The tax man is coming for ETFs… eventually. This week's ETF Zoo digs into the recent action from the Treasury looking into newer ETF structures that include box spreads and 351 exchanges, what Goldman Sach's acquisition of NEOS says about the broader options income category, and why the struggling consumer matters less and less to markets. ETF.com hosts Dave Nadig, President and Director of Research, and Sumit Roy, Senior ETF ***** yst, are joined this week by Brent Sullivan, Editor of Tax Alpha Insider and Todd Sohn, Chief ETF Strategist at Baird Strategas.
You can also find this episode on our YouTube channel, as well as Spotify and Apple Podcasts.
Goldman Sachs just dropped $2.3 billion on NEOS, its second major ETF acquisition after Innovator, vaulting the bank into the top ten issuers with roughly $130 billion on platform. The Zoo crew believes it's a straight-up bet on retiring boomers hungry for income and downside protection. But the real intrigue is under the hood, where NEOS's covered-call funds lean heavily on return-of-capital distributions (untaxed, tax-efficient income) via 1256 contracts, a structure that's genuinely different from rivals like JEPI/JEPQ. While they're great products, tune in to find out what concerns the crew had.
From there the conversation zooms out to the bigger income-obsession story eating the market. Options income ETFs are going parabolic even as the S&P grinds higher and 30-year Treasury yields sit near multi-decade highs. Todd Sohn's theory: these products are quietly stealing market share from boring old dividend ETFs, especially with younger investors looking to add something more dynamic to their portfolios. Meanwhile, there's something strange happening in the market. Consumer stocks have practically vanished from index influence, with tech (and AI subscriptions) soaking up the wallet share that used to go to staples and discretionary names. Equal-weight and small-/mid-cap stocks are having a surprise moment, potentially riding the AI wave's downstream productivity gains rather than getting crushed by it.
The back half got spicier on taxes: Brent Sullivan previewed a coming reckoning as Treasury scrutinizes aggressive structures, including 351 exchanges, box spreads, dividend-avoidance ETFs. When the cards are on the table, we'll find out who's been bluffing. He expects enforcement to start with the most public, most obviously aggressive cases, though a timeline is anyone's guess. The group also piled on a Bloomberg feature that used Cliff Asness as the poster child for tax-aware long/short strategies, finding a strange scapegoat in Asness and the criticism unnecessarily pointed. Things then close on a cautionary tale of a Market Wizards-famous manager's ETF that's down a brutal 96-97% year-to-date after leaning into short-dated QQQ options. Investors would do well to remember that in this corner of the ETF world, someone's always selling you something.

#etfs #market #neos #brent

NSN Development has withdrawn from the remaining stages of the Volta a Portugal following the death of their rider, 19-year-old Finlay Tarling.
Tarling, the younger brother of Ineos Grenadiers cyclist Josh, was involved in a "serious accident" while taking part in the eighth stage of the 166.8km route from Melgaço to Fafe.
Tarling was riding for the NSN Development Team, having signed a two-year deal ahead of the 2025 season.
In a statement, NSN said: "Following Fin Tarling's tragic passing on Friday, the NSN Development Team has withdrawn from the remaining Volta a Portugal stages."
"With the full support of Fin's parents, the WorldTour team will race on at Czech Tour and the Arctic Race of Norway. We will continue to hold Fin in our hearts as we race in his honour, doing what he loved most.

#development

British cyclist Finlay Tarling has died at the age of 19 following a serious accident at the Volta a Portugal.
Tarling, the younger brother of Ineos Grenadiers cyclist Josh, was riding for the NSN Development Team and taking part in the eighth stage in the north of the country when the accident occurred.
A statement on the team's website said: "We are heartbroken to announce the passing of Finlay Tarling at the Volta a Portugal today."
"Fin was a much loved member of our team but most importantly, he was a son, a brother, and a friend to so many. He will be deeply missed."
"Our deepest condolences go out to Fin's parents Michael and Dawn, his brother Josh, and everyone who was lucky enough to call Fin a friend. Rest in peace, Fin."

