On August 12, 2026, Goldman Sachs introduced it had reached an settlement to accumulate NEOS Investments, a U.S. options-based revenue ETF supplier, in a transaction valued at as much as $2.25 billion in money and inventory. The deal will add $30 billion in energetic revenue ETF property to Goldman Sachs Asset Administration, together with ETPs with publicity to Bitcoin and Ethereum. The transaction is predicted to shut within the first quarter of 2027, topic to regulatory approvals and customary closing circumstances.
At this time, Goldman Sachs introduced an settlement to accumulate @NEOSInvestments, a specialised supplier of choice revenue ETF options. The deal will add $30 billion in options-based revenue ETFs to our energetic ETF franchise. Learn the press launch: https://t.co/FpMRz4E9f4
— Goldman Sachs (@GoldmanSachs) August 13, 2026
Goldman Provides $30B NEOS ETF Platform
In accordance with the official launch, NEOS manages $30 billion in property throughout 19 options-based revenue ETFs, as of June 30, 2026. Based in 2022, the corporate focuses on systematic options-based revenue methods, utilizing choices to generate recurring revenue streams inside an ETF construction.
Goldman stated buying NEOS will add these property to Goldman Sachs Asset Administration’s present $40 billion in revenue and outcome-oriented options-based ETF options. Following the mixture of Goldman, NEOS, and Innovator Capital Administration, Goldman’s international ETF platform can have over $130 billion in property below supervision, of which $80 billion will likely be energetic ETFs.
The deal additionally locations Goldman Sachs Asset Administration among the many high 8 largest energetic ETF managers, based mostly on Morningstar information cited by Goldman within the announcement. This marks the subsequent step after Goldman accomplished its acquisition of Innovator Capital Administration in April 2026, a outstanding firm within the outlined consequence ETF area.
NEOS stated its ETFs goal for month-to-month revenue, tax effectivity, and diversification by data-driven choices methods. Goldman acknowledged these merchandise will develop its suite of by-product ETF options for traders and monetary advisors.
Deal Phrases and Closing Timeline
The transaction worth introduced by Goldman is as much as $2.25 billion, payable in money and inventory. Funds are topic to efficiency circumstances or service commitments.
Goldman expects the deal to shut within the first quarter of 2027, following regulatory approvals and customary closing circumstances. Upon closing, NEOS co-founders and managing companions, Troy Cates and Garrett Paolella, will be part of Goldman Sachs Asset Administration as companions.
The complete NEOS staff, together with the founding, funding, and consumer service groups, can also be anticipated to hitch Goldman Sachs Asset Administration. Goldman stated the settlement will develop extra sturdy income streams and improve its suite of funding options for retail traders, monetary advisors, and institutional shoppers.
Advisors on the deal embrace Goldman Sachs World Banking & Markets, Wachtell, Lipton, Rosen & Katz, and Willkie Farr & Gallagher for Goldman. Barclays acted as unique monetary advisor to NEOS, with Ropes & Grey appearing as authorized counsel.
Bitcoin and Ethereum Earnings ETFs Enter the Combine
Amongst NEOS’s 19 ETF portfolios are revenue merchandise tied to Bitcoin and Ethereum ETPs. This facet has drawn consideration from the crypto market to the Goldman-NEOS deal, despite the fact that these funds don’t maintain Bitcoin or Ether straight like spot ETFs.
Inside NEOS’s crypto-linked product suite, BTCI is at present the most important fund. The Bitcoin Excessive Earnings ETF has roughly $1.10 billion in web property, a 0.98% administration charge, whole annual working bills of 0.99%, and a distribution fee of 26.73% as of July 31, 2026, in keeping with information revealed by NEOS. The fund makes use of Bitcoin ETPs as its core publicity and writes name choices to generate revenue from the volatility of Bitcoin-related merchandise.
NEHI is smaller in scale, with round $79.5 million in web property, however has the next distribution fee of 32.93%. The Ethereum Excessive Earnings ETF has a 0.98% administration charge and a 30-day SEC yield of 1.50%, in keeping with NEOS’s product overview. The fund doesn’t make investments straight in Ether, gaining publicity to Ethereum by ETPs and choices methods.
NEOS Excessive Earnings ETF portfolio (BTCI and NEHI). Supply: NEOS Investments.
Excessive distribution fee figures could appeal to cash-flow-seeking traders, however they don’t imply assured returns. NEOS notes that distributions could encompass choice premiums, dividends, capital positive aspects, curiosity funds, and return of capital. With options-based ETFs, traders must also take into account the potential tradeoff of giving up upside potential in alternate for recurring revenue.
In accordance with SoSoValue information as of August 13, 2026, U.S. spot Bitcoin ETFs maintain $77.27 billion in whole web property, whereas spot Ethereum ETFs maintain $10.57 billion. Cumulative web inflows reached $51.85 billion and $11.45 billion, respectively, demonstrating that Bitcoin and Ethereum ETFs have turn out to be a major phase inside the U.S. digital asset funding product market.
Wall Avenue’s Rush Into Choices-Primarily based ETFs
The NEOS acquisition comes as main asset managers quickly develop into energetic ETFs, significantly merchandise utilizing choices to generate revenue. Goldman famous that by-product revenue ETFs at present characterize round $180 billion in property below administration industry-wide, reaching a compound annual development fee of over 70% since 2021, in keeping with Morningstar.
This product class is often designed to generate recurring distributions whereas offering a construction that’s simpler to commerce in comparison with many conventional choices methods. For retail traders and monetary advisors, ETFs make beforehand advanced capital methods accessible inside an funding portfolio.
NEOS additionally continues the ETF technique Goldman has expanded this yr. In April 2026, Goldman accomplished its acquisition of Innovator Capital Administration, a agency centered on outlined consequence ETFs. With Innovator and NEOS, Goldman positive aspects expanded protection throughout buffer, managed consequence, and revenue methods—areas serving to ETF issuers compete past low-fee index merchandise.
