The deal will combine NEOS’ $30bn in options-based ETF assets with Goldman’s $130bn ETF business, creating the eighth-largest active ETF manager.
Goldman Sachs has agreed to purchase NEOS Investments, a provider of systematic options-based income ETFs, for up to $2.25bn in cash and equity. The transaction aims to bolster Goldman’s derivative-based ETF products, adding NEOS’ $30bn in assets under management as of June 2026.
NEOS, founded in 2022, manages 19 options-based income ETFs. Goldman Sachs Asset Management, including its Innovator brand, currently oversees over $130bn in ETF assets. The combined entity is expected to rank as the eighth-largest active ETF manager, based on Morningstar data.
NEOS co-founders Troy Cates and Garrett Paolella will join Goldman Sachs Asset Management as partners post-acquisition. The broader NEOS team, including investors and client service staff, is also set to transition to Goldman.