#volta #team

British cyclist Finlay Tarling has died aged 19 after an accident during the eighth stage of the Volta a Portugal.
Tarling, the younger brother of Netcompany-Ineos rider Josh, had raced for Great Britain on the road and track.
The Welshman was competing for the NSN Development Team when the incident occurred on the 166.8km route from Melgaco to Fafe.
In a statement, NSN said: "We are heartbroken to announce the passing of Finlay Tarling at the Volta a Portugal today.
"Fin was a much loved member of our team but most importantly, he was a son, a brother, and a friend to so many. He will be deeply missed.

#portugal #team

Micheal Carrick at Old Trafford with Xabi Alonso at Stamford Bridge and Mikel Arteta at the Emirates Stadium. Premier League rivals Chelsea and Manchester United have both been offered the chance to sign **** nal's highly rated 19-year-old midfielder Myles Lewis-Skelly in a surprise late summer transfer window move, according to Football London.
The unexpected availability of the Hale End academy graduate stems from **** nal's high-profile midfield overhaul. Following the Gunners' £75m deal to sign Bruno Guimaraes from Newcastle United, competition for starting places under Mikel Arteta has intensified. To help balance the books and manage squad size after a busy summer, intermediaries have presented Lewis-Skelly to top Premier League clubs as a potential market opportunity.
Both Chelsea and Manchester United have held long-standing interest in the England youth international, and are currently **** sing their defensive and midfield depth late in the window. Able to play as an inverted left-back or a press-resistant central midfielder, Lewis-Skelly offers the tactical flexibility and composure highly prized by top managers. His ability to drive forward in transition and operate in central **** es makes him a versatile **** et for tactical systems requiring positional adaptability.
For Chelsea, Lewis-Skelly is a familiar profile to recruitment staff at Stamford Bridge, who tracked his progress prior to his breakthrough at **** nal. The Blues see his tactical adaptability as a good fit to strengthen their squad across multiple positions.
Manchester United, led by INEOS and manager Michael Carrick, are also **** sing their squad depth as they seek reliable cover for Luke Shaw and additional energy in central midfield. Old Trafford executives rate Lewis-Skelly as a high-upside English talent who fits their current recruitment focus on top domestic prospects.

#midfield #central #carrick

Manchester United are leading the race for promising Leicester City teenager Louis Page, who is also wanted at ****** nal.
The Red Devils were expected to add top-class players to Michael Carrick's first team this season. But so far, they have only added Andrey Santos and Youri Tielemans to their midfield ranks, while Karl Darlow arrived as a free agent to add cover behind first-choice goalkeeper Senne Lammens.
In the meantime, INEOS remain adamant about recruiting some of the finest young players in the country. They have already brought in 18-year-old winger Tynan Thompson from Tottenham, while their next acquisition could come from the East Midlands.
Over the past few days, Louis Page has emerged as a serious target for Man Utd. The 18-year-old is a midfielder who rose through Leicester's ranks and became a member of the first team last season.
According to the latest edition of The Athletic's Transfer DealSheet, United are indeed leading the race for the exciting teenager, leaving ****** nal trailing behind.

#arsenal #team

Manchester United officials are reportedly torn between Sander Berge and Tyler Adams, who have emerged as two realistic options.
At the start of the summer, the club's supporters were anticipating the arrivals of prominent top-class profiles as the management plotted a midfield revamp.
Instead, INEOS have opted for cost-efficient moves, refusing to enter bidding wars. Therefore, their top targets, Elliot Anderson and Mateus Fernandes, ended up joining Man City and Spurs for £116 million and £85 million respectively.
After missing out on their primary targets, United bought Andrey Santos from Chelsea for £48 million and Youri Tielemans from Aston Villa for £35 million, before slamming the brakes on their midfield reboot.
United have been linked with prominent profiles like Aurelien Tchouameni and Manu Kone, but they haven't made noticeable progress on either track.

