On December 1, 2025, Goldman Sachs Group, Inc. made a public announcement, revealing that it had successfully entered into an agreement to acquire Innovator Capital Management (Innovator). Innovator stands out as a trailblazer in the fixed - income exchange - traded fund (ETF) arena.

As of September 30, 2025, Innovator was in charge of managing 159 fixed - income ETFs. The total assets under its management amounted to roughly $28 billion. It has been delivering favorable results for its clients through a variety of strategies, including income - generating, target - buffer, and growth - oriented approaches.

The transaction has been pegged at around $2 billion. The payment will be made through a blend of cash and equity, and it is contingent upon certain performance conditions.

This acquisition is set to bring about a substantial expansion of Goldman Sachs Asset Management's ETF portfolio and its future product development plans. Simultaneously, it will enhance the firm's product capabilities in one of the most rapidly growing active ETF segments.

The deal is anticipated to be finalized in the second quarter of 2026, provided that it secures regulatory approvals and meets other standard closing conditions.