Goldman Sachs has announced an agreement to acquire Innovator Capital Management, a US-based provider of defined-outcome exchange-traded funds (ETFs), in a cash-and-stock transaction valued at approximately $2 billion. The deal represents a significant strategic step for Goldman as it continues to expand its asset management division and strengthen its position in the rapidly growing active ETF market.
The acquisition is expected to close in the second quarter of 2026, subject to regulatory approvals. Goldman Sachs stated that the transaction will broaden its ETF capabilities and enhance its ability to offer durable, diversified revenue streams. All of Innovator’s more than 60 employees will join Goldman Sachs Asset Management (GSAM), including chief executive and co-founder Bruce Bond and other senior leaders.
Goldman Sachs CEO David Solomon emphasized the importance of the deal for the firm’s long-term strategy, noting:
“Active ETFs are dynamic, transformative, and one of the fastest-growing segments in today’s public investment landscape. By acquiring Innovator, Goldman Sachs will expand access to modern, world-class investment products. Innovator’s leadership in defined-outcome solutions aligns with our mission to deliver sophisticated strategies that help investors achieve targeted outcomes.”
Bruce Bond, who co-founded Innovator in 2017, described the transaction as a “pivotal milestone” for the company. “Goldman Sachs has a long history of identifying major shifts within asset management,” he said, adding that the combined platform will allow Innovator to expand its reach and deliver advanced investment tools to a wider client base.
Defined-outcome ETFs, which aim to provide structured exposure with built-in risk and return profiles, have grown rapidly in recent years. According to Morningstar data cited by Goldman, global active ETF assets have reached $1.6 trillion, growing at a compound annual growth rate (CAGR) of 47 percent since 2020. Defined-outcome ETFs have grown even faster, at 66 percent CAGR since 2020, driven by investor demand for accessible products offering customizable risk-control features.
Innovator introduced the first defined-outcome ETFs in 2018 and has since become the second-largest provider in the segment, behind First Trust.
This acquisition is the latest in a series of strategic moves by Goldman Sachs. In recent months, the bank has acquired venture capital firm Industry Ventures and invested $1 billion in T. Rowe Price Group, underscoring its commitment to expanding its asset management footprint.