#united #million

Manchester United have announced a multi-year partnership with Betway, making the brand the club's new official training kit sponsor and exclusive global betting partner in a record-breaking deal. Michael Carrick is at Old Trafford.
The agreement, valued at £20 million per year, is understood to be the most lucrative standalone training apparel or shirt sleeve sponsorship in world football history. Having operated without a designated training wear sponsor last season, securing this agreement represents a significant commercial triumph for the Old Trafford hierarchy.
The announcement arrives at a pivotal moment for both the club and the broader football sponsorship landscape. With Premier League regulations set to ban gambling companies from appearing as front-of-shirt sponsors starting from the 2026/27 season, betting operators have shifted focus toward secondary commercial inventory—with training kit branding emerging as a primary battleground for global visibility. By securing Betway across their training apparel and digital footprint, United have successfully navigated the upcoming regulatory restrictions while maximising their commercial revenue streams.
Under the terms of the deal, Betway branding will feature prominently across all men's and women's first-team training wear, warm-up gear, and coaching staff apparel. Additionally, as Manchester United's exclusive global betting partner, Betway gains extensive co-branding rights across digital channels, LED perimeter boards at Old Trafford, and international fan engagement campaigns.
The fresh injection of £20 million in annual commercial revenue comes alongside broader financial stabilisation at Old Trafford under co-owner Sir Jim Ratcliffe and INEOS. Coupled with income generated by returning to the UEFA Champions League, the expanded financial capacity gives manager Michael Carrick crucial flexibility as he builds his squad ahead of the new Premier League campaign.

#betway #betting #across

QQQI's 14% headline yield hides that roughly 98% of distributions are return of capital rather than income, meaning a deferred tax bill follows at sale.
JEPQ offers simpler tax treatment at lower cost, and QQQ outgained QQQI by 5 percentage points year-to-date as the call overlay surrendered upside.
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The NEOS Nasdaq-100 High Income ETF (NASDAQ:QQQI) sells one story on its factsheet: a monthly check tied to a roughly 14% distribution rate. What the headline yield leaves out is where the cash actually comes from, and how much upside a holder is quietly handing to option buyers every time the Nasdaq rips higher.
QQQI carries a 0.68% gross and net expense ratio, disclosed in the fund's May 2026 prospectus. That is $68 a year for every $10,000 invested, skimmed daily from NAV before a distribution ever lands in your account. Compounded over decades, that drag accumulates against the very NAV that generates the option income.

#NASDAQ #upside #advisor

SPYI and QQQI deliver 12% and 14% monthly yields using Section 1256 index options, shielding most distributions from ordinary income tax rates.
JEPI and JEPQ distribute ordinary income from equity-linked notes, creating higher tax drag that compounds against taxable-account investors over time.
ISPY's daily call reset preserves more S&P 500 upside, delivering 17% total returns at a lower 4.6% yield than SPYI or QQQI.
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Covered call ETFs promise double-digit yields from a broad equity index. Three funds stand out for how they handle taxes: the NEOS S&P 500 High Income ETF (NASDAQ:SPYI), the NEOS Nasdaq-100 High Income ETF (NASDAQ:QQQI), and the ProShares S&P 500 High Income ETF (NASDAQ:ISPY).

