Goldman Sachs to acquire NEOS Investments to expand active ETF presence

Goldman Sachs Asset Management has agreed to acquire NEOS Investments, a specialist in option-based income ETFs, for up to $2.25 billion in cash and stock. The deal, which is expected to close in the first quarter of 2027 subject to regulatory approval, will integrate NEOS’s $30 billion in assets into Goldman Sachs’ existing ETF platform.

Following the previous acquisition of Innovator Capital Management, this move allows Goldman Sachs to build a comprehensive franchise of option-based ETFs. The combined entity is projected to manage approximately $80 billion in active ETFs and over $130 billion in total ETF assets under supervision, positioning Goldman Sachs as one of the eight largest active ETF providers globally.

NEOS, founded in 2022, focuses on systematic option strategies designed to provide high monthly income and tax efficiency. Upon completion of the transaction, NEOS co-founders Troy Cates and Garrett Paolella, along with their entire team, are expected to join Goldman Sachs Asset Management as partners.