NEW YORK / December 2, 2025 — Goldman Sachs announced Monday that it is acquiring Innovator Capital Management, an Illinois-based money manager, for approximately $2 billion, a move that significantly expands the bank’s exchange-traded fund (ETF) offerings.

Innovator, a 60-person, founder-led firm, specializes in defined-outcome ETFs, also known as "buffered" ETFs, designed to help investors mitigate losses when stock markets decline. As of September, Innovator managed $28 billion in assets across 159 defined-outcome ETFs.

Goldman Sachs said the acquisition, expected to close in the second quarter of 2026, builds on several recent transactions by its asset-management division. In October, the New York-based bank announced plans to acquire a venture-capital firm, and in September it formed a new partnership with T. Rowe Price.

The deal underscores Goldman’s ongoing strategy to broaden its asset-management capabilities and deepen its offerings in structured investment products for retail and institutional investors.