#spyi #high

BTCI's monthly payouts dropped from $1.04 to $0.65 in 2026, shrinking the forward yield to 8% versus a misleading 40% trailing headline.
Down 23% year to date with a -2% average annual return since inception, BTCI cushions Bitcoin losses but cannot prevent negative total returns.
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The NEOS Bitcoin High Income ETF (CBOE:BTCI) markets itself as a way to earn equity-like income from Bitcoin's volatility. BTCI pays monthly, uses a synthetic covered call overlay on Bitcoin exposure, and has distributed at rates translating into a headline yield well above 15%. This piece examines how BTCI generates that cash flow, whether the current distribution level is durable, and what trailing price action reveals about total returns.
This Bitcoin-oriented vehicle holds BTC exposure indirectly rather than through spot coins. According to the fund's holdings snapshot, roughly 56% of **** ets sit in U.S. Treasury bills, with Bitcoin exposure coming through positions in iShares Bitcoin Trust (roughly 13%) and VanEck's HODL (roughly 7%). The manager writes call options on Bitcoin ETFs and may layer in bear call spreads, a structure described in fund coverage as a synthetic covered call approach. BTCI's design aims to generate income while maintaining indirect exposure to Bitcoin price movements.

#btci

This article was originally published on ETFTrends.com.
Bitcoin, the largest digital currency by market capitalization, is showing signs. It surpassed the psychologically important $65,000 level and is higher by nearly 3% for the week ending July 21.
It remains to be seen if months of cryptocurrency frustration are nearing an end. The same is true regarding a bitcoin bottom. However, with the CLARITY Act close to passing and bullish price action of late, crypto investors may have credible reasons to get back in the game. Thanks to the NEOS Bitcoin High Income ETF (BTCI), market participants can earn compensation while waiting for the bitcoin dust to settle.
The $1.12 billion BTCI turns two years old in October and has rapidly become royalty in the bitcoin income ETF ***** e. The actively managed BTCI writes or sells options on a pair of well-known spot bitcoin ETFs, ensuring a solid liquidity profile. It's a smart income move, as highlighted by a 30-day SEC yield 2.13% — a percentage previously unthinkable with crypto ETFs.
BTCI's status as an income-generating bitcoin avenue is potentially attractive at a time when some market participants are apprehensive about what comes next for the dominant digital currency.

#Bitcoin #btci #Crypto

NEOSHO, Mo. — About 130 area wrestlers converged on the Neosho square for the Square Off on the Square Takedown Tournament on Wednesday, sponsored by Neosho Youth Wrestling.
The event, in its second year, featured four mats of action with wrestlers from kindergarten through 12th grade in front of the Newton County Courthouse and before hundreds of fans.
Neosho Youth Wrestling head coach Carter Boatright said his group got the idea for the Square Off on the Square from watching a video on social media of a similar event in Nebraska a couple of years ago.
"It was on a square like this," Boatright said. "I was like, 'Man, we can do that. So we kind of threw it together last year, last minute. We had 110 kids wrestle last year, and this year, we are over 130. So we have grown a bit."
Dash Chester, 12, of Neosho, wrestled in last year's Square Off. He said he has been wrestling since he was 7 years old and got into wrestling to help with his growth as a football layer.

#neosho #Event

Following 2026 market launches in France, Italy, Spain and Portugal, Geely-owned Zeekr has hired experienced automotive leader Tom Johnson to spearhead the UK market ahead of its launch.
Bringing over two decades of experience in the automotive industry, Johnson's background includes leadership roles at JLR and Bentley Motors.
He joins Zeekr from INEOS Automotive, where he served as Regional Director for the UK, MENA and Ireland markets.
Lothar Schupet, CEO of Zeekr Europe said: "This appointment further reinforces our commitment to the UK market, a key automotive market in Europe. Tom's background and decades of experience and passion in the industry will drive Zeekr's launch into the UK market, with the aim to start sales later this year and have Zeekr cars on UK roads by early 2027."
Tom Johnson added: "I'm delighted to join Zeekr at such an exciting point in its European growth. The brand has built strong momentum across Europe, and I'm looking forward to introducing UK customers to Zeekr's premium vehicles and helping build a successful long-term business in this important market."

