Goldman Sachs Makes $2B Power Move in Active ETF Market

Goldman Sachs will acquire Innovator Capital Management for $2 billion, adding $28 billion in defined outcome ETFs and expanding its active ETF offerings to over $75 billion in assets and 215 strategies.

Goldman Sachs has announced a $2 billion acquisition of Innovator Capital Management, a specialist in defined outcome and buffer ETFs, to expand its presence in the rapidly growing active ETF market. The deal, set to close in the second quarter of 2026 pending regulatory approval, will be paid in cash and equity, with performance-based considerations. Innovator manages $28 billion across 159 ETFs that use options-based strategies to provide downside protection and targeted returns, appealing to investors seeking risk-managed, rules-based products. The acquisition will increase Goldman Sachs Asset Management’s ETF assets to over $75 billion and more than 215 strategies, positioning it among the top ten active ETF providers globally. Innovator’s leadership and approximately 60 employees will join Goldman Sachs, integrating into its wealth and ETF divisions. The move is part of Goldman’s strategy to expand durable revenue streams and meet growing demand for structured, outcome-oriented investment solutions, as buffer ETFs typically command higher fees and offer predictable risk bands for investors.