"On December 1, Goldman Sachs revealed plans to acquire Innovator Capital Management, a provider of defined-outcome ETFs, bringing 159 defined-outcome ETFs and $28 billion in assets under management into its portfolio."
"[Defined-outcome ETFs, also called "buffered" ETFs, are exchange-traded funds designed to deliver a specific, pre-set investment result over a defined period. They use options and derivatives to offer upside potential while limiting downside losses.]"
"Innovator gives Goldman scale in one of the fastest-growing corners of public markets and nudges the firm a little further out from the revenue volatility that has long defined its dominance."
Goldman Sachs plans to acquire Innovator Capital Management, adding 159 defined-outcome ETFs and $28 billion in assets under management. Defined-outcome ETFs, also called "buffered" ETFs, use options and derivatives to deliver a preset investment result over a defined period, offering upside potential while limiting downside losses. The acquisition provides Goldman scale in a fast-growing corner of public markets and shifts the firm toward steadier fee revenue and away from historically volatile trading and investment-banking revenue streams. The deal is expected to close in the second quarter of 2026. The acquisition aligns with investor demand for downside protection and structured ETF solutions.
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