#decades

It was a seismic story in the middle of the 2025 Tour de France: a senior member of Ineos Grenadiers staff was sent home from the race over alleged links to a German blood-doping ring.
David Rozman was the head carer (soigneur) of the Ineos cycling team, a job which involves all manner of support for riders including nutrition and massage.
The Slovenian had a long ***** ociation with the team, now known as Netcompany-Ineos Cycling Team, stretching back to 2011 when he joined what was then Team Sky during their heyday, as Sir Bradley Wiggins and Chris Froome sparked the British team's near-decade of Tour de France dominance under the leadership of Sir Dave Brailsford.
Rozman was first named publicly in relation to the case by The Irish Independent in an article published during last year's Tour. The next day, L'Equipe splashed the Rozman story, and the Ineos head carer's name was published in the British press for the first time two days later by The Times.
It followed an investigative documentary by German broadcaster ARD called Secret Doping: In the Slipstream, broadcast shortly before the Tour began, in which Rozman was not named for legal reasons. The ARD documentary revealed that a member of Ineos staff had allegedly shared messages with a notorious doping doctor, Mark Schmidt, and that some of those messages were used as evidence in Schmidt's criminal trial.

#ineos #tour #france #Cycling

Manchester United's pursuit of AS Roma midfielder Manu Kone may have taken a complicated turn. The Red Devils endured a slow start to the summer but have picked up the pace in recent days.
With the midfield a priority following Casemiro's exit, INEOS have already signed Andrey Santos from Chelsea and Youri Tielemans from Aston Villa. The English giants have also secured the services of Karl Darlow on a free transfer to bolster their goalkeeping department.
While Santos and Tielemans could prove to be shrewd acquisitions and should add quality to the middle of the park, United remain on the hunt for a third midfielder. The Red Devils need more steel and tenacity in midfield and are understandably looking at defensive midfielders.
Several candidates remain linked with the Premier League giants, including Kone, who has impressed for both club and country of late.
Kone spent his formative years at several clubs before arriving at Toulouse in 2016. He earned his senior debut with the club from southern France, before moving to Borussia Monchengladbach in 2021.

Michael Carrick had instructed Manchester United to go out and sign at least three midfielders, as the head coach was keen on revamping the team’s engine room.
Two have arrived already, with Andrey Santos and Youri Tielemans signed for a combined fee of around £85 million.
Carrick will need one more midfield addition, but the priority for INEOS is to now focus on player sales. Once that is done, the midfield search is expected to resume.
The Red Devils have already missed out on Elliot Anderson, Sandro Tonali, and Mateus Fernandes, while also cancelling the agreement for Ederson due to a failed medical.
INEOS continue to place extra emphasis on recruiting from within the Premier League, and Alex Scott has emerged as a top target.

Manchester United have officially announced their first signing of the summer, while also wrapping up two more deals.
Andrey Santos is the first through the door, with Karl Darlow and Youri Tielemans set to follow.
It was always expected to be a busy summer for the Red Devils, with head coach Michael Carrick insisting on a midfield revamp and also calling for reinforcements out wide and up front.
However, INEOS will be well aware of the need to balance the books with player sales, with Rasmus Hojlund the only major departure so far.
Casemiro and Jadon Sancho leaving means the 20-time English league champions are saving a lot on wages, but they need more.

Manchester United have officially announced the capture of Andrey Santos from Chelsea, while two more announcements are expected soon.
Apart from the midfielder, INEOS have also sealed deals for Karl Darlow, who is set to act as backup for Senne Lammens, and Youri Tielemans from Aston Villa.
The signing of the Belgian came as a surprise, and more could be on the way, with the Red Devils planning to add at least one more midfielder, along with a left-winger, a backup striker, and a left-back.
Alongside incomings, the club is also focused on outgoings, with Marcus Rashford expected to leave despite Michael Carrick opening the door to a possible reunion.
Noussair Mazraoui has been linked with a surprise exit in recent days, and fellow defender Lisandro Martinez is the latest name to be added to the list.

