Goldman Sachs agreed to buy Neos Investments for $2.25 billion, according to an announcement from the bank, expanding its actively managed ETF platform as the asset class grows.
Neos manages $30 billion in options-based income ETF assets. The acquisition will bring Goldman's total ETF platform to $130 billion post-close, according to the announcement. Neos' options income strategy, which sells covered calls and cash-secured puts to generate yield, has attracted significant inflows as investors seek returns in a higher-rate environment.
Actively managed ETFs have grown as a product category among large asset managers moving beyond passive index products. The structure allows daily transparency and tax efficiency compared to mutual funds while maintaining active management. Neos' product suite targets income-focused allocators, a segment that has expanded as Fed rate cuts remain uncertain.
Goldman's ETF push places the bank alongside competitors including BlackRock, Vanguard and Invesco, all of which have grown their actively managed ETF offerings. The acquisition announcement did not disclose a timeline for close or material closing conditions.
Neos Investments, founded in 2015, launched its first options-based income ETF in 2018. The firm has built its reputation on systematic, rule-based income generation strategies. The $30 billion in assets under management ranks Neos among the larger independent actively managed ETF shops, though still modest relative to Goldman's overall $2.5 trillion in assets under supervision.
Goldman's asset management division has pursued organic and inorganic growth to diversify revenue beyond trading and investment banking. The ETF market globally holds roughly $12 trillion in assets, with actively managed products still a fraction of that total but growing at double-digit rates annually. The acquisition price of $2.25 billion values Neos at approximately 7.5 times its $30 billion in assets under management, a ratio consistent with recent mid-market asset manager acquisitions.
The deal adds $30 billion in managed assets to Goldman's platform, roughly a 23 percent increase to the stated post-close total of $130 billion. Goldman has now acquired two major active strategies in two years and committed capital to ETF expansion across its institutional asset management business.
