Goldman Sachs is paying up to $2.25 billion in cash and equity to acquire NEOS Investments, a specialist in systematic options-based income ETFs. The deal, announced on August 12, 2026, brings the Bitcoin High Income ETF, Boosted Bitcoin High Income ETF, and Ethereum High Income ETF into Goldman Sachs Asset Management.
NEOS manages $30 billion in assets across 19 options-based income ETFs as of June 30, 2026. The acquisition adds that lineup to Goldman's existing $40 billion in income and outcome-oriented options-based ETF solutions.
The combined platform is expected to hold roughly $80 billion in active ETFs within a $130 billion global ETF business, based on June 30 figures. Goldman says that scale would make it the eighth-largest active ETF provider.
The transaction deepens a buildout that began with Goldman's purchase of Innovator Capital Management last year. NEOS was founded in 2022 and built its business on options-based income strategies designed to generate monthly cash flow with tax efficiency inside the ETF wrapper.
Co-founders Troy Cates and Garrett Paolella are expected to join Goldman Sachs Asset Management as partners once the deal closes, along with the rest of the NEOS team. The transaction is expected to close in the first quarter of 2027, pending regulatory approval.
Industry-wide, derivative income ETFs have grown to approximately $180 billion in assets under management, expanding at a compound annual rate above 70% since 2021, according to Morningstar data cited in the announcement.