Goldman Sachs acquires ETF firm Innovator Capital Management for $2 billion

Goldmans Sachs on Monday said it agreed to buy Innovator Capital Management, a provider of defined-outcome ETFs, for about $2 billion in its latest deal to bolster the firm’s asset management division.

Goldman said the acquisition, expected to close in the second quarter of 2026, will boost its ETF offerings in a fast-growing corner of the investing world.

Defined-outcome ETFs use contracts including options to buffer downside risks or offer targeted gains over set time periods. Innovator had $28 billion of assets under supervision across 159 ETFs as of Sept. 30.

“Active ETFs are dynamic, transformative, and one of the fastest-growing segments in today’s public investment landscape,” Goldman CEO David Solomon said in a news release announcing the deal. “By acquiring Innovator, Goldman Sachs will expand access to modern, world-class investment products.”

Goldman Sachs, which has made asset and wealth management a priority since pivoting away from a consumer banking push, has made a series of deals in the sector this year. In September, Goldman said it would invest $1 billion in T. Rowe Price, and the following month, the bank said it acquired venture capital investor Industry Ventures to bolster its alternative investments platform.

Goldman said Monday once the deal closes, Innovator’s 60-plus employees will join the bank’s asset management division.