Innovator ETFs Trust (the Trust) serves as a statutory trust that issues and redeems shares of a series of exchange-traded funds (ETFs), including the Innovator Premium Income 10 Barrier ETF - July (JULD), which is actively managed to seek current income and capped upside exposure to the S&P 500 Index over a one-year outcome period from July 1 to June 30 while providing a 10% downside barrier against losses if shares are held for the full period; the Trust's core offerings encompass Defined Outcome ETFs, such as Buffer ETFs, Floor ETFs, and Premium Income Barrier ETFs, utilizing FLEX Options and U.S. Treasury securities to deliver predefined risk-managed equity exposure, targeted buffers against losses, income generation, and leveraged growth strategies across U.S. equities, international developed markets, Treasuries, and fixed income segments. The Trust operates through its investment adviser, Innovator Capital Management LLC, targeting financial advisors, institutional investors, and retail investors seeking predictable investment outcomes with built-in risk management.
Established in 2017 and headquartered in Wheaton, Illinois, the Trust's funds principally trade on exchanges such as Cboe BZX and NYSE Arca, with primary operations in the United States. In a significant strategic development announced on December 1, 2025, Innovator Capital Management agreed to be acquired by The Goldman Sachs Group, Inc. for approximately $2 billion in cash and equity, subject to performance targets and regulatory approval, with the transaction expected to close in the second quarter of 2026; this deal will integrate Innovator's over 60 employees and more than $28 billion in assets under management across 159 ETFs into Goldman Sachs Asset Management, substantially expanding its active ETF offerings in defined outcome strategies. Prior to this, Innovator managed more than $29 billion in AUM as of November 30, 2025, reflecting robust growth in its pioneering Defined Outcome ETF lineup launched starting in 2018.