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Goldman, Victory expand ETF businesses via NEOS and First Eagle deals

Goldman would gain access to about $30 billion in active, options based income ETFs, while Victory would add global equity ETF exposure in a $7 billion transaction.

Reported · Written up by our desk · Fund Industry

ETF acquisitions accelerated in August 2026, as asset managers sought to capture record inflows and broaden ETF lineups, according to ETF Trends. The report highlighted growing interest in options based income products and specialized strategies as advisors and investors look for income beyond traditional fixed income.

Goldman Sachs will acquire NEOS Investments in a deal valued at up to $2.25 billion, gaining access to roughly $30 billion in active, options based income ETFs. NEOS products cited include the NEOS Nasdaq 100 High Income ETF (QQQI) and the NEOS S&P 500 High Income ETF (SPYI), which the outlet said complement Goldman’s existing ETF holdings and fit the firm’s broader ETF ambitions.

ETF Trends also said the acquisition builds an options based platform with about $130 billion in assets. Goldman is already managing more than $100 billion across its ETF ecosystem, including traditional fixed income, low cost index funds, and defined outcome ETFs tied to its prior acquisition of Innovator Capital Management.

In a separate transaction, Victory Capital is acquiring First Eagle Investments for $7 billion, creating a diversified global asset manager with about $571 billion in assets. The outlet said the deal fills a gap in global and international equity exposure, pointing to First Eagle’s Global Equity ETF (FEGE) and Overseas Equity ETF (FEOE) and noting Victory’s existing U.S. equity ETF lineup.

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