Youri Tielemans was only interested in joining Manchester United this summer, as being a Red Devil has been a childhood dream for the Aston Villa midfielder – a fact proven by the big-money moves he turned down elsewhere.
In the increasingly transparent transfer market, there are few deals that catch fans and reporters alike by surprise – but the £35 million capture of Tielemans is certainly one.
Having agreed to sign Andrey Santos from Chelsea for £50 million last week, after a similar £39 million arrangement was struck with Atalanta for Ederson, Manchester United were expected to be welcoming two new Brazilians to Old Trafford.
But in an explosive twist, INEOS pulled the plug on their pursuit of Ederson after a failed medical, while quickly pivoting towards Tielemans after it emerged the Belgium international had a £35 million release clause in his contract at Villa Park.
The Villans did not want to lose their 29-year-old maestro, even going as far as to offer the Europa League winner improved terms in the hope of fending off his suitors by removing the clause. But Unai Emery’s side were powerless to stop United striking a deal after they received the green light from the player, who is understood to be excited to play under Michael Carrick.

Manchester United forward Marcus Rashford’s struggles at the FIFA World Cup could have a bearing on his future this summer. The Englishman is surplus to requirements at Old Trafford and INEOS are looking to cash in on him to fund a busy transfer window.
Rashford spent last season on loan at Barcelona, where he registered 14 goals and 14 ***** ists in 49 games to help them win LaLiga and the Supercopa de Espana. The Premier League giants expected the Catalans to trigger the €30 million purchase option in the player’s contract, but that has not happened. Instead, Barcelona have signed Anthony Gordon from Newcastle United to strengthen their attack.
Source: Transfermarkt.
There has been interest in the 28 year old from the Premier League as well, with ***** nal and Tottenham Hotspur reportedly considering a move. Recent reports suggest that United are willing to reintegrate the player into their pre-season squad, but a sale remains a lucrative prospect given his academy status.
The Red Devils were hoping that a strong World Cup campaign could ignite a bidding war for Rashford this summer. Unfortunately, things have not gone according to plan.

Former Manchester United head coach Ruben Amorim has his eyes on several of his former stars.
Initially, it came to light that the new AC Milan manager had set his sights on reuniting with defensive midfielder Manuel Ugarte.
Having worked with the Uruguayan both at United and Sporting CP, a move made sense, with INEOS also open to the arrangement for the right fee.
However, an injury sustained during the World Cup put paid to those hopes, and for now, the Uruguay international remains in Manchester.
Then, Amorim targeted Amad, one of the few players who excelled under him during his ill-fated Old Trafford tenure.

In all probability, Manchester United have missed out on another midfield signing.
Andrey Santos has already put pen to paper, but Ederson, who was the Red Devils' first capture of the summer window, is unlikely to join.
There is still no clarity from the club's side, but Italian media have made it clear that the Brazilian is set to return to Atalanta.
The 27-year-old now joins the likes of Elliot Anderson, Sandro Tonali, and Mateus Fernandes on the list of midfielders whom United have failed to sign in this window.
INEOS are wasting little time and have cast their net far and wide in order to acquire their next midfielder.

Manchester United Women have made remarkable progress over recent years. The club only started in 2018 and has risen from the second division to become one of the most consistent teams in the country.
Highlights included winning the club's first trophy in 2024, when they vanquished Tottenham Hotspur Women 4-0 to win the FA Cup final at Wembley. Last season also saw a first-ever League Cup final and an exciting run to the quarter-finals of the Champions League.
Nonetheless, Marc Skinner's side also fell away badly at the end of the season, and the fourth-placed finish saw them miss out on Europe. Sadly, the team faces two huge threats to cracking the top of the women's game at home or on the continent.
Ineos have never really seemed to fully understand the women's team or what it means to the fans.
There have been early dramas, like turfing the team out of their normal training rooms for the men's team when Carrington was being redone. There were also Sir Jim Ratcliffe's careless, tone-deaf comments on the women's team when he ******* erted that the men's team was very much the priority back in 2024.

