On August 12, 2026, Goldman Sachs announced it had reached an agreement to acquire NEOS Investments, a U.S. options-based income ETF provider, in a transaction valued at up to $2.25 billion in cash and stock. The deal will add $30 billion in active income ETF assets to Goldman Sachs Asset Management, including ETPs with exposure to Bitcoin and Ethereum. The transaction is expected to close in the first quarter of 2027, subject to regulatory approvals and customary closing conditions.
Today, Goldman Sachs announced an agreement to acquire @NEOSInvestments, a specialized provider of option income ETF solutions. The deal will add $30 billion in options-based income ETFs to our active ETF franchise. Read the press release: https://t.co/FpMRz4E9f4
— Goldman Sachs (@GoldmanSachs) August 13, 2026
Goldman Adds $30B NEOS ETF Platform
According to the official release, NEOS manages $30 billion in assets across 19 options-based income ETFs, as of June 30, 2026. Founded in 2022, the company focuses on systematic options-based income strategies, using options to generate recurring income streams within an ETF structure.
Goldman said acquiring NEOS will add these assets to Goldman Sachs Asset Management’s existing $40 billion in income and outcome-oriented options-based ETF solutions. Following the combination of Goldman, NEOS, and Innovator Capital Management, Goldman’s global ETF platform will have over $130 billion in assets under supervision, of which $80 billion will be active ETFs.
The deal also places Goldman Sachs Asset Management among the top 8 largest active ETF managers, based on Morningstar data cited by Goldman in the announcement. This marks the next step after Goldman completed its acquisition of Innovator Capital Management in April 2026, a prominent company in the defined outcome ETF space.
NEOS said its ETFs aim for monthly income, tax efficiency, and diversification through data-driven options strategies. Goldman stated these products will expand its suite of derivative ETF solutions for investors and financial advisors.
Deal Terms and Closing Timeline
The transaction value announced by Goldman is up to $2.25 billion, payable in cash and stock. Payments are subject to performance conditions or service commitments.
Goldman expects the deal to close in the first quarter of 2027, following regulatory approvals and customary closing conditions. Upon closing, NEOS co-founders and managing partners, Troy Cates and Garrett Paolella, will join Goldman Sachs Asset Management as partners.
The entire NEOS team, including the founding, investment, and client service teams, is also expected to join Goldman Sachs Asset Management. Goldman said the agreement will expand more durable revenue streams and enhance its suite of investment solutions for retail investors, financial advisors, and institutional clients.
Advisors on the deal include Goldman Sachs Global Banking & Markets, Wachtell, Lipton, Rosen & Katz, and Willkie Farr & Gallagher for Goldman. Barclays acted as exclusive financial advisor to NEOS, with Ropes & Gray acting as legal counsel.
Bitcoin and Ethereum Income ETFs Enter the Mix
Among NEOS’s 19 ETF portfolios are income products tied to Bitcoin and Ethereum ETPs. This aspect has drawn attention from the crypto market to the Goldman-NEOS deal, even though these funds do not hold Bitcoin or Ether directly like spot ETFs.
Within NEOS’s crypto-linked product suite, BTCI is currently the largest fund. The Bitcoin High Income ETF has approximately $1.10 billion in net assets, a 0.98% management fee, total annual operating expenses of 0.99%, and a distribution rate of 26.73% as of July 31, 2026, according to data published by NEOS. The fund uses Bitcoin ETPs as its core exposure and writes call options to generate income from the volatility of Bitcoin-related products.
NEHI is smaller in scale, with around $79.5 million in net assets, but has a higher distribution rate of 32.93%. The Ethereum High Income ETF has a 0.98% management fee and a 30-day SEC yield of 1.50%, according to NEOS’s product overview. The fund does not invest directly in Ether, gaining exposure to Ethereum through ETPs and options strategies.
NEOS High Income ETF portfolio (BTCI and NEHI). Source: NEOS Investments.
High distribution rate figures may attract cash-flow-seeking investors, but they do not mean guaranteed returns. NEOS notes that distributions may consist of option premiums, dividends, capital gains, interest payments, and return of capital. With options-based ETFs, investors should also consider the potential tradeoff of giving up upside potential in exchange for recurring income.
According to SoSoValue data as of August 13, 2026, U.S. spot Bitcoin ETFs hold $77.27 billion in total net assets, while spot Ethereum ETFs hold $10.57 billion. Cumulative net inflows reached $51.85 billion and $11.45 billion, respectively, demonstrating that Bitcoin and Ethereum ETFs have become a significant segment within the U.S. digital asset investment product market.
Wall Street’s Rush Into Options-Based ETFs
The NEOS acquisition comes as major asset managers rapidly expand into active ETFs, particularly products using options to generate income. Goldman noted that derivative income ETFs currently represent around $180 billion in assets under management industry-wide, achieving a compound annual growth rate of over 70% since 2021, according to Morningstar.
This product category is typically designed to generate recurring distributions while providing a structure that is easier to trade compared to many traditional options strategies. For retail investors and financial advisors, ETFs make previously complex capital strategies accessible within an investment portfolio.
NEOS also continues the ETF strategy Goldman has expanded this year. In April 2026, Goldman completed its acquisition of Innovator Capital Management, a firm focused on defined outcome ETFs. With Innovator and NEOS, Goldman gains expanded coverage across buffer, managed outcome, and income strategies—areas helping ETF issuers compete beyond low-fee index products.
