Goldman Sachs buys NEOS to build $80B active ETF platform
What's the deal? Goldman SachsDealroom has a profile for this one. Try Dealroom → has agreed to acquire NEOSDealroom has a profile for this one. Try Dealroom → Investments, a provider of systematic options-based income ETFs that manages $30 billion across 19 funds as of June 30, 2026. The deal folds NEOS into Goldman Sachs Asset ManagementDealroom has a profile for this one. Try Dealroom →, adding to its existing income and outcome-oriented options-based ETFs. Terms were not disclosed.
What's the endgame? Combined with Goldman's earlier acquisition of Innovator Capital ManagementDealroom has a profile for this one. Try Dealroom →, the deal creates an $80 billion active ETF business within a $130 billion global ETF platform. That would make Goldman the eighth-largest active ETF manager as of June 30, 2026, according to MorningstarDealroom has a profile for this one. Try Dealroom →.
Why now? Derivative income ETFs have grown to roughly $180 billion in assets and rank among the fastest-growing ETF categories, with a compound annual growth rate above 70% since 2021, according to Morningstar. NEOS has led the category since launching its flagship options-based income ETF suite in 2022.
The strategy pairs NEOS's income funds with Goldman's buffer and managed-outcome capabilities. "Together, we will give investors a diverse toolkit for different market environments," said David Solomon, chairman and chief executive officer of Goldman Sachs.
Founded in 2022, NEOS builds options-based ETFs that seek high monthly income, tax efficiency, and diversification. Its co-founders framed the sale as a way to scale.
"Together, we'll combine NEOS' entrepreneurial spirit with Goldman Sachs' scale, expertise and resources to expand the reach of NEOS' solutions," said Troy Cates, co-founder of NEOS.
The signal: Asset managers are racing to consolidate in active ETFs as wealth demand grows and investors move to the transparent, tax-efficient ETF wrapper. Goldman's back-to-back NEOS and Innovator deals show scale is now the price of entry in a category expanding faster than the broader market.
Image credit: GeorgeTan#1
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