Manchester United potentially have a gem on their hands, one who could form the bedrock of his national team for years to come.
The Red Devils’ main challenge this summer was to find the ideal replacement for Casemiro, who is all set to join Major League Soccer side Inter Miami.
Before leaving, the Brazilian recommended INEOS to sign Ederson from Atalanta, which United promptly did.
The former Salernitana ace was subsequently called up for the World Cup, and United fans were excited to see their new recruit in action.
Instead, the 26-year-old was limited to two cameo appearances off the bench, and he flattered to deceive in both.

It has been a long wait for Manchester United fans but the club is finally inching closer to announcing as many as three new arrivals.
Two are already set in stone, with midfielder Andrey Santos and goalkeeper Karl Darlow both passing their medicals.
INEOS are reportedly delighted with the Brazilian‘s capture and there are high hopes that the former Chelsea ace can flourish under Michael Carrick’s tutelage.
As for the former Leeds goalkeeper, the Red Devils needed a homegrown star to come in and replace the outgoing Altay Bayindir, and they have got their man.
According to Sky Sports, both new recruits will be at Carrington on Friday to put pen to paper on their new contracts.

Amid swirling doubt over whether Manchester United will finalise a transfer for Ederson, an inside source at Old Trafford has lifted the lid on the club's plans for the Brazilian midfielder.
The Red Devils have been linked with Ederson, 27, across multiple summer windows, dating as far back as 2023.
But Atalanta's exorbitant demands, with a valuation as high as £70 million, prohibited a deal from advancing, despite the admiration from United officials. This interest was reignited this summer, however, after the Serie A club reversed their position in light of the Brazilian's contract, which is set to expire in twelve months' time.
Both Atletico Madrid and ****** nal have expressed interest in recent months, while a number of Atalanta's rivals in Italy were eyeing a raid as well. But United were lurking in the background throughout this.
Having kept a close eye on Ederson's form this season while maintaining contact with the player's camp, INEOS moved aggressively to hijack the race, with Atletico Madrid understood to have been locked in talks to agree a deal.

Manchester United have reached an agreement for their second midfield signing of the summer.
According to The Athletic’s David Ornstein, United have reached an agreement with Chelsea to sign Andrey Santos.
The Red Devils will pay a fee worth £48million plus £2m in easily achievable bonuses, with Chelsea set to retain a 10 per cent sell-on clause for the midfielder.
Furthermore, the 22-year-old Brazilian has agreed personal terms with United and has been given permission by Chelsea to travel and complete the transfer.
Santos is expected to follow his fellow countryman, Ederson, to Old Trafford, as INEOS have also reached a total agreement with Atalanta for his services.

Manchester United seem to have realised the hard way that their best chance of signing the ideal successor to Casemiro is to look beyond the Premier League.
So far, the Red Devils have missed out on Elliot Anderson, Sandro Tonali and Mateus Fernandes, and a deal for Alex Scott could be heading towards the same conclusion.
This has prompted INEOS to change their policy of signing only Premier League-proven players, with the likes of Ayyoub Bouaddi, Johan Manzambi, Felix Nmecha, and Aurelien Tchouameni among the names being considered.
It is the France international who is considered United's dream target, and as per recent reports, the 20-time English league champions are ramping up their interest in the 26-year-old.
Former United boss Jose Mourinho will take the final call on the Frenchman's future, but the Old Trafford side must overcome one major obstacle even if they receive the green light from Los Blancos.

While it might appear that Manchester United are solely focused on midfield reinforcements, INEOS are also equally serious about strengthening out wide.
Michael Carrick currently has no specialist left-winger at his disposal and had to make do with Matheus Cunha and Patrick Dorgu last term.
Both excelled in unfamiliar roles, but the Red Devils are keen to recruit a more orthodox left winger this summer.
INEOS could potentially save a lot of money if Marcus Rashford is reintegrated into the squad, but that is not what both parties want.
Once the Mancunian is sold permanently and his wages are off the books, the 20-time English league champions will look to bring in a Premier League-proven option.