August 13, 2026 - Goldman Sachs just made its second major options-based ETF acquisition in 2026, snapping up NEOS Investments after buying Innovator Capital Management in April. The move signals where the smart money sees ETF industry growth heading — and the numbers tell a compelling story.
Options-based ETFs spanning covered call and buffer strategies have exploded from $49 billion to $283 billion since 2022, attracting billions in fresh inflows even as the S&P 500 delivered double-digit returns year after year. It's easy to see why issuers love them: expense ratios run 4-8x higher than traditional indexed ETFs. Yet investors keep pouring money in despite the costs and a ripping bull market. Aging demographics, persistent macroeconomic uncertainty, and the appeal of downside protection are creating structural, long-term demand for these products.
As Goldman doubles down, expect more acquisitions and a reshaping of the ETF competitive landscape. Read the full report for the completebreakdown.