Goldman Sachs will acquire Innovator Capital Management for $2 billion, instantly expanding GSAM’s ETF assets from $51 billion to $79 billion and placing it among the top 10 active ETF issuers. Innovator, a leader in defined-outcome (“buffer”) ETFs with over $28 billion AUM, gives Goldman a proven platform in a fast-growing category that has attracted strong inflows despite debate over its risk–return profile. The deal strengthens Goldman’s broader push into asset and wealth management, adds more than 60 Innovator employees to its ETF and wealth teams, and is expected to close in Q2 2026 pending regulatory approval.

Goldman Sachs to Pay $2 Billion for ETF Issuer Innovator Capital