Goldman Sachs is doubling down on investor hunger for "boomer candy" ETFs. The Wall Street bank on Wednesday said it would pay up to $2.25 billion to acquire NEOS Investments, a provider of actively managed exchange-traded funds with $30 billion in assets. NEOS specializes in funds using options strategies to maximize regular payouts and limit tax bills.

These products, part of a growing class that use derivatives for stocklike returns or income with limited downside, have been a hot draw among older investors, earning the moniker "boomer candy." Popular versions include buffer funds that explicitly cap downside and gains.\n\nAccording to Morningstar, the overall market for these derivative-funds has grown to $180 billion, a 70% compounded annual growth rate. Earlier this year, Goldman bought Innovator Capital Management for about $2 billion. The acquisitions aim to meet wealth advisers' demands for more options to protect against market drops, generate regular income, and minimize tax bills.

Goldman is pouring more money into its asset- and wealth-management business, betting these "boomer candy" options will help attract more wealthy clients.