Goldman Sachs To Acquire Innovator ETFs In $2B Expansion Move

Goldman Sachs announced a $2 billion agreement to acquire Innovator Capital Management, a leading provider of defined-outcome ETFs known for their embedded downside-protection structures.

Innovator manages more than $28 billion across 150-plus ETFs, including specialized products such as the Innovator Uncapped Bitcoin 20 Floor ETF, which offers investors exposure to Bitcoin while limiting potential losses.

The deal strengthens Goldman’s asset-management division, which has been expanding steadily amid rising competition from low-fee index funds and more complex ETF strategies.

Defined-outcome ETFs have gained significant popularity among advisers seeking to cushion client portfolios from market volatility, typically offering a predefined buffer over fixed periods.

Bloomberg analyst Eric Balchunas described Innovator’s ETF lineup as “revenue machines,” noting their relatively high fee structure in comparison to traditional index products.

Goldman, which now supervises $2.8 trillion in assets, has also acquired Industry Ventures and partnered with MSCI to launch private-equity-style ETFs. The Innovator acquisition is expected to close by mid-2026, pending regulatory approval.

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