Goldman Plays Options Offense: Acquiring NEOS to Build Active ETF Powerhouse
Goldman Sachs Asset Management is continuing its aggressive expansion into active, high-yielding options strategies with a definitive agreement to acquire NEOS Investments. Similar to Innovator Capital Management, another recent acquisition, NEOS has established a firm leadership position in the ETF space. In particular, its high-income, tax-efficient options-based ETF suite is a standout. The deal comes as Goldman rapidly builds out its active ETF business,+ clearing room for further multi-asset growth. It is expected to close in early 2027.Key Takeaways:
Goldman Sachs plans to acquire asset manager NEOS Investments in a deal that will result in a $130 billion options-based powerhouse.
NEOS has gathered $14 billion of new money in 2026 as advisors seek out income alternatives.
Actively managed ETFs are growing rapidly, and Goldman Sachs will soon have scale advantages.
Expanding the Active ETF FootprintNEOS was founded in 2022, but has quickly grown to manage $30 billion in assets. The firm has gathered $14 billion in 2026 by bringing sophisticated options overlay strategies to both retail and institutional wealth managers. NEOS’s flagship strategies deliver elevated, monthly cash flow in a tax-efficient manner.
The NEOS Nasdaq 100 High Income ETF (QQQI A) manages $14 billion and was up 11% for the year. Meanwhile the NEOS S&P 500 High Income ETF (SPYI A) is an $11 billion ETF that rose 10%. In addition, NEOS offers income generating ETFs tied to bitcoin, gold and other investments.
For Goldman Sachs, the transaction significantly expands its footprint in one of the industry’s fastest-growing sub-sectors: derivative-overlay active management. Goldman Sachs manages more than $100 billion, including the assets acquired from Innovator. Its branded ETF products include low-cost index based ETFs as well as actively managed options-based income and traditional fixed income.Advisor Demand for IncomeThe rationale behind the deal is clear when examining advisor priorities. During a NEOS and VettaFi virtual event in early August 2026, we surveyed financial advisors to see what matters most to their clients Advisors are prioritizing reliable income (36% of respondents) over long-term growth (29%) or managing market volatility (23%). Equity valuations remain a concern.Bringing Industry Leaders Together“Active ETFs represent one of the fastest-growing segments in the asset management business,” said Marc Nachmann, Global Head of Asset & Wealth Management at Goldman Sachs. “NEOS has been on a tremendous growth trajectory, and incorporating their institutional-level options capabilities allows us to better serve investors seeking tax-efficient yield and modern income solutions.”
The acquisition complements Goldman’s existing active suite by integrating a specialist team known for systematic options management directly into its global distribution footprint.
“Joining forces with Goldman Sachs marks an extraordinary milestone for our firm and our investors,” said Garrett Paolella, Co-Founder and Managing Partner at NEOS Investments. “By combining our systematic options expertise and tax-efficient income strategies with Goldman Sachs’ global scale and deep institutional resources, we are uniquely positioned to accelerate innovation and deliver next-generation yield solutions to a much broader audience.”
We expect the NEOS ETFs to continue to be managed by the same experienced team long after the deal closes. The products will likely continue under the NEOS brand as well, but benefit from Goldman’s scale.
Market volatility continues to persist and there remains uncertainty about the Fed’s next moves. As such, wealth managers have increasingly turned to options-based vehicles to unlock tax-advantaged yields without sacrificing liquidity. With NEOS soon under its umbrella alongside Innovator’s defined-outcome toolkit, Goldman Sachs has cemented its position as a top-tier powerhouse across active ETF strategies.
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