Goldman Sachs has reached an agreement to acquire Innovator Capital Management, which is known for its portfolio of defined outcome ETFs.
Innovator oversees about USD 28 billion in assets across 159 ETFs, using options-based structures aimed at providing preset levels of risk and return. Goldman Sachs Asset Management said the move will expand its ETF range, particularly within active strategies, a segment that has expanded significantly over recent years.
Growing market for outcome-driven ETF strategies
According to the official announcement, globally, active ETF assets have risen to roughly USD 1.6 trillion since 2020, with defined outcome products growing at an even faster pace. These vehicles are used by investors seeking structured exposures through the tax-efficient ETF format, often to meet risk control or return targets. Combined, Goldman Sachs Asset Management and Innovator manage more than 215 ETF strategies with over USD 75 billion in assets as of September 2025.
Representatives from Goldman Sachs said the acquisition is in line with the firm’s efforts to increase its presence in areas of the market experiencing sustained demand. They noted that incorporating Innovator’s approach is expected to expand the choices available to clients, particularly those looking for strategies designed to offer specified buffers or growth pathways. Officials from Innovator described the deal as a significant development for their business, saying that joining a larger platform could allow their products to reach a broader investment audience.
Innovator’s leadership team, including its founders and senior distribution head, will transition to Goldman Sachs Asset Management, aiming to bring experience in ETF development. The business will become wholly owned by Goldman Sachs Asset Management, and its current service arrangements are set to continue.
The transaction is valued at approximately USD 2.0 billion, payable in cash and equity, subject to performance conditions. Closing is anticipated in the second quarter of 2026, pending regulatory review. Goldman Sachs and Innovator each engaged financial and legal advisers as part of the process.
