On August 12, 2026, Goldman Sachs introduced it had reached an settlement to accumulate NEOS Investments, a U.S. options-based earnings ETF supplier, in a transaction valued at as much as $2.25 billion in money and inventory. The deal will add $30 billion in lively earnings ETF belongings to Goldman Sachs Asset Administration, together with ETPs with publicity to Bitcoin and Ethereum. The transaction is anticipated to shut within the first quarter of 2027, topic to regulatory approvals and customary closing circumstances.
Right this moment, Goldman Sachs introduced an settlement to accumulate @NEOSInvestments, a specialised supplier of choice earnings ETF options. The deal will add $30 billion in options-based earnings ETFs to our lively ETF franchise. Learn the press launch: https://t.co/FpMRz4E9f4
— Goldman Sachs (@GoldmanSachs) August 13, 2026
Goldman Provides $30B NEOS ETF Platform
In keeping with the official launch, NEOS manages $30 billion in belongings throughout 19 options-based earnings ETFs, as of June 30, 2026. Based in 2022, the corporate focuses on systematic options-based earnings methods, utilizing choices to generate recurring earnings streams inside an ETF construction.
Goldman mentioned buying NEOS will add these belongings to Goldman Sachs Asset Administration’s current $40 billion in earnings and outcome-oriented options-based ETF options. Following the mixture of Goldman, NEOS, and Innovator Capital Administration, Goldman’s world ETF platform may have over $130 billion in belongings beneath supervision, of which $80 billion will probably be lively ETFs.
The deal additionally locations Goldman Sachs Asset Administration among the many prime 8 largest lively ETF managers, based mostly on Morningstar knowledge cited by Goldman within the announcement. This marks the following step after Goldman accomplished its acquisition of Innovator Capital Administration in April 2026, a outstanding firm within the outlined final result ETF house.
NEOS mentioned its ETFs goal for month-to-month earnings, tax effectivity, and diversification via data-driven choices methods. Goldman acknowledged these merchandise will broaden its suite of spinoff ETF options for buyers 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.
Your complete NEOS group, together with the founding, funding, and consumer service groups, can be anticipated to affix Goldman Sachs Asset Administration. Goldman mentioned the settlement will broaden extra sturdy income streams and improve its suite of funding options for retail buyers, monetary advisors, and institutional shoppers.
Advisors on the deal embody Goldman Sachs International 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 earnings merchandise tied to Bitcoin and Ethereum ETPs. This side has drawn consideration from the crypto market to the Goldman-NEOS deal, regardless that these funds don’t maintain Bitcoin or Ether instantly like spot ETFs.
Inside NEOS’s crypto-linked product suite, BTCI is presently the biggest fund. The Bitcoin Excessive Earnings ETF has roughly $1.10 billion in web belongings, a 0.98% administration price, whole annual working bills of 0.99%, and a distribution fee of 26.73% as of July 31, 2026, based on knowledge printed by NEOS. The fund makes use of Bitcoin ETPs as its core publicity and writes name choices to generate earnings from the volatility of Bitcoin-related merchandise.
NEHI is smaller in scale, with round $79.5 million in web belongings, however has a better distribution fee of 32.93%. The Ethereum Excessive Earnings ETF has a 0.98% administration price and a 30-day SEC yield of 1.50%, based on NEOS’s product overview. The fund doesn’t make investments instantly in Ether, gaining publicity to Ethereum via ETPs and choices methods.
NEOS Excessive Earnings ETF portfolio (BTCI and NEHI). Supply: NEOS Investments.
Excessive distribution fee figures might entice cash-flow-seeking buyers, however they don’t imply assured returns. NEOS notes that distributions might include choice premiums, dividends, capital positive factors, curiosity funds, and return of capital. With options-based ETFs, buyers also needs to think about the potential tradeoff of giving up upside potential in alternate for recurring earnings.
In keeping with SoSoValue knowledge as of August 13, 2026, U.S. spot Bitcoin ETFs maintain $77.27 billion in whole web belongings, 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 section 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 broaden into lively ETFs, notably merchandise utilizing choices to generate earnings. Goldman famous that spinoff earnings ETFs presently characterize round $180 billion in belongings beneath administration industry-wide, reaching a compound annual progress fee of over 70% since 2021, based on Morningstar.
This product class is usually designed to generate recurring distributions whereas offering a construction that’s simpler to commerce in comparison with many conventional choices methods. For retail buyers and monetary advisors, ETFs make beforehand complicated capital methods accessible inside an funding portfolio.
NEOS additionally continues the ETF technique Goldman has expanded this 12 months. In April 2026, Goldman accomplished its acquisition of Innovator Capital Administration, a agency centered on outlined final result ETFs. With Innovator and NEOS, Goldman positive factors expanded protection throughout buffer, managed final result, and earnings methods—areas serving to ETF issuers compete past low-fee index merchandise.
