Innovator Capital Management, LLC (Innovator) issues exchange-traded funds (ETFs) focused on defined outcome strategies, including buffer, power buffer, managed floor, and dual directional ETFs that utilize FLEX options to provide targeted upside potential with downside protection or loss buffering over specific outcome periods. The firm offers a broad suite of products tracking major equity indices, such as the S&P 500, Nasdaq-100, MSCI EAFE for international developed markets, and others; key offerings include the Innovator International Developed Power Buffer ETF - February (IFEB), which seeks to track the price return of the iShares MSCI EAFE ETF (EFA) up to an annual cap while buffering the first 15% of losses over a one-year outcome period resetting in February, alongside similar Power Buffer ETFs for other months, U.S. Equity Power Buffer ETFs, Managed Floor ETFs targeting 70-80% upside participation with 8-12% annual loss limits, and Dual Directional Buffer ETFs designed for gains in both rising and modestly declining markets. Innovator's ETFs cater to retail and institutional investors seeking risk-managed equity exposure across domestic, international developed, and other segments; the firm operates primarily in the United States with products listed on NYSE Arca. Founded in 2017 by Bruce Bond and John Southard, former PowerShares executives, and headquartered in Wheaton, Illinois, Innovator manages approximately $28-29 billion in assets under management (AUM) across more than 150 ETFs as of late 2025. In a major strategic development announced on December 1, 2025, Goldman Sachs agreed to acquire Innovator for approximately $2 billion in cash and equity, subject to performance targets and regulatory approval, with the transaction expected to close in Q2 2026 and integrate Innovator's team into Goldman Sachs Asset Management to expand its active ETF offerings in defined outcome strategies. Prior to the acquisition announcement, Innovator launched the Innovator International Developed Equity Managed Floor ETF (IFLR) on November 20, 2025, its first managed floor product for international developed equities sub-advised by Parametric, and expanded its Dual Directional Buffer ETF suite in October and September 2025 with new October resets aiming for positive returns in 0-15% market declines alongside upside participation.