Goldman Sachs Acquires Innovator Capital Management for $2 Billion to Expand ETF Business

Goldman Sachs has completed its acquisition of Innovator Capital Management, a deal valued at about $2 billion that adds approximately $31 billion in assets under supervision across 171 ETFs and substantially broadens the bank's presence in the exchange-traded fund market. The transaction, announced in December 2025, takes Goldman Sachs Asset Management to approximately 240 ETFs globally and $90 billion in total ETF assets under supervision, making it a top-ten global active ETF provider, the firm said.

Innovator Capital Management pioneered defined-outcome ETFs, including the first and largest lineup of Buffer ETFs, which use options-based strategies to support investors seeking income, targeted risk profiles and growth opportunities.

STRATEGIC FIT WITHIN GOLDMAN'S ASSET MANAGEMENT BUILD-OUT

"With this acquisition, we have taken a transformative step in our commitment to provide sophisticated investment solutions that are designed to deliver specific outcomes for investors through market cycles," said David Solomon, Goldman's chairman and chief executive.

Goldman said the deal enhances its offerings in one of the fastest-growing active ETF categories.

BUILDING SCALE IN FEE-BASED BUSINESSES

Innovator co-founders Bruce Bond, its chief executive, and John Southard, its president, join Goldman Sachs as advisory directors, while chief investment officer Graham Day and head of distribution Trevor Terrell join as partners.

Innovator's more than 70 employees join Goldman Sachs, which is retaining the existing investment management and service providers for the Innovator ETF lineup.