Two billion dollar deal to expand ETF offerings
Goldman Sachs said Monday it agreed to acquire Innovator Capital Management for about $2 billion, marking the latest move to strengthen its asset management business. The deal is expected to close in the second quarter of 2026 and will broaden Goldman’s presence in the fast-growing defined-outcome ETF segment.
Innovator specializes in defined-outcome ETFs, which use options and similar contracts to provide downside protection or targeted gains over specific time periods. As of September 30, Innovator oversaw $28 billion in assets across 159 ETFs. Goldman said the acquisition will add a powerful product suite to complement its existing ETF lineup.
Expansion in active and alternatives
Goldman CEO David Solomon called active ETFs “dynamic and transformative,” and said the deal will give investors broader access to modern investment strategies. The transaction underscores Goldman’s pivot away from consumer banking and toward asset and wealth management, a business it has been steadily reinforcing with major acquisitions throughout 2025.
The firm has been highly active in the sector, including a $1 billion investment in T. Rowe Price in September and the purchase of Industry Ventures the following month to expand its alternative investments platform. The Innovator deal follows that strategy by adding new structured investment tools and more product depth.
Integration and workforce transition
Once the transaction is completed, more than 60 Innovator employees will join Goldman’s asset management division. Goldman said the integration will allow the company to scale ETF offerings quickly and target an area that continues to attract strong investor demand.
Defined-outcome ETFs have seen rapid adoption in recent years as market volatility and inflation push investors toward portfolio tools that offer some degree of protection without sacrificing upside potential. Goldman expects this trend to continue across institutional and retail segments.
