MLPI vs NANR

MLPI—MLP & Energy Infrastructure High Income ETF

NANRAState Street SPDR S&P North American Natural Resources ETF

In short

MLPI Midstream income without the April paperwork. MLPI owns North American energy infrastructure names, keeps MLPs to a slice of the index so shareholders get a 1099 instead of K-1s, and sells calls on MLP ETFs for monthly cash.

NANR Natural resources without the passport: roughly 200 large and mid cap US and Canadian energy, mining and agriculture names in one basket, for 0.35% a year.

Stated mandate

MLPI The Fund seeks high monthly income with potential equity appreciation by investing in MLPs and energy infrastructure companies and using a data-driven call-option strategy.

NANR The fund seeks to track, before fees and expenses, the total return of the S&P BMI North American Natural Resources Index. It targets large- and mid-cap publicly traded U.S. and Canadian companies in energy, metals and mining, and agriculture-related natural-resources businesses.

Why people hold it

• MLPI K-1 free by design: the reference index caps MLPs at 25% of its weight in aggregate, so the fund reports on a standard 1099 rather than partnership tax forms.sec.govneosfunds.com
• The calls are written on outside MLP ETFs, not on the fund's own stock positions, so the equity sleeve itself is not the thing being called away.sec.gov
• Pays monthly, stacking option premium on top of what the pipeline and LNG names in the portfolio distribute.neosfunds.com
• Concentration guardrails are written into the index: the top 25 names by free float, none above 10% of weight.sec.gov

• NANR At 0.35% a year, it undercuts its natural-resources peers, including IGE at 0.37% and State Street's own global version, GNR, at 0.40%.
• Three commodity engines, not one. Energy, metals and mining, and agriculture-linked businesses sit in the same basket, so it isn't a pure oil bet.
• North America only: large and mid cap US and Canadian producers, no emerging-market miners or state-linked oil majors.
• Index-tracking since 2015, and one of the stronger builds in its natural-resources cohort.

Worth knowing

• MLPI At 0.68% a year it costs more than the typical fund in its natural resources peer group (IGE runs 0.37%, GNR 0.40%). Active management and the options work are the bill.
• Launched in December 2025, so there is no record yet across a full energy cycle.
• Premium income moves with volatility, payouts can include return of capital, and the MLP ETFs it writes calls against can move differently than the stocks it holds.sec.gov

• NANR Thinly traded next to the category's giants, so spreads can be wider and big orders can move the price.
• Commodity cycles drive it. A basket parked in energy and materials swings harder than a broad market index.
• Cash comes once or twice a year, not quarterly, and the Canadian sleeve adds a currency layer.

Full MLPI profile⁠

Full NANR profile⁠