Goldman Sachs doubles down on active ETFs with $2.25B Neos deal

Goldman Sachs is on an ETF shopping spree, and the receipts are getting expensive. The firm announced on August 12 that it will acquire NEOS Investments, a specialist in systematic options-based income ETFs, in a deal valued at up to $2.25 billion in cash and equity. The price tag is contingent on performance and service commitments. The transaction is expected to close in the first quarter of 2027, pending regulatory approval. What Goldman is buying NEOS manages approximately $30 billion in assets across 19 ETFs, all focused on delivering high monthly income with tax efficiency. The deal adds meaningful heft to Goldman Sachs Asset Management. Post-acquisition, GSAM is projected to manage roughly $130 billion in total ETF assets, which would make it the eighth-largest active ETF manager with about $80 billion specifically in active ETFs, based on data from June 30, 2026. NEOS co-founders Garrett Paolella and Troy Cates will join GSAM as Partners. A pattern emerges This isn’t Goldman’s first ETF acquisition in recent memory. The firm completed its purchase of Innovator Capital Management back in April 2026 for approximately $2 billion. That deal brought in around $31 billion in asse...