Goldman Sachs’ NEOS Bet Looks Smart as ETF Firm Posts 223% Organic Growth

Goldman Sachs’ planned acquisition of NEOS Investments is looking increasingly well-timed.

NEOS, an ETF firm, posted organic growth that dramatically outpaces its asset-management peers. it recorded a 223.3% one-year organic growth rate, according to Bloomberg Intelligence data shared by senior Bloomberg analyst Eric Balchunas in a recent post on X.

The Growth Gap is Striking

Goldman Sachs, set to complete the deal in the first quarter of 2027, will gain exposure to one of the fastest-growing independent ETF franchises.

That’s because NEOS ranks first among asset managers with at least $5 billion in combined assets.

Volatility Shares ranks second with a 58% one-year organic growth rate, followed by Amplify Investments at 57.7%. Empirical Finance posted 54.1%, while Franklin Templeton and Victory Capital recorded growth rates of 52.2% and 48.4%, respectively.

NEOS’ performance highlights why fast-growing ETF boutiques have become increasingly attractive acquisition targets for larger asset managers. Rather than building products and distribution capabilities organically, established firms can use acquisitions to gain immediate exposure to investor demand for specialized ETF strategies.

Leveraged, Crypto ETFs Drive Boutique Growth

Volatility Shares’ second-place ranking is particularly notable given its focus on leveraged and cryptocurrency-related ETFs, two of the industry’s fastest-growing product segments. Amplify and Simplify Asset Management, which posted 57.7% and 32.3% growth, respectively, further underscore the momentum among independent ETF issuers.

The list also shows that growth is not limited to ETF specialists. AQR Capital Management posted a 33.9% organic growth rate, suggesting traditional asset managers can still generate meaningful expansion. Fred Alger Management rounded out the top 10 at 25.3%.

For Goldman Sachs, NEOS’ extraordinary growth rate offers a compelling data point ahead of the planned acquisition. The deal could give Goldman a stronger foothold in the rapidly expanding ETF market while bringing one of the industry’s fastest-growing independent managers into its broader asset-management platform.

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