Goldman Sachs has agreed to acquire the exchange-traded fund (ETF) manager NEOS Investments for up to $2.25 billion. NEOS runs about $30 billion across 19 ETFs as of the end of June 2026, and its strength lies in "income ETFs": funds that invest in assets such as equities or bonds while selling options to generate additional returns, which are then distributed to investors on a regular basis.
NEOS also runs products that combine this strategy with digital assets. BTCI invests in instruments linked to the price of bitcoin while selling call options, aiming to earn additional income each month. NEHI is likewise an ETF that combines exposure to the price of ethereum with an option-selling strategy. In other words, unlike conventional digital asset ETFs that simply track increases in the price of bitcoin or ethereum, these funds are characterized by their use of price volatility to generate an additional return in the form of option premiums.
The acquisition has not yet closed, however. Goldman Sachs expects to complete the transaction in the first quarter of 2027, after regulatory approvals and other steps. Until then, NEOS's existing ETFs will continue to trade normally under their current ticker symbols, and investors need to take no separate action. ETF shareholders will be sent proxy materials for the vote to approve the acquisition. Even after the deal closes, the existing investment team will continue to manage the funds, and NEOS will operate as a separate ETF business within Goldman Sachs Asset Management.