Goldman Sachs has entered into a definitive agreement to acquire exchange-traded fund manager NEOS Investments in a deal valued at up to $2.25 billion in cash and equity. The transaction expands Goldman Sachs Asset Management’s active ETF ecosystem by incorporating NEOS’s $30 billion portfolio of systematic options-based income funds, which includes crypto-linked derivative products.
Founded in 2022, NEOS manages 19 options-based income ETFs, notably including the Bitcoin High Income ETF (BTCI), Boosted Bitcoin High Income ETF (XBCI), and Ethereum High Income ETF (NEHI). These specialized funds utilize covered-call and option-writing overlay strategies to generate consistent monthly distribution yields while maintaining synthetic exposure to underlying assets like Bitcoin and Ether.
The acquisition is structured around specific performance and service benchmarks and is slated to close in the first quarter of 2027, pending standard regulatory approvals. Upon completion, NEOS co-founders Troy Cates and Garrett Paolella will join Goldman Sachs Asset Management as partners, with the firm’s broader investment and client service teams transitioning into the division.
Paired with its previous purchase of Innovator Capital Management, the deal elevates Goldman Sachs’s global ETF platform to approximately $130 billion in assets under management. The strategic consolidation positions Goldman Sachs as the eighth-largest active ETF provider globally, signaling an aggressive push into high-yield, derivative-backed investment solutions as institutional demand for active management and alternative yield strategies accelerates.
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