Goldman Sachs will gradually shut down its ETF accelerator platform and transfer its services to Tidal.

Goldman Sachs Group will gradually close its ETF Accelerator platform, which helps asset management companies launch, list, and regulate exchange-traded funds, and will transfer the financial services for the trust companies managing around $5 billion in ETF products to Tidal Financial Group. Tidal will take over the services for two trust companies, including trading execution support, compliance, and other backend tasks. These two trust companies oversee the 12 ETFs launched under the accelerator platform.