP income and option premiums, differentiating it from synthetic strategies. The fund's initial forward yield annualizes to a compelling 15.6%, among the highest in NEOS's covered call ETF suite.